Tesla’s Robotaxi Event Delayed, But Analysts Remain Bullish on Stock

Key Takeaways

• Tesla’s planned debut of its autonomous robotaxi could help drive the electric vehicle maker’s stock price higher, according to Baird analysts, despite delays.
• Baird analysts said Tuesday that delays could raise the likelihood of Tesla revealing a new vehicle on its next-generation platform.
• Tesla’s stock price has climbed in all but one of the last 14 trading sessions amid optimism around the robotaxi event and better-than-expected delivery numbers reported earlier this month.

Tesla’s (TSLA) planned debut of its autonomous robotaxi could help drive the electric vehicle maker’s stock price higher, according to Baird analysts, despite delays after CEO Elon Musk said Monday that the event has been postponed from its original Aug. 8 date.

Baird analysts said Tuesday that the robotaxi event is still expected to be a “positive catalyst” for Tesla stock, and suggested the extra time could allow for more products to be included in the event.

Robotaxi’s Delay Could Mean More New Products and Features

“We think the push-out of the event from August 8 until October increases the probability of TSLA unveiling a new vehicle(s) on its next generation platform,” Baird analysts said.

Musk said Monday that the event had been delayed over a design change he requested, and added the extra time would allow Tesla to “show off a few other things.”

Musk did not provide a new date for the event, but a Bloomberg report last week said the event was being delayed to October so more prototypes could be built for the event.

Tesla could also provide more information about the event when it reports earnings next week.

Tesla shares finished 1.6% higher at $256.56 Tuesday and have gained in all but one of the last 14 sessions amid optimism around the robotaxi event and better-than-expected delivery numbers reported earlier this month.

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Conclusion

In conclusion, while Tesla’s autonomous robotaxi event may have been delayed, analysts remain bullish on the company’s stock. The potential unveiling of new vehicles on Tesla’s next-generation platform could further boost investor confidence and drive the stock price higher. Despite the setback, Tesla continues to generate optimism with its innovative products and strong delivery numbers. Investors will be eagerly awaiting updates on the robotaxi event and any new developments from Tesla in the coming months.