Tesla stock retreated Monday as investors await the robotaxi reveal on Thursday. Meanwhile, reports resurfaced Monday that U.S. robotaxi industry leader Waymo, a unit of Alphabet, has hired a former Tesla executive.
Electrek reported Monday that David Ho, who left Tesla back in April along with Rebecca Tinucci, has joined Waymo. The Wall Street Journal reported that Waymo hired Ho on Sept. 3o.
In late April, Tesla Chief Executive Elon Musk dismissed Tinucci, senior director of Tesla's supercharger efforts, and Ho, head of the new vehicles program. Reports emerged on Aug. 20 that Uber hired Tinucci to oversee the company's shift to electric vehicles.
Competition between Tesla, Waymo and Uber appears to be heating up, with the EV giant scheduled to unveil its robotaxi on Thursday. Tesla also claims it is working on its own integrated ride-hailing service.
Tesla In Focus As The Robotaxi Approaches; But What About Waymo
Tesla stock fell 3.7% to 240.83 during market action on Monday. Shares have been climbing further above its 50-day moving average to within around 11% of its July high. Meanwhile, on Oct. 2 Tesla reported global third-quarter deliveries increased 6% vs. a year ago, hitting the third best quarterly total ever.
Tesla Stock Performance
TSLA shares fell 4% last week to 250.08, after Tesla deliveries were in line for Q3 but below some whisper numbers. Shares found support around the 21-day moving average, rising 3.9% on Friday.
Tesla stock now has a handle on a weekly chart, giving it a 264.86 cup-with-handle buy point. That handle will be valid on a daily chart after Monday's close, according to MarketSurge chart analysis.
On Sept. 5, shares popped above their 50-day moving average, buoyed by robust China sales and the EV giant's full self-driving rollout plans.
TSLA shares jumped more than 22% in September after declining 7.7% in August. Tesla stock has battled back in 2024 and is now down just 3% on the year, after rebounding about 90% from a late-April low.
Tesla has a busy October. Third-quarter deliveries are done, but the EV giant has the robotaxi event on Thursday and then Q3 earnings on Oct. 23.
Tesla stock ranks fourth in the 35-member IBD Auto Manufacturers industry group. The stock has a 59 Composite Rating out of a best-possible 99. Shares also have a 60 Relative Strength Rating and a 57 EPS Rating.
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