Tesla’s (TSLA) Self-Driving Robotaxis Are on the Roads in Texas

It’s official. Tesla’s (TSLA) self-driving Robotaxi vehicle is now being tested on the streets of Austin, Texas.

A video posted online of the Tesla driverless vehicle operating on Austin streets helped to send TSLA stock up 4.4% in afternoon trading on June 10, pushing the company’s market capitalization back above the $1 trillion level.

On social media, Tesla CEO Elon Musk highlighted the video of a driverless car without any humans inside and praised the design. Musk also predicted that other automakers would eventually license Tesla’s self-driving technology for their own purposes. “As Tesla (Robotaxis) become widespread and (automakers’) solutions don’t work, they will naturally turn to us,” wrote Musk.

Highly Anticipated

The driverless vehicle has long been promised by Tesla, and expectations are high for its success among shareholders of TSLA stock. That the Robotaxis are finally hitting the streets of Austin, which is home to Tesla’s headquarters, is a positive development for the company following the recent public feud between Musk and U.S. President Donald Trump.

The Robotaxi trial also comes as Tesla’s sales slump around the world amid a public backlash against the corporate brand and politics of Musk. Despite the recent difficulties, some analysts are once again turning bullish on TSLA stock and cheering the Robotaxi trial, saying it allows investors’ attention to return to Tesla’s fundamentals and the company’s future as a self-driving taxi service.

TSLA stock has declined 19% this year.

Is TSLA Stock a Buy?

The stock of Tesla has a consensus Hold rating among 35 Wall Street analysts. That rating is based on 14 Buy, 12 Hold, and nine Sell recommendations issued in the last three months. The average TSLA price target of $285.97 implies 7.33% downside risk from current levels.

Read more analyst ratings on Tesla stock