Tesla's Delay in Robotaxi Launch Causes Stock Decline

Thursday, 11 July 2024, 15:57
Tesla announced a delay in the launch of its robotaxi service from August to October, leading to a more than 6% drop in its shares after 11 consecutive sessions of gains. The postponement follows the cancellation of the inexpensive car project in favor of focusing on self-driving robotaxis. Analysts like Dan Ives from Wedbush Securities remain optimistic about Tesla's long-term potential despite the setback.
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Tesla's Delay in Robotaxi Launch Causes Stock Decline

Tesla Postpones Robotaxi Launch

Shares of Tesla were down more than 6%, ending a streak of 11 consecutive sessions of gains that had pushed the stock up 44%. Elon Musk's announcement of the robotaxi unveiling on Aug. 8 was delayed to October following reports of the cancellation of a promised budget car in favor of self-driving robotaxis.

Analyst's Perspective

Wedbush Securities analyst Dan Ives believes that despite the negative market response to the delay, the core strategy of Tesla regarding robotaxis, partnerships, and autonomy remains unchanged. The ultimate autonomous and AI driven technology continues to be the focal point for Tesla's growth.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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