Tesla shares nudged higher in early Monday trading, extending a solid September gain, after a top Wall Street analyst revisited his rating and price target on the electric-vehicle group ahead of two key events over the coming weeks.
The stock of Tesla (TSLA) , which will publish its third-quarter delivery figures next week, has fallen around 9.5% in the about 10 weeks since it delayed its robotaxi unveiling, originally slated for early August. CEO Elon Musk said the delay was needed to "make some important changes that I think would improve the vehicle."
Musk added that he would be "shocked" if the first unsupervised rides couldn't take place by the end of next year.
The new reveal, which is set for Oct. 10 at a Warner Bros. Discovery (WBD) studio lot in Los Angeles, will mark a key pivot point for the automaker as it looks to evolve away from its traditional carmaking roots to focus on autonomous-driving technologies, powered in part by its Dojo AI supercomputer.
Musk, who has staked the group's future on its ability to solve autonomous driving, also wants to roll out its Full Self-Driving advanced driver-assistance software in Europe and China next year after a series of regulatory and technological delays.
Robotaxi timeline in focus
Musk told Tesla employees earlier this year that it would be "mandatory" for its North American operations to "install and activate" Full Self-Driving software in new Tesla vehicles, with staff was required to "take customers on a short test ride before handing over the car."
"Almost no one actually realizes how well (supervised) FSD works," Musk wrote in the memo. "I know this will slow down the delivery process, but it is nonetheless a hard requirement."
Goldman Sachs analyst Mark Delaney, who reiterated his 'neutral' rating and $230 price target on Tesla stock heading into the October event, said the details Musk provides during the robotaxi reveal will be crucial.
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"The timeline to begin commercial operations in robotaxis (including technology readiness and operational/regulatory/logistical considerations) and the business outlook (including how Tesla's cost structure may compare to competitors) will be key areas of focus for investors," Delaney said in a note published Monday.
He also suggested that news of a new low-cost Tesla model, a release that investors have long encouraged Musk to pursue, could be on the table at next month's Los Angeles event.
Delivery figures on deck
"Whether Tesla provides more details or unveils the new lower-cost model at the 10/10 event has also been a frequent topic in our investor discussions," he added.
Tesla, which is set to report its third-quarter results on Oct. 16, is also likely to release its overall vehicle delivery tally for the three months ending in September sometime early next week.
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The group's China sales, which have been floundering for much of the year, had a solid rebound in August, according to official figures. But activity in Europe remains notably depressed, with sales down 43.2% last month, according to European Automobile Manufacturers' Association data.
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Goldman's Delaney pegs the third-quarter tally around 460,000 units, up around 4% from the prior three months and around 6% higher compared with the year-earlier period.
Early estimates suggest that Tesla will post earnings of 60 cents a share, down 9% from a year earlier, on revenue of around $25.57 billion.
Tesla shares were marked 1.4% higher in premarket trading to indicate an opening bell price of $241.50 each.
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