Tesla (TSLA) Invites a Small Group of People to Test Its Robotaxi Service
EV maker Tesla (TSLA) has started inviting a small group of people to try out its robotaxi service in Austin, Texas. The test could begin as early as Sunday, according to Reuters. Riders must be at least 18 years old, and a Tesla employee will sit in the front passenger seat during each ride. Furthermore, the test will use about 10 Model Y SUVs running on Tesla's Full Self-Driving software. Those who receive the invitation can download Tesla's Robotaxi app to call a ride, and are asked to share their feedback on the experience.
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This trial is important for Tesla as the company shifts its focus from building affordable electric cars to working on robotics and artificial intelligence. Unsurprisingly, CEO Elon Musk says that safety is the top priority, with humans monitoring the cars remotely. He believes that the robotaxi service can grow quickly if the trial goes well. Still, experts are worried about Tesla's approach, which relies solely on cameras and AI, rather than incorporating additional sensors like lidar or radar. These worries grow in conditions like fog, heavy rain, or bright sunlight.
As a result, some lawmakers and safety experts want more caution, which led a group of Austin-area Democratic lawmakers to ask Tesla to wait until September, when new state rules for autonomous vehicles take effect. It is worth noting that self-driving services are expensive and risky, and companies like Tesla, Waymo (GOOGL), and Zoox (AMZN) have already faced federal investigations and recalls after accidents.
What Is the Prediction for Tesla Stock?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 12 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $286.14 per share implies 11% downside risk.
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