Stock Market Today, Aug. 21: Tesla Gains on Nevada Robotaxi Permit Approval
Tesla (NASDAQ:TSLA), the leading global electric vehicle (EV) and energy storage manufacturer closed at $362.86, up 5.14%. Investors were encouraged by Nevada's permitting of paid robotaxi service as they watched the autonomous ride-hailing rollout progress.
Trading volume reached 58.5 million shares, coming in about 39% above its three-month average of 42.1 million shares. Tesla IPO'd in 2010 and has grown 22,721% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) closed at 7,674, up 0.43%, while the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 26,180, also up 0.43%. Among automotive and EV peers, Rivian Automotive (NASDAQ:RIVN) closed at $16.97, up 6.00%, and Ford Motor (NYSE:F) closed at $14.41, up 3.00%, with Tesla drawing extra attention thanks to robotaxi approvals.
What this means for investors
Officials announced on Friday that the Nevada Transportation Authority has authorized three autonomous vehicle companies to offer passenger transportation using driverless cars within Clark County, which includes Las Vegas. Tesla has been permitted to operate a fleet of up to 5,000 fully autonomous vehicles in its first year, though it's unlikely the company will deploy that many.
Last week, reports said Tesla was preparing to launch its Cybercab in Austin later this month, beginning with rides for employees. Investors have been anticipating Tesla's fully autonomous ride-hailing fleet, and the stock is reacting to that progress.
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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 has a disclosure policy.
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