You can say that Tesla's car side makes up the vast majority of its revenue. However the AI/Robotic side drives the tech heavy valuation, future promises and heavy capital expenditure spending on supercomputers.
Which side am I on? I am on the side of the bank account. Tesla bills like a sci-fi robotics firm but delivers like an automaker dealing with earthy production lines while facing tough competition.
Calling Tesla a purely AI company is a little too early as it is in its first stage of AI growth.
Tesla's saving grace is its loyal cult of shareholders who value Tesla like a futuristic tech empire rather than an ordinary automaker. Elon Musk is like the real life Tony Stark or Ironman.
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For now, vehicle deliveries, pricing pressure, margins and capital expenditure still matter more than the science-fiction narrative. Tesla may eventually justify a technology-platform valuation, but investors are already paying for a significant portion of that future today. The next phase will require measurable progress in robotaxi deployment, software revenue and Optimus commercialization—not just ambitious promises.