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Investing.com - Barclays (LON:BARC) maintained its Equalweight rating and $275.00 price target on Tesla (NASDAQ:TSLA), currently trading at $322.16, following the company’s robotaxi launch in Austin, Texas. According to InvestingPro data, Tesla’s stock has shown significant volatility, with a 76% return over the past year despite a 25% decline in the last six months.
The electric vehicle maker’s robotaxi service debut was described as "rather uneventful with no major issues" by the investment bank. Tesla operated a small driverless fleet within a geofenced area, limiting access to a select number of users.
Barclays noted the launch’s reception depends on perspective, with bullish investors viewing it as "the start of a new era for Tesla" and "a critical milestone" as the company begins generating revenue from driverless rides.
The investment firm acknowledged that autonomous vehicle technology remains "front and center for the stock" while fundamentals have been "pushed to the side for now." Barclays added that "fundamentals don’t matter until they matter."
Despite recognizing the milestone, Barclays cautioned investors "against overoptimism," emphasizing that the "path of scaling" the robotaxi service "will be long."
In other recent news, Tesla has begun limited testing of its robotaxi service in Austin, Texas, with human monitors onboard. The trial involves approximately 10 Model Y SUVs using Tesla’s full self-driving software, marking a significant shift in the company’s focus toward robotics and artificial intelligence. Meanwhile, Tesla is preparing to open its first showrooms in India, starting with Mumbai and followed by New Delhi, as the company seeks new growth opportunities amid declining sales in Europe and China. The first batch of Model Y SUVs has already arrived in India from Tesla’s China factory. In another development, Tesla has signed an agreement to build its first grid-scale battery storage station in Shanghai, China, with an investment of 4 billion yuan. This project, involving Tesla’s megapack batteries, marks the company’s entry into large-scale battery storage in China. Additionally, Tesla faces challenges with some car buyers turning away following CEO Elon Musk’s political stances. Despite these challenges, the company continues to expand its global footprint and explore new markets.
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