- Tesla plans to nearly double its Austin, TX robotaxi fleet next month.
- Shares rose after news of expanded Robotaxis and Tesla’s custom AI chip developments.
- Tesla’s European and Chinese vehicle registrations dropped sharply in October.
- CEO Elon Musk emphasized Tesla’s longstanding work on AI chip design powering its technology.
- Tesla continues exploring opportunities in the AI chip industry, having deployed millions of chips.
On Wednesday, Tesla (TSLA) shares increased following the announcement of a significant expansion of its robotaxi fleet in Austin, Texas. CEO Elon Musk revealed that the fleet could roughly double in size next month. This expansion comes shortly after Musk highlighted Tesla’s custom AI chips, which contributed to a 7% rise in Tesla stock earlier in the week.[see posts]
The Austin robotaxi project, initiated in June, initially performed well and has generated positive momentum among investors. Despite this, Tesla has faced challenges with vehicle sales in 2025. Registrations in the European Union, United Kingdom, and the European Free Trade Association, which serve as proxies for sales, declined 49% in October to 6,964 units. Tesla’s sales in China also fell to a three-year low with 26,006 vehicles sold in October.
Additionally, Musk disclosed increased focus on Tesla’s involvement in the AI chip market. He noted that the company has had an advanced AI chip and board engineering team for many years. According to Musk, “That team has already designed and deployed several million AI chips in our cars and data centers. These chips are what enable Tesla to be the leader in real-world AI.” Tesla continues to explore AI chip technologies as part of its broader strategy.
Investor interest has been renewed by these developments, with some analysts forecasting Tesla’s stock price could reach $600 in the near term, according to TipRanks TSLA stats.
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