- Tesla will expand its robotaxi ride-hailing service to a greater area in Austin this weekend, according to Elon Musk.
- Tesla plans to introduce robotaxi Model Y vehicles in the Bay Area, California, in the near future.
- The company’s stock dropped 7.4% over the last month, with recent volatility tied to both business updates and Musk’s political involvement.
- Analyst Dan Ives from Wedbush Securities believes a focus on autonomous vehicle growth and Musk’s leadership is vital for Tesla.
- Analyst opinions on TSLA remain divided, with 44% recommending a buy, 36% a hold, and 20% advising to sell, according to a CNN survey.
Elon Musk announced that Tesla will broaden the coverage area of its robotaxi service in Austin, Texas, this weekend. The company also intends to deploy robotaxi-enabled Model Y vehicles in the Bay Area of California soon.
The announcement was made on Musk’s social media platform X on Wednesday night. Following this news, Tesla stock moved up over 2% on Thursday. The stock had fallen by 7.4% over the past month due to a mix of business developments and Musk’s involvement in politics.
Earlier in June, the initial rollout of the robotaxi service in Austin led to an increase in Tesla’s share price. Short sellers recently benefited from the stock’s downturn, but the newly announced expansion could shift momentum for the company’s shares.
Wedbush Securities analyst Dan Ives stated, “Musk’s comments were positive relative to the recent shift in investor sentiment regarding Tesla’s autonomous vehicle efforts.” Ives emphasized that ongoing development of the robotaxi program and Musk’s continued involvement as CEO are crucial for the company’s performance. He also noted, “It would not shock us if the Tesla board gets involved at some point, given the political nature of this endeavor, depending on how far Musk takes it.”
Currently, TSLA shares are trading near the midpoint of their 52-week range and remain below the 200-day simple moving average. Analysts from CNN rate Tesla 2 out of 10 as a stock selection. Of 55 analysts recently surveyed, 44% suggest buying TSLA shares, 36% advise holding, and 20% recommend selling.
The company’s stock has seen sharp changes based on both product developments and shifts related to Musk’s other interests. Analyst sentiment continues to vary across investment groups.
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