Tesla aims to start its robotaxi service with a company-owned fleet backed up by human teleoperators for safety, Deutsche Bank said in a note after a meeting with the company's head of investor relations.

Tesla is planning to launch a more affordable model, possibly called the Tesla Model Q, with a starting price under $30,000, according to a report from Deutsche Bank.

Automakers like Ford Motors and Volkswagen had also once made big, billion-dollar bets on the future of ridehail—only to walk back those plans later.

General Motors has announced that it will stop funding the development of the Cruise self-driving taxi. The company says it will now "refocus autonomous driving development on personal vehicles". GM also pointed to the increasingly competitive robotaxi market as a reason for the move.

General Motors will stop funding its Cruise robotaxi business and focus on developing self-driving technology for personal vehicles, the automaker said in a statement on Tuesday. The company said in a statement that it had made the decision due to “the considerable time and resources that would be needed to scale the business” as well as increased competition in the robotaxi market.

Wall Street is warming to Tesla’s self-driving robotaxi opportunities, leading to higher stock-price targets for the EV maker. China sales data are upbeat.