TLDR
- TSLA stock was down 1.5% in early trading at $350.80 ahead of Thursday’s Cybercab event in Austin, Texas
- The event is expected to introduce Tesla’s purpose-built, no-steering-wheel Cybercab into its robo-taxi fleet
- Tesla launched its robo-taxi service in Austin in June 2025 using Model Y vehicles, but growth has been slow
- Morgan Stanley maintained an “Equal Weight” rating and $400 price target, saying a simple unveiling is unlikely to trigger a big rally
- TSLA is down nearly 20% year-to-date and trades about 30% below its late-2025 highs
Tesla (TSLA) stock slipped 1.5% in early trading Wednesday to $350.80 as investors looked ahead to the company’s Cybercab event scheduled for Thursday in Austin, Texas.
The S&P 500 and Dow Jones were up 0.2% and 0.4%, respectively, during the same period, making Tesla’s drop stand out.
It has been a volatile week for the stock. TSLA rose 5.5% on Monday, then fell 3.2% on Tuesday. The swings appear tied directly to robo-taxi news and anticipation around the Thursday event.
The Cybercab is Tesla’s purpose-built robo-taxi. It has no steering wheel and uses camera-only sensors. Tesla began producing it earlier this year.
🚨Golden Fleet Alert🚨
Golden Tesla Cybercabs have taken over the city and are flooding Austin 🌊✨
They are constantly validating pick-ups and drop offs ahead of the Cybercab launch event on 09/03 🤖🚕
Can’t wait for the most futuristic Robotaxis ever 👏@robotaxi @Tesla… https://t.co/0yy7Whn9uq pic.twitter.com/5bWnPLGVme— 📐_Cyber_Owl_🦉 (@RimaSukhadia) September 1, 2026
Thursday’s event is expected to mark the Cybercab’s formal introduction into Tesla’s active robo-taxi fleet, which currently runs Model Y vehicles in cities including Austin, Miami, and Dallas.
Tesla launched that robo-taxi service in Austin back in June 2025. The stock closed around $349 the day after that launch. Growth since then has been slow, with the fleet thought to number in the hundreds across a handful of cities.
How Tesla Stacks Up Against Waymo
By comparison, Alphabet’s Waymo now operates thousands of robo-taxis across more than a dozen U.S. cities, using a broader sensor suite that includes lidar technology.
Tesla’s camera-only approach is designed to cut costs. The idea is that lower-cost vehicles will have an edge when robo-taxis eventually compete on price against each other rather than against human-driven ride services like Uber.
Americans drive over three trillion miles a year. If robo-taxi costs fall to even 50 cents per mile, analysts suggest there could be a trillion-dollar market up for grabs.
Tesla’s current market valuation reflects investor expectations that it will capture a large portion of that opportunity.
Wall Street Stays Cautious
Morgan Stanley analyst Andrew Percoco noted ahead of the event that previous Tesla showcases have produced mixed market reactions. He said a straightforward Cybercab unveiling is unlikely to spark a major rally on its own.
Percoco kept his “Equal Weight” rating on TSLA and maintained a $400 price target for the next 12 months.
Tesla’s marketing push for the event has been building since late August, with messaging around safety and self-driving technology. But specific details about what Thursday will include have remained limited.
TSLA has declined roughly 20% since the start of 2026 and sits about 30% below its late-2025 peak. The stock rallied around 9% through August, though analysts attributed that move more to post-earnings buying than Cybercab optimism.
As of Wednesday morning, TSLA was trading at $350.80.
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