Tesla’s stock has increased recently, driven by excitement over a revolutionary event, the launch of Tesla CEO Elon Musk‘s long-anticipated autonomous robotaxis, as per a report. The EV maker is poised to launch these self-driving cars in Austin, Texas, with a target rollout in June 2025, a point many investors and enthusiasts think will reshape the future of transportation, according to The Street.
Tesla Stock Surges on Robotaxi Buzz
For months, Tesla fans have eagerly waited as Musk promoted his vision for a self-driving vehicle, and now Wall Street’s most outspoken Tesla bull, Wedbush Securities analyst Daniel Ives, has pledged his support to the company’s aspirations.
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Dan Ives Reinstates His Bullish View on Tesla
Following a stretch of scepticism earlier this year, during which Ives actually reduced his price target while worried about Musk’s external distractions and political involvement, the analyst is now more bullish than ever, reinstating his Tesla stock price target to $500, indicating a potential gain of 46%, as per The Street. Ives also maintained an ‘outperform rating’, according to the report.
The analyst has increased his price target from $350 to $500 after Musk has started to shift his focus back to the EV giant, as per The Street. However, Ives has acknowledged that the Tesla CEO’s actions outside the company have damaged the firm’s image, he pointed out that, “Those days are in the rearview mirror, as we are now seeing a recommitted Musk leading Tesla as CEO into this autonomous and robotics future ahead with his days in the White House now essentially over,” quoted The Street.
Tesla’s “Golden Age” Ahead?
While, Ives also pointed to Tesla’s falling sales in Europe, explaining that while the EV maker still has some work to do, his team still anticipates that “the core focus for investors is the AI Revolution is now coming to Tesla,” which Ives considers as the new “golden age” of autonomous driving technology, reported The Street.
FAQs
What’s driving Tesla’s stock price up lately?
Excitement around the upcoming robotaxi launch, which could reshape transportation.
When will Tesla’s robotaxis be launched?
Tesla is targeting June 2025 for its autonomous robotaxi rollout in Austin, Texas, as per The Street.