As anticipation builds for Tesla’s upcoming event, CEO Elon Musk has described the forthcoming robotaxi reveal as a pivotal moment for the company. He suggested that this unveiling could be Tesla’s most significant development since the introduction of the Model 3 nearly nine years ago.
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On Tuesday, Tesla’s stock saw a 1.3% gain during premarket trading, following a 4.9% rise on Monday, which pushed the share price to 250. This marked the stock’s tenth consecutive session above its 50-day moving average.
With the event scheduled for October 10, here’s what investors should keep in mind.
Event Details and Viewing Options
Tesla has confirmed that the robotaxi reveal will occur in Los Angeles, though the exact venue has yet to be officially announced. There are reports that it might be held at the Warner Bros. studio in Burbank, but this remains unconfirmed.
On September 10, Tesla opened up a lottery for retail investors to win tickets to the event. The deadline for entries was September 17, and Tesla’s Head of Investor Relations, Travis Axelrod, indicated that selected participants would start receiving notifications this week. For those unable to attend in person, the event is expected to be live-streamed across Tesla’s social media platforms, including X (formerly Twitter) and YouTube.
What To Expect: Robotaxi and Possibly More
Originally, Musk planned to reveal the robotaxi in August but delayed it to allow for further improvements. He hinted that additional product announcements could also be part of the October 10 event.
Adam Jonas, a well-known analyst from Morgan Stanley, speculated in a recent note that the event might feature a demonstration of the latest version of Tesla’s full self-driving software (FSD), possibly version 12.5 or later. He also anticipated a fully autonomous robotaxi demonstration on a controlled course. However, he highlighted that Tesla’s current testing permits require a driver to be present, which could limit the scope of any demonstrations.
Jonas also mused about other potential product announcements, ranging from an electric plane or boat to a demonstration of the Optimus robot. However, he emphasized that Tesla’s events often serve multiple purposes, such as recruitment and consumer education, in addition to product reveals.
Autonomous Vehicle Industry Developments
In a related development, Uber announced a partnership with Waymo, a subsidiary of Google’s parent company Alphabet, to offer rides in self-driving cars in select cities. Starting next year, Uber users in Austin and Atlanta will be able to hail Waymo’s autonomous Jaguar vehicles. This follows a similar partnership between Waymo and Uber in Phoenix.
Analysts at Morgan Stanley suggested that this partnership signals Uber’s growing role in the autonomous vehicle sector. As Tesla prepares for its robotaxi reveal, investors are considering whether the company will pursue a direct-to-consumer model for its autonomous technology or form partnerships with companies like Uber to scale its offerings.
Morgan Stanley believes that Tesla’s robotaxi service is likely to start on a small scale, in select urban areas, similar to Waymo’s approach.
Tesla Stock Overview
Tesla’s stock has seen notable fluctuations in recent weeks. After rising 3.5% to 238.25 last week, it surpassed a key threshold of 235, driven by strong sales in China and excitement around its autonomous driving initiatives. However, the stock dipped 8.45% on September 6, briefly falling below its 50-day moving average before regaining momentum.
Overall, Tesla’s stock has risen more than 16% in September after a decline in August. The company is also preparing for several major milestones in October, including its third-quarter deliveries, the robotaxi event, and its Q3 earnings report.
Tesla ranks third among the 35 companies in the IBD Auto Manufacturers industry group, with a Composite Rating of 69 out of 99. The stock also holds an 86 Relative Strength Rating and a 57 Earnings Per Share (EPS) Rating.
Update: Tesla unveiled the two-seat Cybercab at its Oct. 10, 2024, “We, Robot” event, and its shares fell the next day as investors sought more detail, Reuters and CNBC reported.
Sources
- Reuters: Musk unveils 'Cybercab' robotaxi
- Reuters: Tesla's robotaxi event was long on promises
- CNBC: Tesla stock drops after Cybercab reveal
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