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Given the amount of hype already priced into Tesla shares ahead of the much-anticipated robotaxi reveal event, investors have reacted quite sharply to the tidbit that the EV giant has reportedly delayed the seminal reveal of Tesla's next star product, corresponding to a 7 percent plunge in the stock.
After two blistering rallies, with the first one predicated on heightened expectations around the Tesla robotaxi event initially scheduled for August, and the second bullish wave unleashed in the aftermath of a better-than-expected Q2 2024 deliveries report, the EV giant's shares managed to erase all of their steep losses for the year earlier this week.
Now, however, as per the reporting by Bloomberg, Tesla has purportedly delayed its robotaxi reveal event to October to give its engineers the time to build more prototypes.
Clear divergence in $TSLA net flow right after that Bloomberg piece about the Robotaxi event delay
Net put premium spiked and as net call premium dropped.
Net call premium starting to move up slightly as share price recovers around $250 #TSLA pic.twitter.com/1YIQS34TTs
— Wolf of My Street🏡 (@Ryan__Rigg) July 11, 2024
This news has evinced a sizable reaction from the market, with net put premium spiking and net call premium dropping in the immediate aftermath.
Do note that Tesla's robotaxi is expected to share the same platform that the EV giant intends to leverage for rolling out its cheaper $25,000 Model 2.
Nonetheless, as we noted in a dedicated post not too long ago, Wall Street remains convinced that the robotaxi is a 2030 story, lacking any immediate financial implications. This becomes all the more obvious when one grasps the fact that Tesla has yet to master Level 5 autonomous driving capabilities that a robotaxi requires.
In fact, Wall Street's recent bullish turn on Tesla is largely a function of its improving quarterly deliveries and the resulting rebound in optimism around its flagging gross margins. As an illustration, consider Goldman Sachs' latest investment note wherein the Wall Street titan has raised its price target for Tesla shares to $248, which reflects higher deliveries and increased market multiples. Goldman does caution though that it expects "weaker market conditions to weigh on earnings in the near to intermediate term."
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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