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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
Tesla shares rose on Monday after CEO Elon Musk said the robot taxi’s debut event, originally scheduled for next month, had been postponed due to a request for design changes.
Musk also supported former President Donald Trump after the president’s attempted assassination at a rally in Pennsylvania on Saturday.
Tesla shares have risen in recent weeks following better-than-expected delivery reports and positive comments from analysts.
Tesla (TSLA) shares rose on Monday after CEO Elon Musk said the electric-vehicle maker had postponed its robotaxi debut event because it had requested design changes.
Musk also endorsed former President Donald Trump’s candidacy in this year’s election following the assassination attempt on Trump at a rally in Pennsylvania on Saturday.
Robotaxi event postponed, date TBA
Musk confirmed that Tesla’s high-profile robot taxi event, originally scheduled for Aug. 8, would be postponed following reports it was being pushed back to October. He posted on social media site X on Monday that he had requested a “significant redesign of the front end.”
Musk also said the time would allow Tesla engineers to add more features to the vehicles, but he did not give a new timeline.
Since Tesla first announced the event, analysts have offered mixed reviews of the company’s self-driving car plans. Deutsche Bank analysts called the concept a “theory-changing” shift for Tesla’s business, while Wedbush analysts said products like robotaxis and advances in Tesla’s self-driving software make the company “the most undervalued AI company on the market.”
Tesla’s shares surged earlier this month after the company’s second-quarter production and delivery numbers beat expectations, and the stock has now posted 11 consecutive trading days of gains, erasing losses since the start of the year.
Investors will be paying close attention to the event and further details about Tesla’s plans when the company reports second-quarter results on July 23.
Tesla shares closed up about 2% on Monday.
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