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Tesla shares collapsed after the postponement of the release of robotaxi

July, 12 2024
watermark Economic news

Tesla Inc. shares fell after UBS Group AG downgraded the stock to «sell» from «neutral», fearing a revaluation of the company amid optimism about its AI plans. 


Tesla shares were down 1.6% in preliminary trading after falling 8.4% on Thursday, ending an 11-day winning streak. The stock collapse occurred after Tesla postponed the planned launch of the robotaxi to October to give the teams working on the project more time to create additional prototypes.


Before Thursday's drop, the company's shares rose 44% amid expectations that Elon Musk would be able to turn the company into an AI leader. Analysts believe that the downgrade is justified due to the lack of transparency in the company's AI plans and the risk that growth opportunities will be realized in the later future.


UBS raised its 12-month target share price to $197 from $147, suggesting an 18% drop from Thursday's close. To set a new goal, the experts applied a higher price/profit ratio compared to previous estimates.


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