Musk's Robotaxi Promise Fuels Tesla Stock Surge Amid EV Sales Woes

• Tesla shares surged over 3% after Elon Musk reiterated his bet on robotaxis and driverless vehicle testing in Austin, Texas.
• The stock's rally follows a 36% plunge in Q1, now up 21% for the year, reaching a $1.63 trillion market cap.
• Tesla is now the 7th most valuable publicly traded company, with Musk's net worth exceeding $684 billion.
• Despite Q1 and Q2 sales declines, Q3 saw a 12% revenue rise due to a temporary US government tax credit.
• Challenges include expiring tax credits, fierce competition from BYD, Xiaomi, Volkswagen, and consumer backlash over Musk's political stances.

Why It Matters: Tesla shares soar on robotaxi hopes, offsetting EV sales slump and Musk's controversies.