Despite reports of Tesla’s Robotaxi Unveiling event being postponed by two months, Wedbush analyst Dan Ives believes the timing of the showcase is less important than the content of it.
Yesterday, after Bloomberg reported Tesla was pushing the Robotaxi event back two months to October from August, the stock dropped by eight percent over the course of the day.
The delay has yet to be confirmed by Tesla.
While investors might have been discouraged by the delay, the development is not a huge influence on how many should view the stock, according to Ives.
Tesla Robotaxi unveiling event pushed back from August: report
While Tesla and Musk were tight-lipped on the development with the Earnings Call less than a week away, Ives said in a note to investors that there is not much to worry about in the grand scheme of things:
“While the knee-jerk reaction will clearly be negative on a delay of August 8th based on this report that just hit, we believe the timing of robotaxis, partnerships, and the ultimate autonomous and AI-driven technology does not change at all for our bullish Tesla thesis.”
Ives actually believes that the delay could mean the event is more robust as Tesla could be more prepared and deliver an even better product than it would have in August:
“To some extent, we believe this 2-month delay could just make the actual Robotaxi event and prototypes even better, and more eye-popping for Tesla as Musk and the team know this unlocks the key to the long-term future of the Tesla story, and investors want MORE details…not less at this historic event.”
There truly is no point in rushing the event. Putting out a date for August in April was perhaps not the best move, but Tesla likely thought it would be ready in time. Even still, there is no reason to keep things intact for August 8 if the prototypes are truly not ready or as quality as the automaker wants.
We reported earlier this week that Tesla was still seemingly working to develop some data for the Robotaxi by using mules of its current vehicles, which were fitted with exterior cameras in a variety of new places.
Tesla Model 3 mule spotted with interesting cameras ahead of Robotaxi unveil
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