Tesla (TSLA) stock dropped for the eighth week in a row as its rough 2026 start rolls on and first quarter earnings come in later this month.
Tesla stock, though slightly higher in early Friday trade, is down 3.2% for the week, notching its eighth straight week of losses. The stock is down a 22.4% for the year, whereas the S&P 500 (^GSPC) is basically flat.
While Tesla does trade seasonally in most years, with the first half usually challenged, bulls will be hard on the lookout for catalysts, seeking anything to get the stock moving.
Read more about Tesla’s stock moves and today’s market action.
The Elon Musk-led company is slated to reveal version three of its Optimus robot sometime this month. No updates on that have been seen recently, leaving an April update in limbo. Meanwhile, Tesla has not sold a single robot yet, though Musk claims robots are being used in limited capacities in Tesla factories.
Tesla’s Cybercab did hit its production milestone in Q1, with reports showing Cybercabs sitting in parking lots at Giga Austin. When these EVs will be on sale is another story, as robotaxi updates have also been hard to come by.
Tesla is still operating its robotaxi and ride-hailing services in Austin, Texas, and the San Francisco Bay Area, but the rides are still supervised with safety drivers in each vehicle.
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When the fleet becomes fully unsupervised, with additional territories added, it will be a big milestone for Tesla. Meanwhile, Alphabet’s (GOOG, GOOGL) Waymo robotaxi service is, for the most part, unsupervised, with Waymo adding new service territories every few months.
While the AI and robotics ventures are what seemingly float Tesla’s high valuation, with a forward P/E of 172, per Yahoo Finance statistics, news on the bread-and-butter auto front could be a big shot in the arm.
Reuters reported on Thursday that Tesla is developing a cheaper electric SUV, citing four people familiar with the matter. Tesla has recently approached suppliers to discuss manufacturing processes and component specifications for the new vehicle. However, the report notes that it’s still early days and that the company has made no concrete plans to proceed with production.