Tesla Inc. shares advanced 5.14% to $362.86 by midday trading on Friday after Nevada’s Transportation Authority unanimously approved a commercial robotaxi permit for the company.
The permit authorizes Tesla to deploy up to 5,000 Cybercab autonomous vehicles in Clark County, which includes Las Vegas. The county’s broader approval allows for up to 8,000 robotaxis to operate within 12 months, making Tesla’s allocation the largest single share. Before commercial deployment, Tesla must complete inspections, insurance filings and fare submissions, a process estimated to take about 30 days.
Tesla’s Cybercab chief engineer said reaching the full 5,000-vehicle quota within a year would be unlikely, citing a more realistic target of around 2,500 vehicles. The expansion extends Tesla’s autonomous ride-hailing operations beyond Austin, Texas, where the company previously operated.
The stock’s gain outpaced sector peers Ford Motor and General Motors, which rose 3.00% and 2.07% respectively. The S&P 500 added 0.43% and the Nasdaq gained 0.43%.
Earlier in the session, Tesla shares experienced volatility following regulatory reports in China regarding a safety recall. Traders later concluded the issue would be addressed primarily through over-the-air software updates and minor labeling changes, limiting its market impact.
Separately, Tesla announced plans to introduce its electric Semi truck to the European market, with technical details scheduled for an upcoming commercial vehicles trade show.
