Tesla Inc. shares advanced 4.6% to $373.35 in morning trading on Thursday, extending gains beyond Wednesday’s close of $357.01, as investors positioned ahead of the company’s Cybercab launch event scheduled for later in the day in Austin, Texas.
The rally reflects expectations surrounding Tesla’s most significant product milestone since the start of Cybertruck deliveries. The Cybercab, a two-seat autonomous vehicle designed without a steering wheel or pedals, is positioned as a cornerstone of Tesla’s push into robotaxi services. The company has indicated that riders may access the vehicles through its existing Robotaxi app as early as the week following the event.
Tesla has allocated up to 5,000 units for regulatory purposes, with the fleet having already logged more than 380,000 unsupervised miles without a reported incident. Analysts at StoneX reiterated a Buy rating on Tesla shares, lifting their price target to $475 and emphasizing the potential for autonomous ride-hailing services to scale at a sub-$30,000 price point. Morgan Stanley, however, maintained a Hold rating with a $400 price target.
The broader market context supported the move, with the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all trading higher, driven in part by continued strength in artificial intelligence-related equities.
