Morgan Stanley analyst Adam Jonas reiterated his Overweight rating and $410 price target on Tesla, arguing that the company is entering a “new era of embodied AI” that could significantly expand its addressable market beyond electric vehicles. In a research note dated Aug. 7, Jonas said Tesla’s planned humanoid robots could replace two workers earning $25 an hour with a single machine operating at about $5 an hour, a shift he values at roughly $200,000 in net present value per unit. He added that autonomous "robot cars" could drive the cost of ride-share trips below $0.20 per mile, or roughly one-tenth the expense of human-driven vehicles. Jonas framed robotaxis and factory automation as the primary long-term profit engines for Tesla, superseding earlier catalysts such as the Dojo supercomputer. The analyst maintained that integrating advanced AI with manufacturing gives the company a competitive edge and justifies keeping the stock at Overweight with a $410 target.