Tesla stock surged back into the spotlight as Wedbush Securities analyst Dan Ives raised his price target to $500, up from $350, citing optimism over Tesla’s push into autonomous driving.

This bold projection reflects a potential 46% upside and is grounded in the imminent launch of a limited robotaxi service in Austin, Texas—a move that could redefine the future of the company.

“The golden age of autonomous is now on the doorstep for Tesla,” wrote Ives in his Investor’s Business Daily note. “We believe the core focus for investors is the AI Revolution now coming to Tesla.”

Robotaxi Rollout Begins in Austin

Tesla CEO Elon Musk confirmed that the robotaxi pilot will begin in June with 10 to 20 Model Y vehicles, which will operate under tight safety protocols and be geofenced within parts of Austin.

The rides will be invite-only with human supervisors and tele-operations to ensure safety.

“We expect to be selling fully autonomous rides in Austin in June,” Musk said during Tesla’s Q1 earnings call. “The team and I are laser-focused on bringing robotaxi to Austin.”

Musk added during a CNBC interview that a full-scale launch could see 1,000 robotaxis in a few months.

AI, Autonomy, and Tesla’s Broader Strategy

Ives pointed to Tesla as one of the best long-term bets on AI, grouping the automaker with companies like Nvidia, Microsoft, OpenAI, and Alphabet. The CyberCab, Tesla’s future autonomous vehicle, is still expected to enter production next year using a modular “unboxed” manufacturing system.

Despite current challenges in markets like China and Europe, Musk stated, “The sales numbers at this point are strong, and we see no problem with demand.”

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Tesla Stock Performance

Tesla stock closed Friday down 0.5% at $339.34 but remains up 20.3% for the month of May. Shares are still down roughly 30% from their peak of $488.54 on December 18.

The stock's 79 Composite Rating and 94 Relative Strength Rating suggest robust momentum, although its 58 EPS Rating shows room for earnings improvement.

“Our stock wouldn’t be trading near all-time highs if things weren’t in good shape,” Musk said at the Bloomberg Qatar Economic Forum.

Delivery Projections

Industry tracker Troy Teslike forecasts Q2 deliveries between 350,000 and 395,000 vehicles, an 11–20% decline year-over-year. He projects more than a 16% drop in full-year deliveries, adding nuance to the optimistic stock outlook.

For more, visit:

• Investor’s Business Daily: Tesla Stock Robotaxi Forecast
• MSN: Robotaxi Fever and Tesla Demand