Soaring Tesla Stock Prices Today: An Explanation
In an exciting development, Tesla's robotaxi soft launch in Austin, Texas, and San Francisco is currently underway. This marks a significant step towards the anticipated massive new business for the company.
The robotaxis, geofenced and monitored by humans remotely, are part of Tesla's ambitious plans to revolutionise the transportation industry. In a recent update, Elon Musk, CEO of Tesla, announced that Tesla robotaxi ride permissions will be open next month, allowing customers to use the service without invitation.
Meanwhile, the company's core business, electric vehicle sales, seems to be picking up. The wait time for Tesla's Model Y has increased from one to three weeks to a range of four to six weeks. This could suggest that orders for the Model Y are on the rise.
The positive update on Tesla's EV sales could potentially be attributed to the upcoming expiration of the federal tax credit. The federal tax credit of $7,500 for electric vehicles is set to expire at the end of the third quarter, and this elimination could be a reason for the increased wait time for Tesla's Model Y.
However, the high valuation of Tesla, currently over 200 times forward earnings, may be a concern for some investors. Despite this, shares of Tesla traded nearly 4% higher as of 2 p.m. ET today.
Moreover, Tesla AI is said to have some additional breakthroughs that will make the car feel "eerily human." The full self-driving technology on Model Y vehicles in Austin is reportedly more advanced than what is available in cars in America.
The positive update on Tesla's EV sales and robotaxi progress could suggest that the company's electric vehicle sales trends are improving. As we move forward, it will be interesting to see how Tesla continues to innovate and shape the future of transportation.
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