Tesla shares climbed about 3% on Monday to $405.11, recovering some of last week’s sharp selloff, as the company expanded its robotaxi service to Miami. The launch, announced July 3 through Tesla’s official robotaxi account on X, makes Florida the third state where Tesla’s autonomous ride-hailing is operational, following its debut in Austin, Texas last year and subsequent expansions to Dallas and Houston.
CEO Elon Musk has positioned AI, autonomous driving, and robotics as Tesla’s next growth engines, though the company expects robotaxis to become a meaningful revenue contributor only by 2027 at the earliest. The Miami rollout also included unsupervised Model Y robotaxis operating in rain, showcasing the system’s capabilities.
The stock rebound was further supported by Tesla’s second-quarter delivery report, which beat Wall Street estimates with 480,126 global vehicle deliveries — a 25% year-over-year increase. Energy deployments rose 41%, reaching 13.5 gigawatt-hours. Analysts at Morgan Stanley and Baird reiterated constructive ratings, with price targets of $415 and $522 respectively, while consensus among 45 analysts remained at Hold with a $403.92 average target.
Despite the beat, valuation concerns persist. The stock trades at over 200 times forward earnings, and full-year EPS is forecast at $1.20. Recent insider sales totaled roughly $12.4 million, and institutional investors hold 66.20% of TSLA. Tesla is set to report full Q2 results on July 22.
