Scott Olson
tesla (NASDAQ:TSLA) added 1.7% on Thursday and is now exchanging hands at a higher price than when the automaker's failed first-quarter deliveries sent some shockwaves through the electric vehicle sector. The catalyst for the recent stock price rebound was Elon Musk's announcement late last week of a robotaxi event on August 8. While the robotaxi concept for a next-generation autonomous vehicle that could generate income for owners has been talked about since 2016 in various forms, the event in August is expected to be the formal opening.
Some analysts have lamented that the Model 2 is more crucial to Tesla's story than a fleet of robotaxi. Wedbush Securities analyst Dan Ives believes Tesla should pursue both.
“Our view is that while this is an interesting announcement about robotaxis, we do not expect full autonomy (no steering wheel models) until 2030 and believe it is crucial to deliver a Model 2 vehicle in the next 18 months ALONG with robotaxis. If robotaxis is considered, “As a magic model to replace the Model 2, we would see it as a negative debacle for Tesla's history. “It would be a risky bet if Tesla moved away from Model 2 and went straight to robotaxis.”
Ives said the company remains optimistic long-term about TSLA, but cautioned that the future is a bit murky.
Electric vehicle surveillance: Lucid Group (LCID), Faraday Future Intelligent (FFIE) and Rivian Automotive (RIVN) traded at new lows on Thursday as concerns about demand, pricing and profitability persisted. Polestar Automotive (PSNY) fell more than 8%, but avoided posting a new 52-week low.
