Stock Market Today, Sept. 4: Tesla Falls After Cybercab Launch Disappoints Investors
Tesla (NASDAQ:TSLA), a global electric vehicle maker with energy storage and solar solutions, closed at $354.08, down 5.92%. Shares fell after the Cybercab launch underwhelmed investors, and investors are now watching the rollout and safety approvals.
Trading volume reached 64.4 million shares, coming in about 53% above its three-month average of 42.1 million shares. Tesla IPO'd in 2010 and has grown 22,169% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,718, down 0.38%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 26,507, down 0.29%. Among automotive manufacturing peers, Rivian Automotive (NASDAQ:RIVN) closed at $15.74, down 1.07%, while General Motors (NYSE:GM) closed at $87.76, up 0.83%, highlighting mixed trading across electric-vehicle rivals.
What this means for investors
Today's trading made it clear that investors and analysts expected more from Tesla's Cybercab launch event in Austin last night. The invite-only event to showcase the purpose-built Cybercab robotaxi wasn't livestreamed, and CEO Elon Musk didn't make an appearance.
Details on the number of Cybercabs to be deployed and their locations were not provided, leading analysts to feel that the highly anticipated event offered little incremental information.
Tesla stock also pressured after the National Highway Traffic Safety Administration launched an "audit query" to assess whether Tesla had correctly self-certified that the Cybercab is safe for public road use and meets the necessary federal safety standards.
The combined effect was that investors saw most of this week's gain in Tesla shares given back.
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Howard Smith has positions in Rivian Automotive and Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends General Motors. The Motley Fool has a disclosure policy.
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