Tesla stock dropped early Thursday despite what one analyst called a "major inflection point."
Shares of the EV maker were off 0.5% at $349.26, while S&P 500 and Dow Jones Industrial Average futures were down 0.1% and 0.2%, respectively.
The early dip came after a 4.2% gain on Wednesday. One factor in the rise was likely Cybercab, Tesla's purpose-built robo-taxi with two seats and no steering wheel. Tesla teased a Cybercab event on Monday evening.
An event likely means that Tesla is preparing to introduce the vehicle into its robo-taxi fleet. Tesla didn't respond to a request for comment.
Tesla launched a robo-taxi service, using Model Ys, in Austin, Texas, in June 2025. Now, it's operating in a handful of cities. Investors have been waiting for the service to scale. Tesla shares jumped 8% the day after the launch. Since then, they have been down about 1% through Wednesday trading.
"The next major inflection in [robo-taxi] fleet deployment is tied to the rollout of Full Self Driving Version 15 later this year," wrote JPMorgan analyst Rajat Gupta in a recent report.
Full Self Driving is Tesla's driver assistance software used by millions of Tesla drivers each day. Barron's has reviewed version 14, noting that the product has improved dramatically over time.
Gupta recently visited the Fremont, California plant and came away impressed with Tesla's manufacturing ability. The plant "serves as the company's primary test bed for innovation, supporting the launch of both new vehicles and humanoids across its expansive 5 million square foot footprint," he added.
Tesla recently converted its Model S and X capacity at Fremont to humanoid robot building capacity. Gupta didn't see that. It was hidden from view.
Tesla plans an AI-trained robot business to go with its AI-trained robo-taxi business. As for robo-taxis, Gupta noted that "Tesla also noted that further Model Y additions to the robotaxi fleet are being limited, reflecting management's conviction in the near-term scalability of Cybercab."
The successful introduction of Cybercab could go a long way to boosting investor sentiment. Exactly when investors will see Cybercabs on the road, and how many will be deployed, is still hard to say.
Gupta rates Tesla stock Hold and has a $445 price target.
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