Tesla (TSLA) stock is up 4% after the electric vehicle maker unveiled new details of its highly-anticipated Cybercab.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Tesla plans to start selling the self-driving Cybercab, also known as the Robotaxi, in 2026. Tesla has shown concepts of the Cybercab since its official unveiling at an event this October. However, until now, few actual details of the Cybercab have been made public.
However, Tesla has now said that the Cybercab will contain about half the parts of the company’s most affordable electric vehicle, the Model 3. This news has grabbed the attention of analysts and investors as it likely means lower costs to produce the Cybercab, and possibly a lower price point for consumers.
A Cheaper Tesla
Analysts have been pounding the table for Tesla to launch a more affordable electric vehicle that will appeal to price-conscious consumers and help drive sales, something Tesla has said it hopes to do in early 2025. At the same time, analysts see a big opportunity for Tesla in self-driving electric vehicles.
Daniel Ives, a four-star rated analyst at Wedbush Securities, has called the self-driving business a trillion-dollar opportunity for Tesla. According to Tesla, it plans to develop the self-driving Cybercab using existing models that run on the company’s highest-level driver assistance software, making them more affordable to produce and at a quicker rate. Tesla is targeting 20% to 30% growth in the year ahead.
TSLA stock has gained 49% this year.
Is TSLA Stock a Buy?
Tesla stock currently has a consensus Hold rating among 33 Wall Street analysts. That rating is based on 11 Buy, 13 Hold, and nine Sell recommendations made in the last three months. The average TSLA price target of $244.88 implies 33.99% downside risk from current levels.
