baileystock
Tesla (NASDAQ:TSLA) traded higher on Friday after regulators in Texas officially listed Tesla Robotaxi LLC as a licensed entity on their website to mark forward progress in the company’s autonomous vehicle plans in the state. The approval was highly anticipated.
The license in Texas is necessary under a new state law that takes effect on September 1 that regulates rideshare operations using autonomous vehicles the same as services using human drivers.
Looking ahead, the development could move Tesla (NASDAQ:TSLA) closer to launching a broad robotaxi service open to the public in other parts of Texas. It is also an incremental step in Elon Musk’s announced goal to provide autonomous ride-hailing to “probably half of the U.S. population” by the end of 2025.
On August 3, the geofenced region for Tesla’s (TSLA) robotaxis in Austin nearly doubled to cover roughly 80 square miles, or an area close to the coverage of competitor Waymo (GOOG) in the city. Next on the list, Tesla (TSLA) is expected to look at areas of Nevada, Arizona, California, and Florida to expand the robotaxi business.
Shares of Tesla (TSLA) were up 3.6% in late morning trading to $333.91. The 52-week high is $488.54.