NEW YORK, Feb 26, 2026, 10:02 EST — Regular session
- Tesla shares fell 1% to $413.23 in early trade; the prior close was $417.40
- A report flagged that Tesla has not logged the California autonomous testing miles that regulators use for higher-level robotaxi permits
- A director disclosed a planned share sale, while a U.S. judge let an employment-bias lawsuit proceed
Tesla shares (TSLA.O) slipped 1% to $413.23 in early trade on Thursday, after closing at $417.40, as investors weighed fresh questions around the company’s robotaxi rollout. (MarketWatch)
Investors have tied a large part of Tesla’s market value to autonomy, but Reuters reported the company logged zero miles of autonomous test driving on California roads in 2025 — the sixth straight year with no reported miles — and has not sought higher-level state permits beyond an entry-level drivered testing permit. The report said proposed California DMV rules would require at least 50,000 miles of testing with a human safety driver before a company could seek approval to test without one; it also noted Tesla has described “Full Self-Driving” (FSD) as driver-assistance rather than fully autonomous. Bryant Walker Smith, a University of South Carolina law professor focused on autonomous driving, said Tesla has acted as if “they are ready and regulators are not,” but “regulators are ready, and they are not,” according to the report. (Reuters)
The pullback follows a strong prior session that left Tesla near $417, with traders still leaning into the view that robotics and robotaxis can outweigh slower growth in the core car business. Gordon Johnson, an analyst at GLJ Research who has long been bearish on Tesla, called the Optimus robot story a “delusion,” Barron’s reported. (Barron’s)
A separate filing added to the day’s noise: Tesla director Kathleen Wilson-Thompson filed a Form 144 notice to sell 25,731 shares, with an aggregate market value listed at about $10.5 million. The filing said the proposed sale was tied to a Rule 10b5-1 plan — a prearranged trading plan that can be set up in advance — adopted on Nov. 26, 2025.
Legal risk is also on the screen. A U.S. judge in San Francisco refused to dismiss a proposed class action accusing Tesla of bias against U.S. citizens in hiring, while writing he was skeptical the lead plaintiff would ultimately prevail; Tesla and the plaintiffs’ lawyers did not immediately respond to requests for comment, Reuters reported. (Reuters)
The broader tape was choppy in early U.S. trading, with investors parsing big tech earnings and the latest read on risk appetite. The S&P 500 was slightly lower and the Nasdaq was down in early trading, the Associated Press reported. (AP News)
But the bigger swing factor for Tesla remains timing. If California permitting drags — or regulators tighten oversight after any safety incident — the revenue story from robotaxis and autonomy could slip again, leaving the stock leaning harder on expectations.
Traders now watch for any sign Tesla starts building a public California testing record and moves for higher permits, and for the next earnings checkpoint on the calendar. Zacks’ earnings calendar lists April 28 for Tesla’s next quarterly report. (Zacks)
