Tesla stock had been surging over the last week with several key developments and announcements, but dipped Thursday with the unveiling of its Robotaxi pushed back from August to November.
The company held its 2024 shareholder meeting, where significant updates were shared. Notably, Tesla shareholders approved CEO Elon Musk’s $56 billion pay package and the relocation of the company’s legal headquarters from Delaware to Texas. Tesla also highlighted its sustainability efforts, reporting the prevention of over 20 million metric tons of CO2e emissions in 2023 and aiming for more efficient new factories (TeslaNorth.com).
In terms of vehicle production, Tesla announced that it produced the most electric vehicles globally in 2023 and reached its six millionth vehicle milestone earlier this year. The company is ramping up production of the Cybertruck, targeting 2,500 units per week by the end of the year. Tesla also continues to expand its Supercharger network, which is being opened to non-Tesla electric vehicles to promote EV adoption (TeslaNorth.com).
Tesla has extended its 0% interest loan incentive in China, initially set to expire at the end of June, now running until the end of July 2024. This promotion aims to maintain strong sales momentum in the region. Additionally, Tesla updated its Model 3 and Model Y offerings to optimize eligibility for US tax credits, enhancing their appeal in the domestic market (Drive Tesla).
On the international front, Tesla’s Model Y has achieved notable sales success, becoming the best-selling new energy vehicle in China for the first half of 2024 and the best-selling imported car in South Korea during the same period (Drive Tesla).
The latest on the Robotaxi Initiative
Tesla had been making significant strides in its autonomous taxi initiative. The company planned to unveil its new robotaxi on August 8, 2024 but has recently announced that the much anticipated unveiling will be delayed by 2 months.
This next-generation self-driving vehicle is designed specifically for autonomous ride-hailing and will operate without a steering wheel or pedals. This follows Tesla’s long-term goal of creating fully autonomous vehicles capable of providing driverless ridesharing services (Electrek).
In spite of this news, there has been some remarkable progeress. Tesla has begun limited robotaxi services in Las Vegas, marking a crucial step in its rollout of autonomous ride-hailing. This initial deployment is part of Tesla’s broader strategy to integrate self-driving technology across its fleet (Tesla Updates).
Tesla also provided a first look at its robotaxi-powered ride-hailing service app, which is expected to be highly refined, featuring real-time vehicle tracking and interior climate control, among other functionalities. The company believes that achieving vehicle autonomy through vision-only architecture with end-to-end neural networks is key to realizing a scalable and profitable autonomous business (Teslarati).