Morgan Stanley's star analyst Adam Jonas stated in a latest research report that Tesla's Full Self-Driving (FSD) system is close to "solving" the autonomous driving problem. He cited his personal driving experience, having used FSD for a cumulative 2,713 miles over the past 12 months, accounting for 33% of his Tesla Model Y's total mileage. He added that he now enables FSD for 100% of his trips, with the actual mileage driven by the system estimated to be between 98% and 99%. Jonas directly stated: "If you see me in my Model Y, I am not driving."

The report pointed out that Tesla FSD's cumulative mileage is about to exceed 15 billion miles, and the fleet currently drives approximately 24,000 miles per minute in FSD mode. Morgan Stanley maintained an Equal-weight rating on Tesla (TSLA.O) with a price target of $400, compared to the current share price of $357.45. The bank believes that autonomous driving and robotics businesses collectively contribute more than half of Tesla's $400 price target valuation, with network services contributing $144/share, Tesla Mobility contributing $120/share, and humanoid robots contributing $56/share.