Recent Market Movements

Tesla's Stock Fluctuates amid News of Robotaxi Ambitions and Production Delays

Recent Market Movements

Tesla's stock experienced significant volatility this week. On Tuesday, it surged by 0.9%, recovering from Monday's 4.2% decline. However, the stock was down 1% in recent trading.

Robotaxi Vision Emerges

Tesla's potential entry into the ride-hailing market has sparked interest. The company's vision involves Tesla owners renting out their autonomous self-driving vehicles, operating a fleet similar to Uber Technologies.

Tesla also hinted at offering an Airbnb-like option, allowing owners to rent out their vehicles when not in use. This move could generate additional revenue for Tesla and expand its business model.

Production Delays and Analyst Downgrade

Meanwhile, reports emerged that Tesla will delay production of its electric pickup truck, Cybertruck, and Semi semi-truck. The stock fell more than 8% on Thursday due to this news.

UBS downgraded Tesla over concerns about the carmaker's valuation and competitive landscape. Analyst William Stein tested Tesla's Full Self-Driving feature and concluded that it still lacks full autonomy.