Transportation
Tesla Shares Jump as Investors Buy Into Musk’s Robotaxi Hype
- CEO says product he’s promised for years to be unveiled Aug. 8
- Musk set date after series of setbacks battered Tesla shares
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When Elon Musk announced he’ll unveil a Tesla Inc. robotaxi in August, it was a clear attempt to arrest a spiral for the once high-flying carmaker.
Tesla shares already had been sinking before the company reported anemic quarterly delivery figures on April 2. Days later, Reuters reported the automaker was shelving plans for a cheaper electric vehicle, extending the tailspin. Musk’s vague denial didn’t do the trick — the stock closed last week as the worst performer in the S&P 500 this year.