Tesla's (TSLA) robotaxi service could make its way to the streets of San Francisco as early as this weekend, a move that comes soon after the company faced a decline in the stock market. Despite gaining 3.5% on Friday, Tesla shares have had a negative week with a near 8% drop on Thursday after disappointing earnings reports. Tesla's profits have witnessed a decline for two consecutive quarters due to decreased sales in essential markets such as the U.S. and China.
The report about the possible expansion of the robotaxi service, initially launched in Austin, Texas last month, came from Business Insider, citing an internal staff memo. The test drive should include a large part of the Bay Area, bound by a geofence. Tesla has not officially confirmed these plans yet.
In related news, ARK Invest ETFs, led by Cathie Wood, acquired over 140,000 Tesla shares worth approximately $44 million on Thursday. Prior to this, ARK Invest had purchased over 115,380 shares on Tuesday and 60,000 shares on July 18. Tesla remains the leading holding of the ARK Innovation ETF, constituting almost 10% of the fund’s weight.