On Thursday, shares of Tesla Motors (TSLA.US) advanced by more than 4%, reaching $372.83.

The market movement follows the announcement that Tesla will officially unveil its autonomous taxi, the Cybercab, on September 3rd local time. Morgan Stanley analyst Andrew Percoco noted that this launch is poised to be more consequential than previous product showcases, given that the autonomous ride-hailing business constitutes $120 of the firm's $400 price target for the stock, making the event highly significant.

Percoco further commented that if Thursday's event features only the Cybercab introduction, with a limited number of operational vehicles, Tesla's share price could experience a decline in the interim. Conversely, should Tesla reveal a substantially larger fleet for its driverless taxi service, the stock is likely to outperform.