Tesla CEO Elon Musk speaks at the Cannes Lions International Festival Of Creativity 2024 on June 19, 2024 in Cannes, France.” src=”https://s.yimg.com/ny/api/res/1.2/2YqU0J95CiUCTe.msDrFBw–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA–/https://media.zenfs.com/en/investopedia_245/c6816371a17c30d0ad512c6be804872d” data-src=”https://s.yimg.com/ny/api/res/1.2/2YqU0J95CiUCTe.msDrFBw–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA–/https://media.zenfs.com/en/investopedia_245/c6816371a17c30d0ad512c6be804872d”>
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Tesla Stock Rises as Musk Reschedules Robotaxi Event, Endorses Trump
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Tesla CEO Elon Musk speaks at the Cannes Lions International Festival Of Creativity 2024 on June 19, 2024 in Cannes, France.
Key Takeaways
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Tesla shares rose Monday as CEO Elon Musk said a robotaxi debut event originally scheduled for next month was delayed after he requested a design change.
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Musk also endorsed Donald Trump after Saturday’s attempted assassination of the former president at a rally in Pennsylvania.
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Tesla’s stock price has rallied in recent weeks after a better-than-expected deliveries report and positive comments from analysts.
Tesla (TSLA) shares finished Monday higher as CEO Elon Musk said the EV maker delayed its robotaxi debut event because he requested a design change.
Musk also endorsed former President Donald Trump’s candidacy in this year’s election in the aftermath of an assassination attempt against the former president at a rally in Pennsylvania Saturday.
Robotaxi Event Delayed, Without a Date Set
Musk confirmed the delay of Tesla’s highly anticipated robotaxi event, originally scheduled for Aug. 8, after reports that it would be postponed to October. He wrote on the social-media site X Monday that he requested “what I think is an important design change to the front.”
Musk said the time would also allow Tesla engineers to add more features to the vehicle. A new date was not provided.
Analysts have offered a range of viewpoints on Tesla’s plans for autonomous vehicles since the company first announced the event. Deutsche Bank analysts called the concept a “thesis-changing” pivot to Tesla’s business, while Wedbush analysts have said products like the robotaxi and advancements in Tesla’s autonomous driving software make the company “the most undervalued AI play in the market.”
The company’s better-than-expected second-quarter production and delivery numbers sparked a rally earlier this month that saw Tesla stock rise 44% over 11 consecutive positive trading sessions, erasing year-to-date losses.
Investors will be watching for further details on the event and Tesla’s plans when the company reports second-quarter earnings July 23.
Shares of Tesla finished Monday up nearly 2%.
Read the original article on Investopedia.
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