Why Tesla Stock Soared This Week
Tesla CEO Elon Musk apologized for some of his comments last week that have weakened his relationship with the White House, boosting the stock.
However, the reported launch of Tesla robotaxis in Austin, Texas, has been delayed to later this month.
The company's declining sales are a major concern.
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Shares of Tesla (NASDAQ: TSLA) are up this week, climbing 10.3% as of market close on Friday. The rise came as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) both sank modestly.
Tesla stock recovered this week after the public spat between CEO Elon Musk and President Trump cooled.
Last week, Musk and Trump found themselves in a very public spat. What began as criticism of Trump's flagship "Big, Beautiful Bill" escalated into personal attacks and serious accusations. Musk deleted his most incendiary post and apologized on X, saying that some of his posts last week had gone "too far." The de-escalation of the situation sent Tesla stock higher.
The stock was also on the rise this week in anticipation of Tesla's reported robotaxi launch. According to a report from Bloomberg, Tesla was set to begin operating its vehicles autonomously in Austin, Texas, on June 12. However, it's now clear that the company has pushed back this date, now targeting June 22. Despite the delay, Tesla shares were up further on Friday.
This is not the first time the company has failed to meet a target launch date or milestone for its autonomous driving technology. Musk previously said he was "very confident predicting" that there would be 1 million of his robotaxis on the roads no later than "next year" -- in 2019. I am dubious of the company's ability to deliver on its promises, and given the state of its current vehicle sales (which are seeing massive declines), I think this stock is extremely overvalued.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
Why Tesla Stock Soared This Week was originally published by The Motley Fool
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