CITIC Securities has released a research report noting that Tesla's (TSLA.US) new-generation Roadster made a stunning debut at the SpaceX test site in Texas, impressing audiences with difficult maneuvers such as inverted hill climbing and mid-air flips. The Tesla Roadster integrates core technologies from multiple product lines including SpaceX, Optimus, and FSD, demonstrating that Tesla possesses a powerful technology reuse and synergy effect in forward-looking technologies. Looking ahead to Tesla's subsequent products, the firm believes that products such as Optimus will similarly benefit from technology synergies between Musk's Tesla and SpaceX companies, including MegaFactory, end-to-end large models, Grok, and AI5 chips, and therefore holds a bullish view on the mass production and application prospects of Tesla's robots. It recommends paying attention to the Roadster and Optimus-related industry chains. The main viewpoints of CITIC Securities are as follows:
New-Generation Roadster Makes a Stunning Debut, Showcasing Difficult Maneuvers Such as Inverted Hill Climbing and Mid-Air Flips
On the evening of October 15, US Central Time, Tesla held a launch event for the new-generation Roadster near the SpaceX test site in Texas. At the event, the Roadster climbed up an inverted ramp, completed a mid-air flip, and landed smoothly; it took off from the ground, flipped once in the air, flew over an entire fleet of cybercabs, cybertrucks, semis, Model Ys, and Model 3s, and accelerated from 0 to 60 mph in a timed 0.81 seconds on site, with vehicle performance astonishing the audience. The Roadster's exterior design is inspired by the SR-71 and F-35. Musk expects the Roadster to enter mass production in 2028, and pre-orders have already opened with a deposit of $50,000.
Behind the Stunning Performance Is Multi-Business Technology Reuse Across Tesla and SpaceX
In the Tesla Roadster, the firm sees cutting-edge technologies from multiple businesses under Musk's Tesla and SpaceX combined into one vehicle. The mid-air flip and extreme acceleration are achieved through the vehicle's cold gas thruster system, with technology derived from SpaceX's spacecraft attitude control; the inverted hill climbing is achieved through the adsorption force generated by the fan system at the bottom of the vehicle; the movement of the aerodynamic kit on the body in Track Mode comes from the technology reuse of Optimus actuators; and the vehicle was fully autonomous throughout the demonstration, with technology derived from Tesla's FSD (Full Self-Driving) technology. Tesla once again proved its technological leadership and full-stack self-development capabilities, and the firm is bullish that subsequent products such as Optimus will similarly impress the market.
From Underlying Hardware Design and Manufacturing to Self-Developed Chips, and to Large Model Algorithm Development and Training
Tesla possesses full-stack self-development capabilities, with multiple business lines achieving organic synergy and technology reuse. Through the Roadster launch event, it once again proved that its technological capabilities are at an industry-leading level. The firm is bullish that technologies and products under Musk's Tesla and SpaceX companies, including MegaFactory, end-to-end large models, Grok, and AI5 chips, will achieve technological synergy, and that Tesla's underlying technological capabilities will be reused in its next-generation mass-produced products such as Optimus, with subsequent product launches expected to similarly astonish the market.
Investment Strategy
The Tesla Roadster launch event was stunning, backed by the reuse of cutting-edge technologies across multiple businesses. Tesla possesses full-stack self-development capabilities spanning from underlying hardware design and manufacturing to self-developed chips and large model algorithm development and training, with multiple business lines achieving organic synergy and technology reuse. The Roadster launch event once again proved that its technological capabilities are at an industry-leading level. The firm is bullish that this technology reuse will play a more important role in its mass-produced products. It recommends paying attention to Roadster-related companies and core players in the robot industry chain.
Risk Factors
Robot technology advancement slower than expected; development potential of robot application scenarios lower than expected; risk of technology route changes; policy implementation intensity falling short of expectations; risk of intensifying competition in the automotive industry; international geopolitical risks.
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