Investors are eagerly anticipating Tesla’s upcoming robotaxi event, scheduled for October 10 in Los Angeles. This event comes amidst a busy month for the global EV giant, with third-quarter delivery data and earnings also on the horizon.
Elon Musk, Tesla’s Chief Executive, has been teasing the event on social media, expressing high expectations for what is to come. Musk has described the robotaxi reveal as potentially the most significant moment for Tesla since the unveiling of the Model 3 nearly nine years ago.
Wedbush Securities analyst Dan Ives, a longtime Tesla bull, expects the event to provide updates on full self-driving (FSD) technology and artificial intelligence. He believes that autonomous vehicles, robotaxis, and AI will play a crucial role in Tesla’s growth story over the coming year.
Tesla’s stock performance has been closely watched leading up to the event, with shares climbing in anticipation. The stock advanced 2.5% to 260.46 during market action on Friday, following a 1% dip the previous day. Tesla’s stock price has been steadily rising, approaching its July high and staying above its 50-day moving average.
As the event draws near, here is what investors need to know:
Location And Viewing
The robotaxi reveal will take place in Los Angeles, although the exact venue has not been officially announced. Speculation suggests that the event may be held at the Warner Bros. studio in Burbank, but this has yet to be confirmed.
Tesla announced that retail investors had the opportunity to sign up for a chance to attend the event in person. Invitations were sent out to Tesla investors on Wednesday, with only a select few receiving the nod to attend in person. The event is scheduled to begin at 7 p.m. on October 10 and will be broadcast across Tesla’s social media channels.
The Robotaxi And Maybe Something Else?
Musk had originally planned to unveil the robotaxi on August 8 but postponed the event to make important changes. He hinted that there could potentially be other product announcements on October 10, sparking speculation among analysts and investors.
Morgan Stanley’s auto analyst Adam Jonas expects the event to include a demonstration of the latest iteration of full self-driving technology, as well as a fully autonomous robotaxi driving on a closed or semi-closed course. While Tesla currently has a permit for autonomous vehicle testing with a driver, they do not possess a permit for testing or deployment without a driver.
Deutsche Bank anticipates that the event will include the unveiling of the “CyberCab” robotaxi, along with updates on operating parameters such as cost per mile, scale, and timeline. They also predict that Tesla will unveil a new lower-cost vehicle slated for release next year.
Tesla Stock Performance
Tesla’s stock has shown resilience and growth in recent weeks, with shares rising above their 50-day moving average and gaining momentum from strong China sales and full self-driving rollout plans. Despite a decline in August, Tesla’s stock has rebounded in 2024 and is currently up 5% on the year.
Looking ahead, Tesla has a busy October ahead, with third-quarter deliveries, the robotaxi event, and Q3 earnings all on the agenda. The company’s stock ranks third in the IBD Auto Manufacturers industry group, with a Composite Rating of 71 out of 99, a Relative Strength Rating of 84, and an EPS Rating of 57.
As investors eagerly await the robotaxi event and its potential impact on Tesla’s future, the company continues to innovate and push the boundaries of autonomous technology. Stay tuned for more updates on Tesla’s groundbreaking developments in the world of electric vehicles and self-driving technology.
