Tesla Stock (TSLA) Gains Ahead of Long-Awaited Robotaxi Launch
Tesla (TSLA) shares are on the move as anticipation builds around the company's long-awaited robotaxi launch. With CEO Elon Musk promising a groundbreaking reveal next week, investors are growing optimistic about Tesla's potential to disrupt the ride-hailing and autonomous vehicle markets.
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Tesla CEO Elon Musk recently announced that the company plans to launch its robotaxi service in Austin, Texas, starting June 22. However, a group of Texas lawmakers is pushing for a delay, raising safety concerns and urging Tesla to allow more time for proper preparations.
Tesla Robotaxi Buzz Builds
The robotaxi debut is seen as a critical milestone in Tesla's shift from EVs to full-scale AI-driven mobility solutions. This milestone could unlock new multi-billion-dollar revenue streams and reshape the company's long-term growth story.
The rollout will be limited, using a small fleet of standard Model Y cars and human teleoperators on standby. Operations will be confined to select areas, but that hasn't eased concerns. According to Wedbush's Dan Ives, the special invites went out, giving selected Tesla users permission to use the Model Y robotaxi service starting on Sunday.
Ives believes that this autonomous chapter marks one of the most pivotal moments in Tesla's history. He added that Tesla's AI ambitions alone could add $1 trillion in value over the next few years. While many skeptics have long doubted the robotaxi vision, Ives sees this as a major turning point for the EV giant. Ives has a Buy rating on TSLA stock with a price target of $500.
Is Tesla a Good Share to Buy?
Year-to-date, TSLA stock is down over 20%, highlighting investor concerns over weakening EV demand and the political noise around the company. Still, a smooth robotaxi launch could mark a turning point, signaling Tesla's evolution from an EV maker to a broader autonomous tech leader. However, regulatory risks and safety scrutiny remain key roadblocks.
According to TipRanks, TSLA stock has received a Hold consensus rating, with 14 Buys, 12 Holds, and nine Sells assigned in the last three months. The average Tesla stock price target is $286.14, suggesting a potential downside of over 11% from the current level.
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