Tesla (NASDAQ: TSLA) is getting ready for its robotaxi rollout in San Francisco this weekend, as Chief Executive Officer (CEO) Elon Musk shifts his focus toward self-driving technology amid slowing sales.
The company’s robotaxi division is still in its early stages, with only a limited test run completed in Austin, Texas, earlier this year.
Nonetheless, driven by excitement for the launch, Tesla stock jumped out the gates up 2.57% trading at $313.15 at press time.
Is Tesla really bullish?
While small gains could suggest short-term hype preceding the launch, the fact remains that Tesla has not been doing great lately.
Indeed, the stock tumbled nearly 8% on Thursday, July 24, after the company reported a sharp decline in second-quarter performance and global market share.
For instance, the electric vehicle (EV) leader saw its regulatory credit sales plunge over 50%, while its overall vehicle delivery went down 14% as demand continues to weaken.
In Europe, Tesla’s market share slid to 2.8% in June, down from 3.4% a year prior, marking its sixth straight monthly decline in new registrations.
Wall Street’s 12-month price targets for TSLA now span a wide range, going from as low as $19.05 to as high as $500.
Featured image via Shutterstock
