Tesla (TSLA) is one of the best stocks on the S&P 500 Thursday after the electric vehicle (EV) manufacturer announced it will launch its full self-driving (FSD) driver assistance software in Europe and China next year.
In a post on X, the social media platform formerly known as Twitter, Tesla announced that it would begin offering its FSD technology in Europe and China in the first quarter of 2025, pending regulatory approval.
A timeline for approval in both markets was not provided, but Tesla CEO Elon Musk said he expects the company to receive clearance by the end of 2024, according to CNBC. FSD is an upgrade to Tesla's Autopilot driver assistance system, which is currently available in Europe and China.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Is Tesla's robotaxi coming soon?
The FSD expansion news comes just one month before Tesla's unveiling of its robotaxi at an event on October 10. The event was originally scheduled for August 8, but was delayed because Musk wanted to make "important changes to improve the vehicle."
Anticipation around Tesla's robotaxi is a key driver of Ark Invest's $2,000 price target on the Magnificent 7 stock.
Is Tesla stock a buy, sell or hold?
Tesla has stabilized after a rough start to the year and is up nearly 21% in the last six months. Still, Wall Street remains hesitant to give the all clear.
According to S&P Global Market Intelligence, the average analyst target price for TSLA stock is $204.20, representing a discount of roughly 10% to current levels. Additionally, the consensus recommendation is a Hold.
Financial services firm Truist Securities is one of those with a Hold rating on Tesla stock, along with a $215 price target.
"Tesla's development has been a remarkable success story," said Truist Securities analyst William Stein in an August 13 note. "Overcoming obstacles in traditional, established, automotive & energy industries, Tesla developed innovative technology, built scale, and achieved industry-leading profitability."
However, Stein adds that he believes "the company's best days, in terms of volume production, product innovation, and, especially, artificial intelligence (AI) innovations, are still down the road."
Related Content
- How Does Your Pay Compare to Elon Musk's?
- Top 10 Electric Cars in the US — Most Popular EVs
- The Best Large-Cap Stocks to Buy
-
Cord Cutting Could Help You Save Over $10,000 in 10 YearsHow cutting the cord can save you money and how those savings can grow over time.
-
The '8-Year Rule of Social Security' — A Retirement RuleThe '8-Year Rule of Social Security' holds that it's best to be like Ike — Eisenhower, that is. The five-star General knew a thing or two about good timing.
-
Cord Cutting Could Help You Save Over $10,000 in 10 Years
How cutting the cord can save you money and how those savings can grow over time.
-
Should I Buy Stocks or Should I Buy Bonds Right Now?Generally speaking, stocks provide reasonable growth while bonds provide stable income. Each play important roles in diversified portfolios.
-
You Were Planning to Retire This Year: Should You Go Ahead?If the economic climate is making you doubt whether you should retire this year, these three questions will help you make up your mind.
-
Are You Owed Money Thanks to the SSFA? You Might Need to Do Something to Get ItThe Social Security Fairness Act removed restrictions on benefits for people with government pensions. If you're one of them, don't leave money on the table. Here's how you can be proactive in claiming what you're due.
-
From Wills to Wishes: An Expert Guide to Your Estate Planning PlaybookConsider supplementing your traditional legal documents with this essential road map to guide your loved ones through the emotional and logistical details that will follow your loss.
-
Why Investing Abroad Could Pay OffCountries overseas are stimulating their economies, and their stocks are compelling bargains.
-
Are These the Next Stocks to Split?Interactive Brokers' recently split its stock to makes its shares more accessible to investors. Could these high-priced stocks be next?
-
Your Home + Your IRA = Your Long-Term Care SolutionIf you're worried that long-term care costs will drain your retirement savings, consider a personalized retirement plan that could solve your problem.
