Tesla (TSLA) is scheduled to reveal its highly anticipated robotaxi on Oct. 10 at an event in Los Angeles, California, and investors appear to be waiting until then before making any big Tesla stock bets.
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Tesla’s Robotaxi Is Delayed. Will It Make A Difference For Tesla Stock?
While most of the details are still under wraps, Chief Executive Elon Musk is setting sky high expectations for the event. Musk posted to X on Sept. 11 that in his opinion the robotaxi reveal will be the most significant moment for Tesla since the EV company unveiled the Model 3 nearly nine years ago.
Tesla stock gained 0.7% to 229.81 during market action on Thursday, after advancing around 0.9% to 228.13, closing slightly above its 50-day moving average. TSLA is up more than 9% on the week.
With several weeks remaining until Oct. 10, this is what investors need to know heading into the event.
Location And Viewing
Tesla has confirmed the robotaxi reveal will take place in Los Angeles, but have not officially announced a venue location. Bloomberg has reported that Tesla will be holding the event at the Warner Bros. studio in Burbank. However, that has not yet been confirmed.
On Sept. 10, Tesla announced retail investors could sign up for a chance to attend the event in person. Entries for the draw must be made by Sept. 17. Travis Axelrod, Tesla’s head of investor relations, posted Tuesday to X that results of the draw will “begin” to be communicated on the week of Sept. 23.
“We will provide more details when we issue tickets,” Axelrod wrote.
While it is likely only a select few investors will be attending in person, the event is expected to be broadcast across Tesla’s different social media channels, including X and YouTube.
The Robotaxi And Maybe Something Else?
Chief Executive Elon Musk previously planned to unveil the robotaxi on Aug. 8, but 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.
Adam Jonas, Morgan Stanley’s high-profile autos analyst and a TSLA bull, wrote on Sept. 5 he expects the Oct. 10 robotaxi event will include a demonstration of the latest iteration of full self-driving, or FSD, which would be version 12.5 or later, as well as a demonstration of a fully-autonomous robotaxi, or “cyber-cab” driving on a “a closed/semi-closed course.”
Jonas stressed in his analyst note 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: “Could we see an electric plane? A boat? The latest gen Optimus robot flipping burgers at a Tesla Diner? We’re not really sure.”
“We remind investors that such events aim to achieve multiple purposes including recruiting, marketing and consumer education,” the analyst added.
Tesla Stock Performance
Last week, Tesla stock fell 1.6% to 210.73. On Sept. 5, shares popped above their 50-day moving average, buoyed by robust China sales and the EV giant’s full self-driving rollout plans.
But TSLA stock plunged 8.45% on Sept. 6, back below the 50-day line. Tesla stock found short-term support, is now wrestling to regain its 50-day line, and may be attempting to start up the right side of a possible cup-base.
TSLA shares are up 6.6% in September after declining 7.7% in August. Tesla stock has fallen around 8% in 2024, after rebounding about 60% from a late-April low amid some steep ups and downs.
Tesla stock ranks third in the 35-member IBD Auto Manufacturers industry group. The stock has a 68 Composite Rating out of a best-possible 99. Shares also have an 82 Relative Strength Rating and a 57 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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