One reason Tesla(NASDAQ:TSLA) stock commands such a premium valuation relative to its peers is the company's ability to convince investors that it's much more than just an automaker. Tesla is aiming to improve its vehicle software in the coming years and to profit from those enhanced capabilities -- and investors are buying into the story.

Not only does the company plan to increase the price of Autopilot over time as it moves closer to fully self-driving capabilities, but it also eventually wants to make its vehicles capable of deploying into an autonomous "robotaxi" ride-sharing service. Autopilot, however, is still far from demonstrating this level of intelligence. Sure, it's improved over the years, but only in small, incremental ways -- not enough to put the technology within a fighting chance of driving autonomously in a robotaxi service.

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