Tesla Stock Jumped 7% Ahead Of Cybercab Debut—Its Best Day In Months

Tesla shares jumped around 7% on Thursday as investors awaited its CyberCab event in Austin, Texas, where Tesla unveiled its two-seat autonomous vehicle as it expands its RoboTaxi business. Tesla already operates a limited RoboTaxi service using autonomous Model Y vehicles, but plans to make the CyberCab the primary driverless vehicle model in the fleet. Ahead of its debut, shares of the company rose more than 6.7% as of 3.30 p.m. Thursday, making it one of the S&P 500's biggest gainers. The stock paced for its best day since June 29 when it jumped 8.5%. Thursday's rise added $64.7 billion to Tesla CEO Elon Musk's net worth, rocketing him back above the $900 billion mark. The CyberCab event was key for the stock because investors are looking for evidence that Tesla can expand its operations as the company's EB business grapples with global competition. Tesla's auto business has struggled this year, with the company's operating income falling 57% year-over-year. Musk has said that the CyberCab will eventually be the highest-volume vehicle the company has, with the company saying in April it began a high-volume production line. Tesla's market cap is approximately $1.4 trillion, making it the most valuable automaker in the world. For more on this story, check out the article at the link in the description.