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11/07/24
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Tesla Shares Drop on Delayed Robotaxi Unveiling
On Thursday, Bloomberg reported that Tesla would delay its planned robotaxi unveiling from August to October.
Citing people familiar with the matter, Bloomberg said Tesla has now delayed the launch date to allow project teams more time to build vehicle prototypes.
Over the last few weeks, Tesla’s strong share price rise has partly been driven by optimism about the upcoming event. It however fell 7.6% after the news on Thursday, the biggest decline since March 4. It is now trading at lower than $245.
The news has also led to the share prices of Uber and Lyft being boosted, which are up 3.3% and 4.1%, respectively.
Analysts at Wedbush said in a recent note to clients that the key for Tesla stock in the future was Wall recognizing that Tesla was the most undervalued AI player in the market. In their view, a historical Robotaxi Day would pave the way to full self-driving and an autonomous future.
They noted that Tesla’s long-standing commitment to FSD was now becoming a reality, after in 2019 first being mentioned in connection with robotaxis.
The firm said it believed the worst for Tesla was behind it as the EV demand picture was beginning to return to the disruptive tech firm before the historical Robotaxi Day.
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