TSLA Stock Slides 6% — Wells Fargo Says Cybercab Launch Likely Fell Short Of Investor Expectations

• GLJ Research reiterated a ‘Sell’ rating, adding that the event was a “sell the news” moment, according to TipRanks.
• On Friday, the National Highway Traffic Safety Administration opened an Audit Query into Tesla’s certification.
• The inquiry will examine the technical data and processes Tesla used to self-certify a vehicle without traditional human controls.

Tesla (TSLA) was in the spotlight on Friday, a day after officially launching its Cybercab robotaxi, as Wells Fargo said the launch likely fell short of investor expectations due to limited updates and lack of surprises associated with the company’s events.

Wells Fargo maintained its ‘Underweight’ rating and $130 price target on Tesla, implying a 63% downside potential from current levels.

At the time of writing, TSLA shares were down about 6%. However, the stock is heading for its fourth weekly gain in five weeks.

Cybercab Launch To Take On Increasing Robotaxi Competition

Tesla formally added the two-seat Cybercab to its Robotaxi network in Austin, marking the commercial debut of its purpose-built autonomous vehicle. The gold-colored car has no steering wheel or pedals and is designed to operate without a driver.

Public Cybercab rides are scheduled to begin on Friday at 5 p.m. CT in limited areas of Austin. However, Tesla has not disclosed how many vehicles will initially be available.

Wells Fargo noted that about 45 Cybercabs were registered in Texas around the launch.

The rollout also comes as Tesla tries to close the gap with Alphabet’s Waymo, which has built a substantially larger U.S. autonomous-vehicle operation. Meanwhile, GLJ Research reiterated a ‘Sell’ rating, adding that the event was a “sell‑the‑news” moment, according to TipRanks.

NHTSA Opens Cybercab Inquiry

On Friday, the National Highway Traffic Safety Administration opened an Audit Query to investigate Tesla’s certification that its new Cybercab meets all applicable Federal Motor Vehicle Safety Standards 

The inquiry will examine the technical data and processes Tesla used to self-certify a vehicle without traditional human controls, including whether Tesla determined that some existing safety requirements do not apply to Cybercab.

Gary Black Warns Tesla Investors Against Ignoring Valuation

Meanwhile, Gary Black warned Tesla retail investors not to confuse their love for the company with the stock’s valuation.

“Loving the company doesn’t mean you should love the stock,” he said in a post on X, adding that investors should conduct their own research rather than rely on management’s promises.

Earlier, he had said that “despite efforts to control the narrative, Tesla‘s Cybercab event was largely a bust.”

Retail’s Take On TSLA

Retail sentiment surrounding TSLA on Stocktwits changed to ‘neutral’ from ‘bullish,’ amid ‘high’ message volumes.

One user said a serious Cybercab accident, shutdown, or regulatory headline over the long weekend could send TSLA quickly towards $300.

TSLA shares have slumped more than 21% so far in 2026, the worst-performing Mag 7 stock.

Also read: Planet Labs Is ‘On A Roll’ In Defense And Intelligence, Says Craig-Hallum — Why Did The Firm Shave Its Target By Over 28%?

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