Tesla shares surged by 8.2 per cent after the electric car maker initiated its long-anticipated robotaxi service. The initial launch, a modest affair compared to Tesla’s usual grand unveilings, has nonetheless sparked renewed investor optimism. Tesla, led by CEO Elon Musk, designs, develops, manufactures, and sells electric vehicles, energy generation and storage systems, and related services.
The first robotaxi trips were confined to a small area of Austin, Texas, with a Tesla employee in the passenger seat to oversee operations. Tesla selected a small group of retail investors and social media influencers for these initial rides, encouraging them to share their experiences online. Early feedback has been positive, with riders praising the vehicle’s smoothness and autonomous parking capabilities.
Unlike past Tesla events, such as the ‘Cyber Rodeo’ factory opening, the robotaxi launch was intentionally low-key. Musk has indicated that the robotaxi service is unlikely to significantly impact Tesla’s financial performance in the immediate future. However, the progress towards launching the service has seemingly renewed investor confidence.
Monday’s surge saw shares climb as much as 11 per cent during the day in New York, marking the largest intraday gain since April 9. The stock eventually closed at $US348.68, up 8.2 per cent. While this jump offers some respite, Tesla shares remain down by more than 8 per cent year-to-date.