In This Article:
Tesla (TSLA) ended Wednesday's session 4.68% higher after California approved the EV maker's permits to operate a ride-hailing service.
Yahoo Finance senior autos reporter Pras Subramanian comes on Market Domination Overtime to talk more about this represents for Tesla as its stock recovers from major declines. Cantor Fitzgerald also upgraded Tesla to Overweight from Neutral.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
All right, shifting gears. Tesla shares rebound as the EV maker moves one step closer to robotaxi ride hailing in California. Yahoo Finance's Pras Subramanian joins us more joins us with more. Pras, what is the latest on the highly anticipated Tesla robotaxi?
You said it, one step closer, right? This is this A certificate that they got from the CPUC, the California regulator. Basically, it allows them to test ride hailing with employees. Uh so they can't use general public, they can't be in other designated areas. So it's sort of like a a mini test sort of what the first step is in when you want to sort of figure out if you have a robotaxi ride hailing uh product here. Um you know, as we know, this is sort of the big sort of factor in the massive valuation of the company is can they unlock robotaxi testing and then the big testing also uh potentially coming in Austin, Texas, which is a big uh trial because it seems to have a less regulatory environment down in Texas. So they might be able to push it further there than in California, which requires the DMV permits, CPUC permits, all kinds of stuff there.
Gotcha. So not there yet, but a little bit closer.
Yeah.
Um meanwhile, there was an analyst that upgraded their rating today on Tesla. They happen to be at Canter,
Yes.
which also happens to be Commerce Secretary Howard Letnick's firm, which I know Bloomberg uh took note of. Um but you know, what was the context of that upgrade?
The context was the ride hailing sort of uh uh future. That was that was bullish. They they visited, did a factory visit, and they they came away with some bullish sort of thoughts on ride hailing, the future of that Austin, Texas. Also FSD uh expanding in Europe and also China. But I mean, you just said it, Julie, it really is the most interesting part about it is the fact that Canter where Howard Letnick works with Elon Musk at the White House now as Commerce Secretary uh sees a big upgrade there from uh neutral to uh to overweight. Right. Just sort of raises my eyebrows, but
Oh, so that was the actual
Yeah. I mean, it's not to suggest he's calling up the analysts. He's he's kind of busy at this moment, but, you know, still.
I will say that an analyst Andre Shepard uh noted that Musk's political activities could be a a a condition that sort of weakens Q1 results. So they're talking about it as a Q1 potential headwind. Who knows if it'll expand beyond that.
Right, if it will last. Thanks, Pras.