Tesla reported a 12% drop in revenue to $22.5 billion for the second quarter, marking its toughest quarter in a decade. Despite this, many investors remain optimistic, particularly about the recent launch of its robotaxi service in Austin. Elon Musk anticipates this ride-hailing service will cover half the US population by year-end, although he cautions of potential rough quarters ahead due to external factors. Nearly 45% of analysts still hold a buy rating for Tesla, indicating continued bullish sentiment despite current challenges.
"The stock always remains a battle between what can be and what is," Joseph Spak, a US auto analyst for UBS, told BI via email.
"Bulls will continue to look past valuation, look for evidence of AI progress and dream big," he added.
Elon Musk took a victory lap after Tesla finally launched its robotaxi service in Austin, predicting that the driver's ride-hailing service would cover half the US population by the end of the year.
Despite the stock price fall, the reaction from Tesla investors and analysts suggests those who are more bullish on the automaker aren't overly concerned by these speed bumps.
Collection
[
|
...
]