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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.

July 11, 2024 12:20 PM

Tesla

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_

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 reply
July 11, 2024 12:20 PM

Donovan Erskine posted a new article, Tesla (TSLA) shares fall over 7% on rumor of Robotaxi event delay
- timmie
  
   reply
  July 11, 2024 12:44 PM
  
  Or, an hear me out, people associate Tesla with Musk and fucking hate that dude. The sooner they get rid of him the sooner they can start to recover.
  - phipple
    
     reply
    July 11, 2024 2:17 PM
    
    So they have a new vehicle that will be a Robotaxi? Clearly the old models will never reach that milestone.
    - Conan
      
       reply
      July 11, 2024 2:31 PM
      
      No, the stock fell because they don't have that vehicle
      - the man with the briefcase
        
         reply
        July 11, 2024 3:18 PM
        
        Then why was the stock up for 11 straight days leading up to this sell off? Elon didn’t magically tank the brand today, it has been going on for years.
        
        Conan
        
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        July 11, 2024 3:19 PM
        
        I aint going to pretend to understand the emotional roller coaster that is the stock market.
      - phipple
        
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        July 11, 2024 5:03 PM
        
        If you click on the second hyperlink in the article it will bring you to an article that says:
        
        The mention of Tesla’s robotaxi vehicle can be found in its Q1 2024 earnings release. Under the Outlook section, Tesla’s says that it’s been tinkering with its future line-up of cars in order to streamline production. This future line-up of vehicles will include the long-discussed robotaxi car.
        
        Also in the original article it says “the vehicle would be built with a revolutionary…”. Which is why I mentioned they must have given up on existing vehicles being robotaxis.
        
        Conan
        
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        July 11, 2024 9:45 PM
        
        Right. I just meant that if they were delaying that it may suggest that it isn't ready - that they don't have it yet.
        
        phipple
        
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        July 12, 2024 1:48 AM
        
        Ohh right. Plus I said it wrong anyway. God I really need an edit button. I meant to say “They planned a new vehicle that will have robotaxi abilities (because originally the 2019 FSD and on cars were all meant to be robotaxis)?”
  - CrustaR
    
     reply
    July 11, 2024 4:32 PM
    
    Investors are weird, man.