TESLA INC. (NASDAQ:TSLA): Tesla's robotaxi late entry could face stiff competition next year

 


Tesla stock broke below key trendline supports at ~ $154.50 on Wednesday after being downgraded by Jefferies on concerns about Tesla's perpetual price cuts. The stock is now threatening to move down further to retest $135.13.

The good news is that Tesla could introduce their robotaxi in mid-2024, per Tasha Keeney, Director of Investment Analysis and Institutional Strategies at Ark Invest. Here's what Elon Musk told analysts during the Tesla Q1 2023 conference call, "So, there will be a like a Model 3 or Model Y would be a robotaxi, a robotic taxi."

By U.S. law, however, any individual or business that transports people for a fee in a for hire vehicle, such as a taxi or any other vehicle used for transporting passengers for payment MUST have a license. So, no one knows for certain how Tesla's robotaxi will work.

Meanwhile, competitors, all with level 4 autonomy, including GM's Cruise, Alphabet's Waymo One, Motional, Baidu's Apollo RT6, and AutoX, are already offering their ride-hailing services.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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