Last week, Tesla (NASDAQ:TSLA) supremo Elon Musk broke into a dance after the company’s shareholders re-approved his multi-billion dollar compensation package. While Musk’s dance video was a hit on social media, the action around Tesla and Musk continues. The company is getting ready to test its autonomous driving technology in China. Meanwhile, Musk sees a mega opportunity for Tesla from its Optimus robots in the future.
Tesla’s ADAS in China
Tesla has received approval to test its Advanced Driver Assistance System (ADAS) in Shanghai, according to Bloomberg. The development comes only weeks after Musk received an in-principle approval to deploy Tesla’s ADAS in the country during his visit. Tesla’s ADAS does not make vehicles completely autonomous yet, and continuous driver supervision is still required. Notably, Tesla is teaming up with tech giant Baidu (NASDAQ:BIDU) for mapping and navigation in China.
Cyber Truck Delay
Meanwhile, Tesla’s cyber truck deliveries are getting delayed owing to an issue with the vehicle’s windshield wiper. However, the company has not issued any recall notice over the problem so far.
Musk’s Optimus Dream
While Musk is steering Tesla into a brave new future, the buzz around the company’s Optimus humanoid robots is palpable. At Tesla’s recent annual investor meeting, Musk noted that the humanoid robot opportunity could take Tesla’s market capitalization to around $25 trillion. In comparison, Tesla’s current market cap stands at just $568 billion.
Notably, Tesla plans limited production of Optimus next year. Musk foresees more than a thousand to a few thousand Optimus robots working in Tesla’s factories next year.
Is Tesla a Buy, Sell, or Hold?
While the Optimus dream seems extremely enticing, for now, the stock is down by nearly 35% over the past year. Overall, the Street has a Hold consensus rating on Tesla, alongside an average TSLA price target of $176.96.
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