Investor Gary Black has shared his insight into Tesla Inc.’s (NASDAQ:TSLA) recent stock surge as the year draws to a close.

Sharing his thoughts on Tuesday on X, the investor called Tesla the “most profitable EV business model on the planet,” and added that the company’s Optimus production next year, scaled-up autonomous driving tech, as well as CEO Elon Musk’s commitment, were positives for the company. “I love the $TSLA story,” Black said.

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However, the investor shared that he disliked Tesla’s valuation, with a Price/Earnings ratio of “220x vs long-term forward EPS growth of +35%” and falling earnings estimates. He also shared that critics opine that he should “focus on the tech” instead of the financials, but “that mindset will get you in trouble every time.”

The investor echoed his previous comments about the removal of safety monitors being a catalyst for the company, “which signifies the technology is ready.” He also shared that Musk’s end-of-the-year autonomous driving promise is “likely why TSLA stock keeps going higher.”

I love the $TSLA story: Most profitable EV business model on the planet, generalized unsupervised autonomy about to scale, Optimus robot manufacturing starting in 2026, fully-engaged @elonmusk. But I dislike the valuation: 2026 P/E 220x vs long-term forward EPS growth of +35%… pic.twitter.com/rMGvJp9Dgv

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The comments come as doubts have been raised about Tesla’s Austin Robotaxi service’s size and scale, as an engineering student recently released a Robotaxi tracker, which had shown that the company’s service was unavailable over 60% of the time. He also shared that he had identified over 32 vehicles in the fleet, which was much smaller than the 1,000 Robotaxi figure Musk had earlier targeted for the service.

Meanwhile, a Cybercab was also recently spotted in Austin, though it wasn’t clear if the prototype vehicle was being driven by a human driver or if it was a part of Tesla’s unsupervised autonomous operations testing.