A naukri.com initiative
Insider
12h
162
Image Credit: Insider
Tesla stock rises premarket after robotaxi launch — but not as much as Elon Musk might like
- Tesla launched its robotaxi service in Austin on Sunday as an invite-only service initially.
- The company's stocks rose 1.9% in premarket trading on Monday post the robotaxi launch.
- CEO Elon Musk has pledged millions of robotaxis by 2026, emphasizing the importance of successful execution.
- Tesla's stock saw modest gains following the Austin robotaxi launch.
- The robotaxi service in Austin gives select users access to driverless rides for a flat fee of $4.20.
- UBS analysts raised Tesla's target price by $25 to $215 but maintained a 'Sell' rating.
- Musk has touted autonomy as a key driver of Tesla's long-term value, with the robotaxi opportunity likely already factored into the stock price.
- Musk teased the robotaxi launch, showcasing a driverless Model Y earlier this month.
- Competitors like Alphabet's Waymo have already demonstrated autonomous taxis in multiple cities.
- Texas lawmakers aim for stricter regulation of robotaxis, while technical challenges persist.
- Tesla's stock has faced challenges in 2021, dropping nearly 15% due to declining vehicle sales.
- Analysts suggest Tesla's cost-effective, scalable manufacturing model could provide a competitive edge.
Read Full Article
9 Likes
For uninterrupted reading, download the app