Tesla shares edged up Tuesday as investors awaited Wednesday’s earnings report, focusing more on management’s outlook for self-driving cars and robotics than near-term results.

Analysts expect Tesla to report earnings of 36 cents per share on $22.3 billion in revenue. Some investors are focusing on Elon Musk’s updates about the robotaxi launch and the schedule for Tesla’s humanoid robot, as both are viewed as factors in the stock’s valuation.

Ahead of the report, Jefferies raised its price target for Tesla while maintaining a Hold rating. The analyst noted that first-quarter results may highlight a divergence between Tesla’s stated long-term plans and current performance. Tesla’s stock trades at about 185 times expected earnings, which some interpret as signaling that self-driving and robotics could drive future growth. Tesla launched its robotaxi service in Austin, Texas, in June and has announced plans to expand to other cities by the end of 2026. Progress has been slower than initially outlined, and Jefferies raised questions about whether the company can meet that timeline.

Tesla is also expected to reveal a new version of its humanoid robot soon, which investors will discuss on Wednesday. If management addresses the status of the robotaxi rollout, it may influence the stock’s performance in the coming months. As a result, Wednesday’s call is considered significant for the company.