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Tesla (TSLA) shares fall over 7% on rumor of Robotaxi event delay

The sell-off broke an eleven-day streak of gains for Tesla (TSLA) stock.

Donovan Erskine

July 11, 2024 12:20 PM

Tesla

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Tesla (TSLA) stock had been enjoying a steady rise over the better part of the past two weeks. However, that streak came to halt today as shares in the company were down roughly seven percent following rumors that the electric vehicle company was planning to delay its upcoming Robotaxi event.

Tesla stock took a dive today after a Bloomberg report claimed that the EV company had delayed its Robotaxi event from August 8 to October. The event was originally announced back in April, where CEO Elon Musk also said that the vehicle would be built with “a revolutionary unboxed manufacturing strategy.”

The report claims that the Robotaxi event was delayed so that Tesla could have time to produce more prototypes of the ambitious new vehicle. Tesla stock was valued as high as $270.34 on the day prior to the publishing of the report, which caused it to drop as low as $242.33, representing a seven percent decrease.

Tesla has yet to officially announce a delay for its Robotaxi event, let alone provide a reason why. However, that news will likely come soon as the original August 8 date is less than a month away. For more news out of Tesla and the electric vehicle industry, stay right here on Shacknews.

Donovan Erskine

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_