12:17 PM ยท 11 October 2024

Tesla dips 6% as mixed 'Robotaxi' event created profit-taking pressure ๐Ÿ“‰

Shares of Tesla (TSLA.US) loses almost 6% in premarket trading today, after unveiling highly anticipated robotaxi 'cybercab' on yesterday's Los Angeles 'We, Robot' event. Tesla estimates production costs on $30,000. However, the company didn't provide details on how fast it could ramp up it or deal with regulatory hurdles.

  • The company expects to start (unsupervised) FSD in Texas and California, next year. We can see strong profit-taking sentiments after the event, which didn't provide any important aspects to investors; markets almost ignored the second version of Optimus humanoid robots. 
  • Goldman Sachs maintains neutral rating on Tesla with $230 price target. According to analysts, Tesla demonstrated 'very strong progress' with the Optimus humanoid robot capabilities, while Cybercab looked attractive. Investment bank claims that lack of data shared on Full Self Driving (FSD) performance, limited details on the robotaxi business, and absence of a lower-cost consumer vehicle to unveil may be disappointing for markets.

Tesla charts (H1, D1)

As we can see on the chart, double top formation creating pressure on Tesla shares, with potential to test $220 (EMA200, the red line).

 

Source: xStation5

 

Source: xStation5

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