Stock Market Today, Aug. 21: Tesla Gains on Nevada Robotaxi Permit Approval
Tesla (NASDAQ:TSLA), the leading global electric vehicle (EV) and energy storage manufacturer closed at $362.86, up 5.14%. Investors were encouraged by Nevada's permitting of paid robotaxi service as they watched the autonomous ride-hailing rollout progress.Trading volume reached
On August 21, Tesla's stock (NASDAQ:TSLA) soared to $362.86, marking a 5.14% increase. Investors were buoyed by Nevada's recent approval for paid robotaxi services, signaling progress in the autonomous ride-hailing rollout. Trading activity surged, with 58.5 million shares changing hands, a 39% jump above the three-month average of 42.1 million shares.
Since its 2010 IPO, Tesla has seen a staggering 22,721% growth in its stock price. The S&P 500 (SNPINDEX:^GSPC) and the Nasdaq Composite (NASDAQINDEX:^IXIC) both closed at 7,674 and 26,180 respectively, both up by 0.43%. In the automotive and EV sectors, Rivian Automotive (NASDAQ:RIVN) rose 6.00% to $16.97, while Ford Motor (NYSE:F) climbed 3.00% to $14.41.
Much of the market's attention was drawn to Tesla due to the Nevada robotaxi permit approval. On Friday, officials confirmed that the Nevada Transportation Authority had granted three autonomous vehicle companies the right to provide passenger transportation using driverless cars within Clark County, encompassing Las Vegas. Tesla was authorized to operate a fleet of up to 5,000 fully autonomous vehicles in its inaugural year, though the actual deployment is expected to be lower.
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