The shares of electric vehicle (EV) producer Tesla (TSLA) traded over 7% higher to reach about $395 on Friday afternoon. The momentum appears to be from a series of positive news about the company this week, after its EV market share dropped to an eight-year low.
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Tesla Bounces on Updates
On Thursday, Tesla influencer Sawyer Merritt shared the update that the company was making some progress with its robotaxi plans. The influencer shared an email from the Nevada Department of Motor Vehicles that showed that Tesla had gotten the go-ahead to begin testing its self-driving taxi on public roads in Nevada. However, the approval is still subject to completing a self-certification step before the rollout can actually commence in the state.
In late June, Tesla kicked off rides in the driverless versions of its Model Y sport-utility vehicles in Austin, Texas. CEO Elon Musk noted later in July that the company was working towards obtaining regulatory approvals to extend the driverless service to other places, such as California, Arizona, and Florida, among others.
Meanwhile, Tesla, at an event held in Las Vegas earlier this week, showed off two products from its energy business. The first is the Megapack 3, its giant battery system designed to store electricity for power grids. The other is the Megablock, which is a cluster of Megapack 3 with a transformer and switchgear.
The product reveal builds on Tesla’s achievement in its recent Q2 2025 results, where it deployed a record number of Powerwall home battery systems and expanded its Megapack capacity. This is despite headwinds triggered by tariffs and supply chain logistics.
Furthermore, these developments come as Tesla’s board last week proposed a $1 trillion pay package to retain Elon Musk. The package comes with ambitious targets of hitting a market cap of $8.5 trillion over the next decade as well as selling millions of its cars, robotaxis, and AI robots.
Is Tesla a Buy, Sell, or Hold?
Turning to Wall Street, Tesla’s shares have a Hold consensus recommendation based on 13 Buy, 13 Hold, and seven Sell ratings by 33 Wall Street analysts over the last three months. The average TSLA price target of $311.11 indicates a possible downside risk of 21.16%.
