Tesla's big October has arrived and, with third-quarter deliveries out of the way, investor attention is now completely on the global EV giant's scheduled reveal of the highly anticipated robotaxi on Oct. 10 at an event in Los Angeles. Investors appear to be waiting until then before making any big Tesla stock bets.
Robotaxi event invitations were officially sent to Tesla investors on Sept. 25 and while most of the details are still under wraps, Chief Executive Elon Musk is setting sky-high expectations for the event.
"This will be one for the history books," Musk posted to X on Sept. 25, along with a photo of the event announcement. "We, Robot," the banner reads. "10.10 Los Angeles."
On Sept. 11, Musk wrote on X that in his opinion the robotaxi reveal will be the most significant moment for Tesla since the EV company unveiled the Model 3 nearly nine years ago.
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"We think the stakes are high and there is more risk to the downside than upside given the stock's recent run-up and likelihood that the event could disappoint," CFRA analyst Garrett Nelson wrote Wednesday.
"We also note the stock price run-up and then 'sell the news' pattern of major Tesla events historically. Specifically, we are looking for more visibility regarding intermediate-term earnings growth," Nelson added.
Tesla stock fell 3.4% to 240.67 during market action on Thursday after tumbling 3.5% on Wednesday. TSLA stock has been climbing further above its 50-day moving average to within around 11% of its July high.
With the robotaxi event coming next week, this is what investors need to know.
Tesla Stock: Location And Viewing
Tesla has confirmed the robotaxi reveal will take place in Los Angeles, but have not officially announced a venue location. Bloomberg reported that Tesla will hold the event at the Warner Bros. studio in Burbank. However, that has not yet been confirmed by Tesla.
Wedbush Securities analyst Dan Ives, a longtime Tesla bull, on Monday wrote he would be attending the robotaxi event in person and that it would be at the Warner Bros. studio.
On Sept. 10, Tesla announced retail investors could sign up for a chance to attend the event in person.
Those invitations went out to Tesla investors on Sept. 25 and reportedly another batch of invites started going out to investors on Oct. 1.
"Join us for We, Robot — our official unveiling of the future of autonomy," the invite proclaims.
Investors must RSVP before Oct. 6 to be able go to the robotaxi reveal, according to screenshots of the invitation. Tickets are non-transferrable and guests must be at least 21 years of age. The invite states "next steps" will be sent out after tickets are confirmed.
Remarks will begin at 7 p.m. on Oct. 10. The event is expected to be broadcast across Tesla's different social media channels, including X and YouTube.
The Robotaxi And Maybe Something Else?
Musk previously planned to unveil the robotaxi on Aug. 8, but pushed the event out to "make some important changes." Musk also hinted on the Q2 earnings call that there could also potentially be other product announcements on Oct. 10.
"Moving it back a few months, allowed us to improve the robotaxi, as well as add in a couple other things for the product unveil," Musk said on the July 23 earnings call.
Ives on Monday wrote he expects Musk and Tesla to provide updates during the robotaxi event on full self-driving, known as FSD, and artificial intelligence (AI).
"We expect to hear many updates and more granularity from Tesla and Musk on its robotaxi rumored to be named the "Cybercab", its next-gen platform, breakthroughs in FSD & AI with robotaxi rolling out phases of the strategy within the next year," Ives said.
Adam Jonas, Morgan Stanley's high-profile auto analyst and a TSLA bull, wrote on Oct. 2 he expects the Oct. 10 robotaxi event will include a demonstration of the latest iteration of full self-driving, or FSD, which would be version 12.5 or later, as well as a demonstration of a fully-autonomous robotaxi, or "cyber-cab" driving on a a closed course.
Jonas forecasts potential initial commercial introduction of the cyber-cab could be late 2025 or 2026.
Jonas has stressed that Tesla currently has a permit for autonomous vehicle testing "with a driver" but does not possess a permit for autonomous vehicle testing or deployment without a driver.
On Musk's hints at other products, Jonas wrote in September: "Could we see an electric plane? A boat? The latest gen Optimus robot flipping burgers at a Tesla Diner? We're not really sure."
"We remind investors that such events aim to achieve multiple purposes including recruiting, marketing and consumer education," the analyst added.
Tesla Stock Performance
TSLA shares jumped 9.3% to 260.46 last week, climbing back towards a traditional 271 buy point from a cup base, according to MarketSurge. However, shares could be starting to work on a handle.
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 Oct. 10 and then Q3 earnings on Oct. 23.
Tesla stock ranks fourth in the 35-member IBD Auto Manufacturers industry group. The stock has a 61 Composite Rating out of a best-possible 99. Shares also have a 60 Relative Strength Rating and a 57 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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