Robotaxi news could signal the turnaround for Tesla stock decline

On Friday, Elon Musk revealed that Tesla's robotaxi debut is set for August 8.

Following this announcement, TSLA:US saw an uptick in after-hours trading, suggesting a potential bottoming out around these levels. Recent lows have hovered around $160, supported by a downtrend below that mark. Looking ahead, $180 appears to be the initial resistance level to watch.

The latest disclosure might draw in value investors eager to participate prior to the August unveiling. Musk shared a concise message on X, stating, "Tesla Robotaxi unveiled on 8/8."

The entrepreneur has placed significant emphasis on Tesla's future prospects tied to autonomous driving capabilities. He has expressed his belief that through software updates, self-driving vehicles will surpass human driving abilities. Musk has also enticed Tesla owners with the prospect of earning income by renting out their vehicles for taxi services.

Tesla has refrained from providing a specific timeline for the arrival of self-driving technology. Back in April 2019, Musk and his team projected the operation of robotaxis by 2020. Additionally, they mentioned an earning potential of $30,000 per year for Tesla owners who offer their vehicles for robotaxi services.

Musk's announcement can also be interpreted as an effort to counter the recent decline in the company's stock price. Tesla has witnessed a roughly 30% year-to-date slump in its stock value, primarily attributed to production challenges. One analyst even referred to Tesla as "a growth stock without growth."

The timing of Tesla's announcement is noteworthy, particularly following tech giant Apple's decision to cut 600 jobs as it abandoned its pursuit of electric vehicles.

Tesla's struggles this year have been evident, particularly with its dominance in China challenged by local electric vehicle manufacturers like BYD. The previously lofty growth expectations that led to Tesla's high valuation have diminished, especially after a series of price reductions by Tesla to maintain competitiveness. Despite these challenges, China's EV manufacturers have shown resilience.

Despite the recent pressures, Tesla could see an uptick in buyers leading up to the August unveiling.

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