Tesla’s Pivotal October: Robotaxi Event and Q3 Earnings Looming

Tesla stock (NASDAQ: TSLA) faces one of its most decisive moments of the year with the company’s long-anticipated robotaxi event on October 10. This event will be the final clue on the company’s autonomous vehicle ambitions, mainly the Full Self-Driving (FSD) technology. Investors eagerly anticipate Tesla launching its robotaxi service to its potential market, a move that could revolutionise the entire transportation industry as we know it.

While Tesla has faced slower growth in the electric vehicle (EV) market due to growing competition, investors consider Tesla’s high gross margins and focus on the autonomous vehicle sector a convincing growth narrative. The autonomous driving market should grow at a compound annual growth rate (CAGR) of 32% in the next six years, which may rise to $39 billion by 2030. Technological progress in the space by Tesla may facilitate the company to take the global lead in this sector, which can be one of the most attractive long-term investment opportunities for investors.

Tesla’s Q3 Earnings and Strategic Moves

Tesla will release its Q3 earnings report after the robotaxi event, which will further heighten interest in the company’s future performance. Dealers will keenly observe them for updated information on product sales and profitability margins, focusing on Tesla’s recent tactics of spurring on demand.

To accelerate the sales of Q4, Tesla has introduced price cuts by letting non-Foundation Series Cybertrucks be ordered. The dual-motor Cybertruck is now available at $79,990, down from the previous $100,000 price tag. These adjustments should be a move to get the attention of a wider group of customers, thus indicating that Tesla’s sales strategy is evolving from last year’s approach.

TSLA/USD Stock Chart

Tesla Stock Chart Analysis

Examining the short-term chart of Tesla (TSLA), it is clearly revealed that the company’s shares were moving around the same price level. Initially, the stock was trading at $250.13. Then, during the session, it first went up to $250.20 and then slipped to a minimum of $249.62. However, it managed to recover almost all the previous losses and was finally close to $250.03 which is a decrease of 0.04% against the opening price of $250.07.

We see that Tesla is concentrating at the $250 level, with a few resistances showing up at about $252. It looks like the bulls have in difficult problem raising the price higher while the bears are against it. The volume is around 298.7K, which is significant, but it doesn’t particularly show a considerable number of trades compared to the previous volume peaks.

Support seems to be around $248, which the stock has repeatedly moved away from for the last few days. When traders test the support level, if Tesla’s stock price fails to rise above $252, it might fall back to the previous level. These are the levels we are watching. A jump over $252 or a break under $248 can mean the next substantial movement of the stock.

Not to mention that Tesla will issue a Q3 earnings report soon, which is why it will be more enlightening to know its performance, especially the sales and the margins. Tesla’s recent price drops on the Cybertruck imply that the company is adopting a demand stimulation strategy, which again underlines why investors should continuously follow the stock for updated information.

If your intention is to pursue Tesla’s breakthroughs, this is your moment to monitor the stock intensely!