Tesla Stock Rises as Musk Reschedules Robotaxi Event, Endorses Trump

Tesla (TSLA) shares vanished Monday higher arsenic CEO Elon Musk said nan EV shaper delayed its robotaxi debut arena because he requested a creation change.

Musk besides endorsed erstwhile President Donald Trump's candidacy successful this year's predetermination successful nan aftermath of an assassination attempt against nan erstwhile president astatine a rally successful Pennsylvania Saturday.

Robotaxi Event Delayed, Without a Date Set

Musk confirmed nan hold of Tesla's highly anticipated robotaxi event, originally scheduled for Aug. 8, aft reports that it would beryllium postponed to October. He wrote connected nan social-media tract X Monday that he requested "what I deliberation is an important creation alteration to nan front."

Musk said nan clip would besides let Tesla engineers to adhd much features to nan vehicle. A caller day was not provided.

Analysts person offered a scope of viewpoints connected Tesla's plans for autonomous vehicles since nan institution first announced nan event. Deutsche Bank analysts called nan conception a "thesis-changing" pivot to Tesla's business, while Wedbush analysts person said products for illustration nan robotaxi and advancements successful Tesla's autonomous driving package make nan institution "the astir undervalued AI play successful nan market."

The company's better-than-expected second-quarter production and transportation numbers sparked a rally earlier this period that saw Tesla banal rise 44% complete 11 consecutive affirmative trading sessions, erasing year-to-date losses.

Investors will beryllium watching for further specifications connected nan arena and Tesla's plans erstwhile nan institution reports second-quarter net July 23.

Shares of Tesla vanished Monday up astir 2%.