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Tesla expands robotaxi service to Orlando, Tampa a day before earnings report

Tesla Rivals Launch Model Y Competitors. Their Stocks Dropped.
Tesla Expands Robotaxi Service To Orlando, Tampa A Day Before Earnings Report

The state of Tesla's robotaxi service will be a key topic of discussion during its earnings call on Wednesday. The stock rose more than 2.5%.

Tesla's robotaxi service expanded operations to Orlando and Tampa, the company said in an X post Tuesday morning. The latest addition comes after Tesla started offering robotaxi rides in Miami earlier this month.

On Tuesday, the Tesla Robotaxi X account shared are maps of Orlando and Tampa that displayed the services coverage area in the two cities.

The news comes a day before TeslaTSLA is set to report second-quarter earnings. While still in its infancy, Tesla's robotaxi service is a critical part of its future plans and one of the main drivers of its lofty valuation. Heading into the earnings report, investors clamored for updates about the rollout of Tesla robotaxis.

"Investor focus for (Tesla's second-quarter) earnings will remain on its robotaxi deployments, particularly the pace of fleet scaling and new markets," wrote Bank of America analyst Alexander Perry.

Stock Market Today: Memory Chip Stocks Rally. Dow Jones Climbs.

So far, fully unsupervised robotaxi rides are only available in Miami, as well as in Dallas, Houston and Austin, Texas. Each of the markets have a limited number of robotaxis. Tesla's fleet still lags behind Alphabet's Waymo, now available in 11 cities.

Even with its slow rollout, Tesla has begun ramping up production of its robotaxi-specific model, the Cybercab. Though the new models are not yet operational. Tesla's current robotaxi fleet uses Model Y cars.

Tesla stock rose more than 3% on Tuesday morning. Shares dropped 6.6% last week, according to MarketSurge. The stock remains below all key moving averages and is down more than 16% this year.

Read full story on Investor's Business Daily

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