[Tesla Cybercab Launches in Austin, Morgan Stanley Maintains $400 Target Price] According to Trend Research, a Morgan Stanley report on September 4 noted that Tesla Cybercab has officially launched in Austin, with Texas DMV data showing 45 vehicles registered, up from 7 previously. Tesla's unsupervised autonomous driving mileage has surpassed 1 million miles, an increase of over 160% compared to 380,000 miles in the second quarter. The Cybercab is expected to be priced below $30,000, with an operating cost of less than $0.20 per mile. Morgan Stanley maintains a neutral rating with a target price of $400. A 10% change in the FSD adoption rate could impact the valuation of network services by approximately $18 per share. The NHTSA has initiated a review to determine whether the Cybercab complies with federal motor vehicle safety standards. Morgan Stanley's valuation breakdown includes $45 per share for the core automotive business, $144 for network services, $120 for the Robotaxi network, $35 for energy, and $56 for humanoid robots. Downside risks include regulatory uncertainties, intensified competition, and risks in the Chinese market.