Tesla Inc. TSLA is in the spotlight, this time due to a delay in its Robotaxi plans. The delay has sparked a heated debate between two prominent analysts, Dan Ives and Ross Gerber.
What Happened: Ives, an analyst at Wedbush Securities, took to X to share his thoughts on the recent delay in Tesla’s Robotaxi plans. He quoted a post by Gerber, the CEO of Gerber Kawasaki Wealth, who criticized Tesla for its “broken promises” and questioned the wisdom of announcing a product that isn’t ready.
In response, Ives wrote, “If it's a 2 month delay for Robotaxi Day does not move the needle in our view on bullish AI thesis.” He also acknowledged that Tesla has a history of delays, saying, “Nature of the beast. Let's see what happens and if Musk responds. Thx”
See Also: The Market Did Something Thursday That Has Only Occurred 4 Times In History
Why It Matters: The delay in Tesla’s Robotaxi plans has been a hot topic. The company’s shares took a hit following the announcement of the delay from August to October. This delay was intended to give the development teams more time to work on additional vehicle prototypes.
Meanwhile, Gerber’s stance on Tesla has undergone a significant shift. Gerber, who was once a vocal critic of Tesla and its CEO Elon Musk, has made some positive remarks about the company recently. He criticized short sellers for their "stupid" decisions and emphasized the long-term potential of Tesla.
Despite the recent challenges, Tesla has been the subject of speculation about its potential to regain its standing among the Magnificent Seven stocks in the second half of 2024.
Price Action: Tesla Inc.’s stock closed at $241.03, down 8.44% on Thursday. In after-hours trading, the stock dipped further 1.78%. Year to date, Tesla’s stock is down 2.97%, according to data from Benzinga Pro.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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