Tesla Investors Drive Stock Surge as Buzz Grows for Robotaxi Launch
Money | July 7, 2024, 8:43 p.m.
Tesla shares have rebounded and are now positive for the year, following a surge in investor sentiment regarding the outlook for Elon Musk's electric vehicle company. The highly anticipated launch of Tesla's Robotaxi has sparked renewed interest in the stock, driving it to its longest winning streak since 2023. This increase has erased the stock's annual deficit, with shares up 1.2% through Friday. Analysts are optimistic about the future of Tesla, citing stabilizing global EV demand and the upcoming Robotaxi Day on August 8th as key factors driving the stock's potential. With expectations of strong second-quarter results and a bullish outlook on Tesla's AI capabilities, the majority of analysts rate the stock as a buy. Overall, Tesla's stock is gaining momentum and positioning itself for continued growth in the electric vehicle market.