Tesla rises 3% after selloff as robotaxi expands to Miami

Tesla shares rose about 3% to around $405 in early trading Monday, partly reversing a sharp selloff from Thursday. The S&P 500 was up about 0.6% and the Nasdaq gained about 1% during the session.

Tesla confirmed its robotaxi service began operating in Miami on July 3, extending its autonomous ride-hailing operations beyond Texas. Florida is the third state where the service is available; Tesla began robotaxi operations in Austin about a year ago and also operates a ride-hail service in San Francisco. Company statements say the rollout is being paced with a focus on safety and that robotaxis are not expected to make a meaningful contribution to revenue or earnings before 2027.

The company reported 480,126 global vehicle deliveries for the second quarter, a 25% increase from a year earlier. Energy-storage deployments rose to roughly 13.5 gigawatt-hours, up about 41% year over year. Tesla will release full second-quarter financial results after markets close on July 22.

Morgan Stanley maintained an Equal Weight rating and a $415 price target, with analyst Andrew Percoco noting deliveries exceeded sell-side consensus by about 18% and represented the fastest vehicle growth since the third quarter of 2023. Baird reiterated an Outperform rating and a $522 price target and highlighted the energy-storage figures as a positive development.

Gary Black, managing director of The Future Fund, wrote on X that he expects analysts to raise second-quarter and fiscal 2026 earnings estimates, which he wrote “could boost TSLA price targets.” He added that Tesla’s 2026 price-to-earnings multiple is above 200 times and suggested higher gasoline prices during the quarter may have supported stronger vehicle demand.

Traders pushed the stock higher early Monday. Investors and analysts are awaiting the July 22 earnings report for more detail on margins, cash flow and the pace of vehicle and energy growth.