JPMorgan Chase analyst Rajat Gupta released a report last week, projecting that Tesla's robotaxi business will generate approximately $320 billion in revenue by 2035. The vast majority of this revenue (about $314 billion) is expected to come from Tesla's owned and operated fleet, rather than customer-owned "Tesla Network" vehicles. This effectively ends the long-standing narrative of individual owners earning passive income by integrating their private vehicles into a ride-sharing network. The report redefines the robotaxi business as a capital-intensive mobility operator business, rather than an asset-light software platform. Tesla management reiterated its vertically integrated strategy during the Q2 2026 earnings call. Tesla's Q2 FY2026 revenue was $28.24 billion, a 25.5% year-over-year increase, with non-GAAP EPS of $0.33, falling short of market expectations of $0.54.