What's going on with Tesla shares on Wednesday? – Tesla (NASDAQ:TSLA)

Tesla Inc TSLA Stocks are in the spotlight Wednesday ahead of the electric vehicle company's long-awaited robotaxi event this week. Tesla also posted record deliveries to China last month.

What happened: Tesla delivered around 88,321 Model 3 and Model Y vehicles from its Shanghai factory in September, up 19% year-on-year, according to a Bloomberg report based on preliminary data from the China Passenger Car Association.

The record deliveries to China mark the third consecutive month of increasing vehicle deliveries in China. The reported total brings the company's third-quarter China deliveries to 249,135, above the previous high of 248,686 vehicles delivered from its Shanghai factory in the fourth quarter of 2023.

Although Tesla appears to be showing strength in China, the company's total third-quarter deliveries of 462,890 fell short of some analyst expectations, according to Bloomberg.

Tesla has reportedly benefited from a 20,000 yuan ($2,830) government subsidy in China that makes it easier for consumers to trade in old vehicles for new electric vehicles. The subsidy is expected to remain in place until October.

Check this out: Tesla's party could be crashed by Baidu as Chinese rival considers global robotaxi expansion

Investors and analysts have turned their attention to Tesla's highly anticipated “We, Robot” robotaxi event, scheduled to begin Thursday evening. Many expect Tesla to reveal what will drive the company's next phase of growth.

Wedbush analyst Dan Ives I set the stage for the event in a note to customers last week. The analyst expects several “groundbreaking” updates and details surrounding Tesla’s robotaxi platform, reportedly called “Cybercab.”

“We believe Robotaxi Day will be a groundbreaking and historic day for Musk and Tesla, marking a new chapter of growth around the autonomous, FSD and AI future at Tesla,” Ives said

Tasha Keeney, an analyst at Ark Invest, said in a blog post this week that she expects Tesla's autonomous platform to account for about 90% of Tesla's valuation in five years.

“Like Waymo, Tesla will likely roll out its robotaxi service city by city; “but unlike Waymo, it should be able to scale much faster because it doesn’t rely on HD maps or geofencing,” Keeney said.

Tesla's robotaxi event this week will be followed by third-quarter results later this month. Tesla is expected to report its quarterly results after the market closes on October 23rd. Analysts expect the electric vehicle maker to report profit of 57 cents per share and revenue of $25.238 billion, according to Benzinga Pro estimates.

TSLA price promotion: According to Benzinga Pro, Tesla shares fell 0.42% to $243.48 at the time of publication on Wednesday.

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Photo: courtesy of Tesla.