tl;dr
The busy period for robotaxi development continues, with General Motors' (NYSE:GM) Cruise unit preparing to resume testing its robotaxis with safety drivers in Phoenix, Arizona. An official announcement is expected to be made later on Tuesday, according to Bloomberg. While Cruise has reportedly been...
The busy period for robotaxi development continues, with General Motors' (NYSE:GM) Cruise unit preparing to resume testing its robotaxis with safety drivers in Phoenix, Arizona. An official announcement is expected to be made later on Tuesday, according to Bloomberg. While Cruise has reportedly been in talks with officials in 20 different cities about self-driving tests, the autonomous driving company is returning to Phoenix, where it already has vehicles in place. GM's Cruise business had to suspend operations after an incident in California led to the temporary loss of its license in the state. Former CEO Kyle Vogt dismissed nine top executives and laid off workers as GM reset expectations for the future robotaxi business. Cruise has run self-driving tests in San Francisco, Austin, and Phoenix. Other cities where Cruise is expected to be considering a launch include Atlanta, Seattle, Miami, Raleigh, and several locations in Texas. Last week, Tesla (TSLA) announced a robotaxi event for August 8, while on Monday, Chinese ride-hailing app Didi Global (OTCPK:DIDIY) and Guangzhou Automobile Group's (OTCPK:GNZUF) electric vehicle unit set plans to mass produce robotaxis in 2025.
More about General Motors Company
General Motors Company (GM) is an American multinational corporation headquartered in Detroit, Michigan that designs, manufactures, markets, and distributes vehicles and vehicle parts, and sells financial services, with global headquarters in Detroit's Renaissance Center.
Industry: MANUFACTURING
Sector: MOTOR VEHICLES & PASSENGER CAR BODIES
Market Cap: $51.06B
P/E Ratio: 6.04
EPS: 0.36
Dividend Yield: 7.32%
Stock Price: $125.98
Beta: 0.0589
Revenue: $171.84B
Operating Margin: 50.2%
Return on Equity: 13.5%
Volatility: -0.003
More about Tesla Inc
Technical Analysis of Tesla Inc. Stock
Based on the latest data, Tesla Inc. is trading at $550.90. The stock has shown a strong support level at $550.90 and a resistance level at $967.72. The Relative Strength Index (RSI) stands at 40.23, indicating a neutral position. The stock's 50-day moving average is $674.93, and the 200-day moving average is $748.16, showing a bearish trend.
The Bollinger Bands suggest that the stock price is currently at a lower volatility level. In addition, the stock recently experienced a breakout below the lower Bollinger Band, indicating a bearish trend. The stock's recent price action has formed a head and shoulders pattern, further supporting the bearish outlook.
Considering these technical indicators, the stock is currently in a bearish phase. Traders and investors should exercise caution and consider the potential risks involved in trading Tesla Inc. stock at this time.
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