Analysts rave about the "flying Tesla": engineering prowess stuns the world, but commercial value may be limited.

Tesla unveiled its next-generation Roadster sports car in Texas on Thursday evening local time, performing stunning maneuvers such as "mid-air flips" and demonstrating flight capability. However, several analysts believe the model is unlikely to generate substantial revenue for Tesla in the near term. In premarket trading on Friday, Tesla shares rose more than 5% at one point, driven by market enthusiasm sparked by the launch event, but reversed course during the session to fall nearly 3%. Michael Tyndall, senior global automotive industry analyst at HSBC, commented that the reveal was more a demonstration of engineering prowess than a proof of profitability, and that consumers will still have to wait some time before they can get the new car. JPMorgan analyst Rajat Gupta, who has a "neutral" rating on Tesla, said the new Roadster showcased deep collaboration between Tesla and SpaceX, but mass production of the model remains years behind the original plan. "The current mass production target is 2028, whereas when Tesla first unveiled the car in 2017, it announced plans to deliver it in 2020." Quilter Cheviot analyst Mamta Valechha called the presentation "an engineering moment worthy of headlines," saying its purpose was to "build buzz for the brand." Rico Luman, senior economist at ING, described the event as "a PR show that highlights Tesla's image as an innovative company, thereby enhancing brand value." He added that car consumption is inherently closely tied to emotion and lifestyle, so such a display can indeed leave a strong impression. Morningstar analyst Seth Goldstein previously said in a report: "Tesla currently does not have a flagship model that showcases the brand's strength, nor a high-performance luxury car specifically designed to demonstrate the automaker's most advanced engineering and technological capabilities. The Roadster will become Tesla's new flagship brand model." Gene Munster, managing partner at Deepwater Asset Management, commented on social platform X that the demonstration was "an engineering prowess show with no commercial value other than making traditional automakers look bad." Valechha noted that even Musk himself had previously downplayed the potential financial impact of the Roadster. She said: "The commercial value of this car is likely mainly in reinforcing Tesla's innovative image, rather than generating substantial profits." Musk said the Roadster is expected to begin production in 2028. Tesla has already opened reservations, but the Rocket version with flight capability is only accepting reservations from invited customers. The company has not yet announced a final price. Tesla first unveiled the Roadster back in 2017, and a year later, Musk said thrusters could give the car flight capability. Since then, the model's launch plans have been repeatedly delayed, with the originally promised delivery time being 2020. Valechha concluded: "Tesla still faces high credibility risk when it comes to honoring promises and executing plans." Can flying cars move toward a broader market? The Roadster's flight function has not yet been approved for use on public roads, adding another obstacle to the large-scale rollout of the related technology. In addition, the manufacturing cost of flying cars themselves may also be quite high. Luman said the Roadster is designed as a sports car for a niche market. But he believes: "In the foreseeable future, it is unrealistic for flying cars to achieve large-scale application, because they would also need to comply with airspace rules applicable to aircraft and would also need to obtain aircraft certification from the European Union Aviation Safety Agency." The European Union Aviation Safety Agency claims that whether the Roadster is subject to aviation regulatory rules depends on its design, functions, and intended mode of operation. The agency also said it would not comment on "specific certification applications or related activities involving individual manufacturers." However, the European Union Aviation Safety Agency pointed out: "Any vehicle intended to operate as an aircraft must meet applicable aviation safety requirements." Relevant requirements may also include that the driver needs to have the corresponding pilot qualifications. Luman added that in addition to complex regulations, existing airspace is already quite crowded, especially with increasing drone activity. "For safety reasons, regulators are unlikely to allow large numbers of unregulated flying cars to operate in the air." Valechha also believes there are clear limits to the scope of application of this technology. "Over time, some technologies may gradually be applied to other models. But in the foreseeable future, given cost, complexity, and regulatory obstacles, flight functions or thruster-assisted technology are unlikely to achieve economically viable application on mass-produced cars." Luman claimed that some aerospace technology might be applied to high-end cars. "Overall, flying cars could become a cheaper alternative to private aircraft, but the concept adopted by this car is not that kind of case." Tesla faces pressure to turn technology investment into profits Like many large technology companies, Tesla continues to expand, but it also faces growing pressure: it must convert expensive technology projects into stronger profitability. The company is investing heavily in new technologies, but profit growth has failed to keep pace with sales growth. In the second quarter, Tesla's revenue rose 26% year over year to $28.24 billion; but net profit attributable to shareholders fell about 5% to $1.11 billion. In the first half of this year, Tesla's capital expenditure more than doubled year over year to $8.28 billion. Driven by investment in artificial intelligence and manufacturing, the company expects capital expenditure in 2026 to exceed $25 billion. Investors have also gradually lowered Tesla's valuation. At the beginning of this year, the company's stock price reached $438; as of Thursday, it had fallen to around $360. Other analysts also pointed out that Tesla's valuation is largely built on its autonomous driving vision, the humanoid Siasun Robot&Automation Optimus, and market expectations of a merger with SpaceX. This article was compiled from Cailian Press, edited by GMTEight mz.