Tesla (TSLA) Stock Falls as Nevada Approves 5,000-Robotaxi Fleet Topping Waymo and Uber
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.
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