California regulator: Tesla not allowed to test or transport public in autonomous vehicle

Tesla not allowed to test or transport the public, paid or unpaid, in an autonomous vehicle with or without a driver…Shares dip to $312.70. High reached $323.63 today.

The price is still above the lower for the day at $308 and still higher on the day, but price is dipping.

Taking a look at the hourly chart, the price has been consolidating and displays a classic symmetrical triangle pattern, which is characterized by converging trendlines connecting lower highs and higher lows. This typically signals a period of consolidation before a potential breakout.

The price has just moved back below the 200 and 100 hour MAs at $319.26 and $315.66. On the downside, the rising lower trendline cuts across near $301 and moving higher. On the top side, a move above $342.60 presents the downward sloping upper trendline.

Tesla officially announced in late 2021 that it was moving its headquarters from Palo Alto, California to Austin, Texas. The reasons cited and implied for the move include:

• Cost of living and business climate: Elon Musk criticized California’s high taxes, regulatory burdens, and real estate costs, suggesting they made it harder to attract and retain talent.

• Proximity to new factory: Tesla’s Gigafactory Texas was under development in Austin and has since become a major hub for operations, making it a strategic decision to relocate.

• Personal reasons: Musk himself moved to Texas earlier, citing a desire to focus more on Tesla and SpaceX operations there.

However, Tesla still maintains a strong presence in California, including its Fremont factory and engineering operations. The move was more about corporate headquarters and long-term strategic alignment than a full departure from the state.

He may stay, but the door closes again…at least for now.

This article was written by Greg Michalowski at investinglive.com.