Tesla (TSLA) shares went up 8.23% to $348.68 per share at the end of trading on June 23. As a result, the company’s market cap went up by about $80 billion — from $1.04 trillion to $1.12 trillion in a day, according to TradingView. This happened when Tesla started testing its robotaxi, according to Reuters reports.
The agency emphasizes that Tesla’s long-awaited testing of the driverless taxi service is an important step in confirming the technology that CEO Elon Musk has for years called a key factor in the company’s high market value.
On June 22, the automaker deployed a small fleet of driverless taxis in Austin, Texas, offering paid rides without a driver for the first time. The ride cost was a fixed $4.2 within a limited area.
The success of the trials is significant for Tesla, as Musk has refocused the company on the development of driverless cars and robotics. At the same time, Reuters writes that the billionaire has postponed plans to conquer the mass market for electric vehicles amid intensifying competition from China and declining demand for its outdated model lineup.