Tesla's stock soars following Musk's hint at a June rollout for robotaxis
Tesla's Anticipated Robotaxi Service Possibly Launching in Austin Mid-June
Tesla shares witnessed a two percent surge in after-hours trading on Wednesday due to reports indicating that the electric vehicle giant is poised to roll out its long-awaited robotaxi service as early as June 12. This development helped reverse earlier losses resulting from disappointing new vehicle registration figures across Europe.
The upward shift in investor sentiment was sparked by CEO Elon Musk's recent announcement on his platform X, stating that Tesla has been covertly testing self-driving Model Y vehicles on public roads in Austin without a driver. Musk noted that this milestone was accomplished "a month ahead of schedule."
According to a post on the platform, Tesla has been conducting self-driving Model Y test runs in Austin for several days now without any incidents. The post further indicated that the first self-delivery from the factory to a customer would take place next month.
Tesla allegedly plans to initiate an initial fleet of 10 to 20 autonomous Model Y vehicles, with intentions to rapidly expand the number of robotaxis in the following months.
Derren Nahan, head of equity research at Hargreaves Lansdown, commented that the stock's after-hours rally was fueled by renewed optimism that Tesla is nearing the delivery of its full self-driving promise—a critical aspect of the company's valuation.
Nahan added that the robotaxi milestone has investors hoping this could reignite sales momentum and reinforce Tesla's position as a leader in the electric vehicle market.
Austin has emerged as a significant testing ground for robotaxi development, with Tesla joining Alphabet's Waymo in conducting live tests on public roads. Although regulatory hurdles persist, as Tesla is not yet licensed as a ride-sharing provider in Texas, the state's lenient approach to autonomous driving has facilitated swift testing periods.
Despite a 12 percent drop thus far this year, Tesla's shares have more than doubled over the past 12 months. If the robotaxi rollout sticks to schedule, investors may finally reap the rewards Musk has long promised. However, with no official confirmation about the exact launch date, the June 12 target remains unverified and subject to change.
Technology advancements within Tesla's robotaxi project have caught the attention of investors, with the company planning an initial rollout of autonomous Model Y vehicles in Austin, Mid-June. This development, if confirmed, could revitalize sales momentum, reinforcing Tesla's position as a leader in the electric vehicle market as well as the finance sector, as investors view it as a potential catalyst for the realization of Tesla's full self-driving promise.
