Tesla Robotaxi Debut Reportedly Delayed, Sending Stock Tumbling

Tesla (TSLA) shares slumped in intraday trading Thursday on indications the unveiling of the electric vehicle (EV) maker’s much-awaited self-driving robotaxi has been delayed by two months.

Bloomberg said Tesla’s planned Aug. 8 event has been bumped to October to give the teams working on the project more time to build additional prototypes. The news organization reported people familiar with the decision said that the postponement was communicated to workers internally.

Investopedia has reached out to Tesla for comment. 

Wedbush Says Reported Delay Doesn’t Affect ‘Bullish Tesla Thesis’

Wedbush analyst Dan Ives, a long-time Tesla bull, said that “while the knee jerk reaction will clearly be negative … we believe the timing of robotaxis, partnerships, and the ultimate autonomous and AI driven technology does not change at all for our bullish Tesla thesis.” Ives added that Wedbush was maintaining its “outperform” rating with a $300 price target.

Tesla Chief Executive Officer (CEO) Elon Musk announced the August debut date on social media in April, and has touted the self-driving robotaxi as a technology that would make other vehicles obsolete. 

Tesla shares entered Thursday on an 11-session winning streak to move into the green for the year, fueled by its better-than-expected second quarter deliveries report. But shares sank 8% to $242.37 as of 2:15 p.m. ET to move back into negative territory for 2024.