We own both $Uber Tech(UBER.US) and $Tesla(TSLA.US) for different reasons. Our investment thesis on $Uber Tech(UBER.US) is that as autonomy becomes table stakes for remaining in the automobile business, many auto manufacturers will achieve and be granted deployment licenses for unsupervised autonomy. $Uber Tech(UBER.US) with 170M MAUs will by end of 2026 offer a driverless option that reduces the cost per mile from $2/mile to $1/mile, which will dramatically increase the number of MAPCs, trips, and profits. We see $Uber Tech(UBER.US) Non-GAAP EPS increasing from $3/share in 2025 to $8/share by 2030. Our UBER PT is $120.
We own $Tesla(TSLA.US) because as global EV adoption increases from its current 20% to 50% by 2030, TSLA deliveries should increase from 1.7M in 2025 to 5.0M by 2030, which will cause Nov-gaap EPS to increase from $2.05 in 2025 to $12 by 2030. Unsupervised autonomy will sell more Teslas and increase the FSD take rate from its current 15% to 33%. Our TSLA PT is $310.The copyright of this article belongs to the original author/organization.
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