Tesla stock rally continues as robotaxi reveal date nears

Tesla (TSLA) stock continues its upward trajectory, buoyed by the company's second quarter delivery performance that surpassed analyst expectations. Tesla shares have surged approximately 20% over just five trading days. This rally comes as anticipation builds for Tesla's upcoming robotaxi event, scheduled for August 8.

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This post was written by Angel Smith

Video transcript

Shares of Tesla in the Green this morning continue its comeback after second quarter deliveries beat analysts estimates earlier this week, shares are up over 20% for the past five days.

And it's just only in Tesla land guys, you'll see a company show declining deliveries.

This is an embraced set of results.

I think a lot of the folks right now are just afraid to be short this name into that August 8th Robo Taxi event.

Well, also the stock was down 40% year to date at its lows in mid April.

So if you were short coming into, if you were short coming into this year, um I think there's probably a, you know, hey, we don't need to press our bets anymore at this point.

And as I've been looking at this, you know, rally because an S for a has written three days in a row now, a Tesla story for us and the story is kind of just like, uh stock keeps going up because you know what it's worth letting people know, hey, stocks still going up and I I'm wondering if there is not an like look at what happened with Xa I, they raised a bunch of money.

There's some bullishness about the general Elon verse, if that's not a part of like the meme, part of the Tesla stock as like the purest play on Elon Musk.

If things in general for Elon Musk's business interests are looking up Tesla is the place that you can express that most easily as an investor or as an individual investor who, you know, does not have access to things like that.

Well, let's remind folks too, I mean, he is disappointed at some of these events, the energy they had an energy storage event.

He let people down.

I think the stock got hit too.

So there's no guarantee that come August 8th, Elon is gonna come out with his mind blowing Uber rival that's gonna instantly take market share in under a year, right?

If, if history is any good, he won't, he won't.

What targets has he met the cyber truck even when it did come out lackluster on actually meeting what was promised going into the law that I saw my first cyber truck yesterday.

Actually I saw the, I saw it but I actually touched it.

I touched it, touched the side.

It was pretty cool.

It was a good moment.

The text.

It's big.

It's just smooth.

It's weird.

It's too big, it's too big, it's too big.

You can't, anywhere on the road.

They are very big.

Um But you know, the stock is now making its way back towards break even for the year.

So, you know, look, we can, we, you can kind of hack up the time frame with Tesla at any point in time and find a good or bad story.

Well, the Robo taxi was supposed to come out in 2020.

I mean, this is, in fact, this entire fleet was supposed to be something that happened four years ago.

Now you can give them a little bit of grace, I guess because of the pandemic.

But then at what point do you say?

Ok, you guys promised us this by 2020 we'll give you uh what, one year, two year grace period?

I just feel like you cannot, if you're, if you're in this thing, you cannot earnestly sit there and be like Elon is disappointing me again.

It's like it, that, that story is so well baked.

You are just making a long term bet on Elon's vision and the deliverables, meeting these certain timelines that is stuff or stiffs to talk about.

I mean, I just don't think that can really be part of it.

You have to have made peace with that already because it's 2024.

He's been at it with this company now for 1516 years at it with everybody too sec his own investors.

There's folks on the internet.

Yeah, exactly.

Yeah.

One part of the internet that he owns too.