TLDR
- Tesla stock rose 0.5% in premarket trading after job postings emerged for robotaxi operators in New York City
- The company is hiring vehicle operators in Queens to collect driving data for its Full Self-Driving system
- Tesla received a two-year exemption from Norway to test FSD software on public roads using modified Model Y vehicles
- CEO Elon Musk aims to reach half the U.S. population with autonomous ride-hailing by year-end
- Stock ended a five-day winning streak but remains up 63% over the past 12 months
Tesla shares climbed in early Thursday trading following news of the company’s robotaxi hiring spree in New York City. The stock gained 0.5% to $341.01 in premarket action.
The Wall Street Journal discovered job postings for “Vehicle Operators, Autopilot” based in Flushing, Queens. These positions pay up to $30.60 per hour and require licensed drivers to gather audio and video data.
The job description seeks “highly motivated self-starters” to join the vehicle data collection team. Operators will drive engineering vehicles for extended periods while conducting dynamic data collection for testing and training purposes.
This hiring push appears connected to Tesla’s plans to expand its Austin robotaxi service to major metropolitan areas. The company launched its self-driving taxi service in Austin, Texas in June using Model Y vehicles.
CEO Elon Musk outlined ambitious expansion goals during Tesla’s second-quarter earnings call in July. He stated the company aims to have autonomous ride-hailing available to half the U.S. population by year-end.
Regulatory Wins Support Growth Plans
Tesla scored a regulatory victory in Norway with a new two-year exemption to test Full Self-Driving software on public roads. The approval allows modified Model Y vehicles running software version 13.2.5.1 to operate despite not meeting certain UN Regulation 79 steering requirements.
Only trained Tesla employees can serve as safety drivers during the Norwegian testing phase. The vehicles must be restored to original configuration at the trial’s end.
Norway represents one of Tesla’s few European bright spots with July registrations jumping 83% year-over-year to 838 cars. The country’s nearly all-electric new car market and 0% interest loan promotions have helped Tesla maintain leadership since 2021.
Meanwhile, other European markets show weakness with double-digit percentage declines in Sweden, Denmark, France and the Netherlands.
Competition Heats Up
Tesla faces stiff competition from Alphabet’s Waymo, which completes over 250,000 fully autonomous taxi rides weekly. Waymo began autonomous testing and mapping in New York in July, giving it a head start in the crucial market.
However, Tesla believes its manufacturing scale provides a competitive edge. Any recently manufactured Tesla running updated Full Self-Driving software can potentially become a robotaxi, with the company producing millions of cars annually.
Wall Street values the AI-trained ride-hailing opportunity in the trillions of dollars. Many analysts estimate AI projects and self-driving technology account for up to 75% of Tesla’s total valuation.
The Austin launch remains limited with only a handful of vehicles serving Tesla-selected riders. Safety monitors occupy the front passenger seat of each car during operations.
Stock Performance and Market Position
Tesla stock ended a five-day winning streak on Wednesday, falling 0.43% to $339.38. The recent rally benefited from broader market strength and improving third-quarter EV demand expectations.
Strong EV demand might reflect buyers rushing to secure the $7,500 federal tax credit before it expires in September. This creates potential volatility in upcoming quarterly results.
Coming into Thursday trading, Tesla stock was down approximately 16% year-to-date but up 63% over the past 12 months. Retail sentiment remained bullish despite the recent pullback.
Musk posted several weekend updates about Tesla’s FSD product, noting that Austin robotaxi software versions are more advanced than consumer releases. He indicated coming FSD versions represent dramatic improvements over current capabilities.
The company continues expanding its robotaxi footprint with potential Model Y L testing near Germany’s Nürburgring. The six-seat variant launches in China this September and could eventually reach Giga Berlin production.
Tesla secured regulatory approval in Norway to test modified Model Y vehicles with trained employee safety drivers through 2027.
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