The “We, Robot” Tesla (TSLA) robotaxi event is set to get started at any moment from the Warner Bros. studio lot.
Tesla stock wavered Thursday ahead of the highly anticipated “product launch,” but isn’t far from a buy point. Chief Executive Elon Musk is expected to show off a robotaxi, which a number of reports say will be a two-seat car with butterfly-wing doors.
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Check back for live updates during the Tesla robotaxi event.
10:53 p.m. ET
Finally Starting
The presentation is about to get underway.
10:42 p.m. ET
Musk Cites Medical Emergency In Crowd For Delay
With the robotaxi presentation still not underway, Elon Musk tweeted, “A person in the crowd had a medical emergency. We have taken care of them and will be starting shortly.”
10:21 p.m. PT
Still Waiting For The Livestream To Go Live
This is nothing unusual for Tesla events.
10:10 p.m. ET
Tesla Stock Reaction
After-hours market trading is over, but investors can check Robinhood for 24/7 Tesla trades. Tesla is up more than 2% on the Robinhood app before the event truly gets underway.
Stock futures are tilted slightly higher.
10:01 p.m. ET
Tesla Livestream Begins
But it’s waiting room music and images to start.
9:46 p.m. ET
Get Ready To Wait?
The robotaxi presentation is expected to begin at 7 p.m. PT Thursday, but Tesla events often start several minutes late. Will it be worth the wait?
Musk has claimed the Tesla robotaxi event “will be one for the history books,” and has said it will be the most significant moment for Tesla since the EV company unveiled the Model 3 nearly nine years ago.
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Tesla Robotaxi Event Expectations
Remarks and the presentation will begin at 7 p.m. PT, though company events often start late. The EV giant encouraged attendees to wear “closed-toe shoes” to the Warner Bros. studio, signaling a live robotaxi demonstration could be in the offing.
Musk will surely tout Tesla’s self-driving efforts broadly and express optimism that full autonomy is coming soon. The Tesla chief has repeated this mantra for years.
Musk previously planned to unveil the robotaxi on Aug. 8. He pushed the event out to “make some important changes.” Musk also hinted on the Q2 earnings call that there could also potentially be other product announcements on Oct. 10.
“Moving it back a few months allowed us to improve the robotaxi, as well as add in a couple other things for the product unveil,” Musk said on the July 23 earnings call.
Wedbush Securities analyst Dan Ives, a longtime Tesla bull, on Wednesday said the robotaxi event will be a “seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous,” expecting “game changing” autonomous technology.
Adam Jonas, Morgan Stanley’s high-profile auto analyst and a TSLA bull, wrote on Oct. 2 that potential initial commercial introduction of the cyber-cab could be late 2025 or 2026.
Jonas has stressed that Tesla currently has a permit for autonomous vehicle testing “with a driver” but does not possess a permit for autonomous vehicle testing or deployment without a driver.
On Musk’s hints at other products, Jonas wrote in September: “Could we see an electric plane? A boat? The latest gen Optimus robot flipping burgers at a Tesla Diner? We’re not really sure.”
Tesla could also show off the long-awaited “affordable” vehicle, which is supposed to be in production by the first half of 2025. The latest Optimus robot may make an appearance.
“We remind investors that such events aim to achieve multiple purposes including recruiting, marketing and consumer education,” Jonas wrote recently.
The Tesla robotaxi event could also be a big deal for ride-hailing giants Uber Technologies (UBER) and Lyft (LYFT).
Tesla Robotaxi Push Brings ‘Cloud Of Uncertainty’ For Uber And Lyft, Analyst Says
Tesla Stock Near Buy Point
In Thursday market action, Tesla stock edged down nearly 1% to 238.77, hitting a low of 232.34 intraday. Shares are down 4.5% on the week.
Tesla stock has a 264.86 cup-with-handle buy point, according to MarketSurge chart analysis. The 250 area offers an early entry.
Investors won’t get a market reaction to the Tesla robotaxi event until early Friday morning.
“We think the stakes are high and there is more risk to the downside than upside given the stock’s recent run-up and likelihood that the event could disappoint,” CFRA analyst Garrett Nelson wrote on Oct. 2.
“We also note the stock price run-up and the ‘sell the news’ pattern of major Tesla events historically. Specifically, we are looking for more visibility regarding intermediate-term earnings growth,” he added.
Shares fell in early October after third-quarter Tesla deliveries failed to meet whisper numbers.
Tesla will report Q3 earnings on Oct. 23.
Meanwhile, Uber stock is trading just below a 78.45 handle buy point. Lyft is still below its 200-day line.
Tesla stock ranks fourth in the 35-member IBD Auto Manufacturers industry group. The stock has a 61 Composite Rating out of a best-possible 99. Shares also have a 45 Relative Strength Rating and a 57 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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