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Home Electric Vehicles

Tesla shares jump as Musk pledges cheaper EVs, robotaxis

David Ijaseun by David Ijaseun
January 31, 2025
in Electric Vehicles, Premium
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Elon Musk Tesla CEO

Elon Musk Tesla CEO

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Tesla shares surged more than 2% on Thursday after CEO Elon Musk vowed to launch cheaper electric vehicles and roll out an autonomous ride-hailing service.

Musk said Tesla would introduce affordable models in early 2025 and begin testing self-driving taxis in June. The announcement helped offset concerns over Tesla’s disappointing fourth-quarter results, where revenue missed expectations due to slowing model upgrades and rising competition.

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Investors had been worried after Tesla’s 2024 deliveries fell—its first annual decline. Price cuts and financing deals failed to reverse the trend. However, Musk’s latest promises fueled optimism.

A Transition Phase

Morgan Stanley analysts described Tesla as moving from a carmaker to a broader tech company. “The results are emblematic of a company in transition from an automotive ‘pure play’ to a highly diversified AI and robotics business,” they said.

Tesla’s stock price has also been buoyed by speculation that a potential second Trump presidency could ease regulatory hurdles for its self-driving technology. Shares surged after Musk’s donations of nearly $250 million to Trump’s campaign became public.

Furthermore, Musk announced that Tesla would begin unsupervised tests of its autonomous taxis in Austin, Texas. However, details remain unclear, including how the service will operate and pricing for the new affordable models.

If Thursday’s stock gains hold, Tesla will add roughly $28 billion to its market value. The company’s stock price remains high, trading at 118 times its 12-month forward earnings estimates—far above Ford’s (6.07) and GM’s (4.48).

At least 19 brokerages have raised their target price for Tesla, with a median estimate of $300, up from $278 in December.

Challenges Ahead

Despite excitement over Tesla’s robotaxi plans, some analysts doubt Musk’s timeline due to regulatory scrutiny. “Musk highlighted improvements in Tesla’s software, with planned rollouts in Texas and California. However, regulatory barriers in Europe and data restrictions in China remain hurdles,” said Mamta Valechha, consumer analyst at Quilter Cheviot.

Meanwhile, Tesla has raised its capital expenditure forecast to exceed $11 billion annually for the next three years, signaling major investment in its future plans.

Read more on Tesla to hike Canadian car prices by C$9,000 starting February 1

Tags: electric vehiclesHeadlineTesla

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