Tesla’s shares advanced 4.6% in morning trading on Thursday, lifting the stock to $373.35 from Wednesday’s close of $357.01, as investors positioned ahead of the company’s Cybercab launch event in Austin, Texas.
The event, scheduled for the afternoon, marks Tesla’s most significant product milestone since the start of Cybertruck deliveries. The Cybercab is a two-seater autonomous vehicle designed without a steering wheel or pedals, with Tesla indicating that passengers may hail rides via its Robotaxi app as early as the following week.
Analysts at StoneX maintained a buy rating on Tesla with a price target of $475, citing the vehicle’s targeted price of below $30,000 and its role in expanding the company’s autonomous ride-hailing ambitions. Morgan Stanley, however, kept its neutral rating with a $400 target, having previously warned of potential selling pressure during the presentation.
Tesla’s robotaxi test fleet has logged over 380,000 miles of autonomous driving without major incidents, while regulatory approval allows for up to 5,000 Cybercabs. The company is entering a competitive landscape where Waymo (Alphabet) leads the segment and Zoox (Amazon) is expanding its operations.
Broader market sentiment remained positive, with the S&P 500, Dow Jones, and Nasdaq trading higher, supported by continued strength in artificial intelligence-linked equities.
