TLDR
- TSLA stock dropped over 3% to around $351 on Monday despite positive robotaxi news
- Nevada approved Tesla to operate up to 5,000 robotaxis, versus 1,000 each for Waymo and Uber’s Aviari Services
- Tesla plans to launch its Cybercab in Austin on September 3, with 2,500 robotaxis expected to roll out in 2026
- TSLA is down 22% year-to-date; Morgan Stanley says scaling robotaxi ops is key to restoring investor confidence
- Wall Street has a Hold consensus on TSLA with an average price target of $385.04, implying around 10% upside
Tesla (TSLA) stock fell more than 3% to around $351 per share on Monday, even as Nevada handed the company a robotaxi permit that dwarfs what competitors received.
The Nevada Transportation Authority (NTA) approved Tesla to operate up to 5,000 robotaxis in Clark County. For comparison, Google’s Waymo and Uber’s Aviari Services each received permits for up to 1,000 vehicles.
The approvals cover paid passenger trips in fully autonomous vehicles. Each company has 12 months from permit issuance to operate within the approved fleet size.
Tesla filed for the 5,000-vehicle permit back in June. The NTA confirmed the approvals on Friday.
Cybercab Launch on the Horizon
Tesla is now preparing to launch its purpose-built Cybercab in Austin on September 3. The company expects to deploy around 2,500 robotaxis during 2026.
The Cybercab is a wheelless, pedal-less vehicle designed specifically for autonomous ride-hailing. The Austin launch will be the first real-world test of the Cybercab at scale.
Tesla has been steadily expanding its robotaxi footprint. In July, it brought the service to Miami, after earlier rolling it out across the full Austin Metro area.
The Nevada permit is the latest piece of that expansion, giving Tesla a regulatory green light in one of the country’s key autonomous vehicle markets.
Where TSLA Stands Right Now
TSLA is down 22% year-to-date. The stock opened Tuesday at $348.95.
Morgan Stanley analyst Andrew Percoco has pointed to two things that could help turn sentiment around: scaling robotaxi operations and getting the Optimus humanoid robot ready for production.
Tesla’s most recent quarterly earnings, reported July 22, showed EPS of $0.33, missing the $0.50 consensus estimate. Revenue came in at $28.24 billion, ahead of the $26.42 billion estimate, and up 25.5% year-over-year.
ABN Amro Investment Solutions raised its Tesla position by 21.7% in Q2, picking up an additional 34,423 shares. Several other institutional investors also added to their positions in recent quarters.
Tesla’s CFO Vaibhav Taneja sold 2,606 shares in June at $402.20 per share, a transaction tied to tax obligations on vesting equity awards.
Wall Street currently holds a Hold consensus on TSLA, based on 10 Buys, 15 Holds, and 3 Sells from 28 analysts over the past three months. The average price target sits at $385.04, about 10% above current levels.
UBS has a $460 target on the stock. Wells Fargo remains the bear in the room with an underweight rating and a $130 target. Barclays rates it equal weight with a $370 target.
Tesla retained its majority of the U.S. EV market in Q2, though the overall U.S. EV market is contracting.
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