Are you interested in investing in Tesla after their recent robotaxi event? CNBC’s Jim Cramer has some insights that may help you make an informed decision.
Cramer believes that while Tesla’s robotaxi unveiling was visually appealing, it lacked essential details to justify treating the company as a leader in autonomous driving. He cautioned investors against making any rash decisions on the stock, urging them to stay on the sidelines for now. Despite the event’s underwhelming demonstration, Cramer emphasized the importance of not shorting the stock, citing the dangers of betting against CEO Elon Musk.
Tesla’s stock took a hit following the event, closing down 8.78% on Friday. In contrast, shares of ride-sharing companies like Lyft and Uber rallied, with Uber even reaching a new all-time high. The rise of robotaxis had been seen as an existential threat to these companies, but Tesla’s Cybercab failed to instill confidence in its immediate usability.
Cramer highlighted Tesla’s need for a win, especially after a string of weak quarters earlier in the year. While Musk’s hints at self-driving cars had generated excitement in the spring, the lack of substantive details provided during the event raised concerns about the company’s pivot to autonomous vehicles.
For more expert insights and tips on investing, check out Jim Cramer’s Guide to Investing on our website, Extreme Investor Network. Stay informed and make smart investment decisions to secure your financial future.