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Tesla’s Robotaxi Developments
Tesla CEO Elon Musk launched a robotaxi fleet in Austin, Texas, starting with 10 vehicles in June and expanding to 30 by late August. Musk had earlier claimed that a robust robotaxi network could make Tesla the most valuable company globally, with estimates suggesting a potential valuation of $5 trillion. However, recent activity has seen Musk pivot focus from robotaxis to the upcoming Optimus robot, implying a substantial shift in priorities.
As of September 4, Tesla’s robotaxi service went live in the Bay Area with safety drivers present, as full autonomy has not yet been permitted. Tesla is also seeking regulatory approvals in states including Arizona, Florida, and Nevada. Despite plans, Tesla’s market share in U.S. electric vehicle sales has dropped to 38%, the lowest since 2017, raising questions about its competitive edge in an expanding market that includes players like Alphabet’s Waymo and Amazon’s Zoox.
Despite these challenges, Tesla’s stock has recently rallied, supported in part by Musk’s $1 billion stock purchase. However, analysts suggest the firm could face declining revenue and profits this year, with its high price-to-earnings ratio nearing 200 indicating potential volatility ahead.
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