Gary Black Questions Tesla’s Strategy As Robotaxi Fleet Stays ‘Stuck’ At 90-100 Vehicles: 'What’s Going To Change This?'

Future Fund Managing Partner Gary Black said Tesla cannot depend on word-of-mouth and Elon Musk’s social-media posts to promote robotaxis and Optimus robots.

• Black compared Tesla’s situation with Apple’s, arguing that great products alone don’t drive a company’s valuation.
• Black called Tesla’s decision to discontinue the Model S and Model X vehicles a ‘strategic mistake’
• He also questioned Tesla’s roughly 195-times 2026 P/E, saying its autonomous robotaxi fleet remains “stuck” at around 90 to 100 vehicles.

Tesla wants investors to look beyond electric vehicles toward robotaxis and humanoid robots, but some are questioning Tesla’s product strategy. Future Fund Managing Partner Gary Black believes that Tesla (TSLA) needs stronger marketing leadership to turn robotaxis and Optimus into meaningful drivers of value.

Black Highlights Lack Of Long-Term Marketing Strategy

In a post on X on Thursday, Black said Tesla cannot depend on word-of-mouth and CEO Elon Musk’s social-media posts to promote increasingly complex products such as its robotaxi service and Optimus robot.

“To increase its enterprise value, TSLA needs to invest in a long-term marketing strategy and branding in addition to bringing on engineering talent and building product superiority,” Black said.

He compared Tesla with Apple (AAPL), arguing that great products alone would not have turned Apple into a $4.4 trillion company without long-term branding and marketing.

TSLA shares were down 0.6% at the time of writing.

Black Calls Tesla’s Model S and X Decision A ‘Strategic Mistake’

According to Black, Tesla limited its addressable market by not developing a compact ‘Model 2’ or a conventional pickup truck. He also called the decision to discontinue the premium Model S and Model X, rather than position them as upgrades for Model 3 and Model Y owners, a “strategic mistake” that reflects an engineering-led culture and a lack of long-term marketing strategy.

Tesla ended production of the two flagship vehicles this year as it shifted factory capacity toward Optimus humanoid bots.

Black linked those decisions and Tesla’s five-year stock underperformance, asking what could change the trajectory. He noted that Tesla’s shares gained 43% compared with a 96% rise in the Nasdaq 100.

“Key question: What’s going to change this?”  

Tesla eliminated its roughly 40-member U.S. growth content team in 2024, less than a year after Musk approved a move toward traditional advertising. The layoffs formed part of a broader reduction affecting more than 10% of Tesla’s workforce, according to a Bloomberg report.

TSLA Valuation A Concern

Black’s bigger concern is valuation.

He questioned Tesla’s roughly 195-times 2026 price-to-earnings valuation, saying its autonomous robotaxi fleet remains “stuck” at around 90 to 100 vehicles, raising doubts about how quickly the company can scale the business.

Tesla-SpaceX Merger Adds Another Layer To Bull Case 

“TSLA faithful cling to the misplaced hope that SPCX will buy TSLA later this year, which would do little for TSLA shareholders if they have to accept SPCX equity with up to 50% dilution and an extended deal period,” he added.

Market bulls are betting on a merger between Tesla and SpaceX, with Cathie Wood’s ARK Investment Management expecting a combination by the year-end, arguing it would benefit both shareholder groups.

Retail Remains Bearish On TSLA

Retail sentiment surrounding TSLA on Stocktwits remained in the ‘bearish’ zone over the past 24 hours.

One user believes the TSLA-SPCX merger is “imminent.”

View this Stocktwits post

TSLA shares have declined more than 25% so far in 2026, making it the worst-performing Magnificent 7 stock this year.

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