A publicly traded company is whatever those with capital (or those managing capital) and the highest grade of optimism about the company want it to be. Obviously when it comes to Tesla, there's some very strong optimism in the market. Seen from that perspective, I'd say that Tesla remains refreshingly far on the car side of the "product is car vs product is stock" spectrum.

But I agree that taking on the robotaxi market does move them further towards the stock end. In financial terms, deep integration is awesome until it isn't. Eventually most, perhaps all, layers will rely too much on the rest of the stack propping them up and then it all falls down. Mid-term investors will happily bet on abandoning ship right before that happens.