The company is seemingly getting closer to rolling out a vehicle that comes without a steering wheel or pedals

Tesla's Cybercab robotaxi is expected to be another option for passengers in Austin, Texas, where the company already offers rideshare services.

Tesla's stock was staging a standout performance on Monday as investors get ready for the company to show off its Cybercab robotaxis.

On Thursday, the electric-vehicle maker has scheduled a "Cybercab Launch Event" in Austin, Texas. Tesla (TSLA) is expected to say that it will add the vehicle to its existing rideshare service in the city, which it began operating in June 2025 using its Model Y SUVs.

The company first debuted the Cybercab in October 2024. Unlike the electric cars Tesla currently deploys in its rideshare service, the Cybercab comes without a steering wheel or pedals. According to CEO Elon Musk, the Cybercab is expected to eventually be sold for less than $30,000 as production ramps up.

Executives have been hyping up the launch event. After a Tesla influencer questioned if Cybercabs were "about to flood Austin," Musk told him they would. Ashok Elluswamy, Tesla's head of artificial intelligence, said that the "streets won't be the same anymore."

Tesla's stock rose more than 5% in recent trading, putting it on pace for its highest close since July 22, according to Dow Jones Market Data. The stock was also the best performer in both the S&P 500 SPX and Nasdaq-100 NDX on Monday.

In a recent client note, Barclays analyst Dan Levy said that while he expects "limited incrementals" from Thursday's event, Tesla's showcases "often generate hype/momentum given the 'meme' nature of the stock." That can backfire, though: After Tesla's initial Cybercab event was light on details, the stock dropped about 9%.

Levy also said in his note that Tesla's robotaxi progress "continues to be slower than many had desired." Last year, Musk claimed that Tesla would move so quickly that its robotaxis would be available for "half of the population of the U.S." by the end of 2025.

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Tesla currently offers autonomous rideshare services in six cities across Texas and Florida, as well as supervised trips in the San Francisco Bay Area. Earlier this month, it won approval to deploy up to 5,000 autonomous vehicles in Nevada's Clark County, which is home to Las Vegas. Tesla also plans to eventually launch operations in Phoenix.

In July, Musk talked up Tesla's progress, telling investors that the company was "going as fast as humanly possible" to scale the robotaxi operation without creating safety risks.

-William Gavin