Tesla Stocks Gain as Robotaxi Expands to Orlando and Tampa

Tesla expanded its Robotaxi service to Orlando and Tampa on Tuesday, marking the company's third launch in Florida after debuting the autonomous ride-hailing service in Miami earlier this month. Unsupervised Model Y Robotaxi rides are now available in both cities. The expansion comes as investors await Tesla's second-quarter earnings, scheduled after the closing bell on Wednesday. At the time of writing, TSLA shares were up 3.5% and on track to close in the green for the first time in five sessions.

Tesla Expands Robotaxi Service Across Florida and Texas

The expansion builds on Tesla's Robotaxi launch in Austin, Texas, last June, followed by rollouts in Dallas and Houston earlier this year. The company is also conducting supervised testing in California's San Francisco Bay Area. Unsupervised Model Y rides are now operational in Orlando and Tampa, extending the service footprint ahead of the earnings report.

Cantor Fitzgerald and Morgan Stanley Issue Bullish Ratings

Cantor Fitzgerald recently reiterated its 'Overweight' rating, stating the Robotaxi business and upcoming Cybercab platform could evolve into a high-margin software-as-a-service business. Morgan Stanley raised its price target, citing Robotaxi and the Optimus humanoid robot as Tesla's biggest long-term growth drivers.

Analysts Project 35% EPS Growth in Q2 Earnings

According to Fiscal.ai, analysts expect Tesla to report $26.36 billion in second-quarter revenue, up from $22.50 billion a year earlier, with adjusted earnings per share projected to rise 35% to $0.54. The earnings report is scheduled for Wednesday after market hours.

FAQ

What cities did Tesla expand its Robotaxi service to on Tuesday? Tesla expanded its Robotaxi service to Orlando and Tampa on Tuesday, marking the third and fourth Florida cities after Miami launched earlier this month.

When is Tesla's Q2 earnings report scheduled? Tesla's second-quarter earnings report is scheduled for Wednesday after the closing bell.