In an exciting development for Tesla (TSLA) investors, CEO Elon Musk has announced that the long-awaited robotaxi will be unveiled on August 8th. This news caused a significant jump in Tesla stock during Monday trading, as investors eagerly bought into Musk's proclamation.

The announcement came on the heels of a Reuters report stating that Tesla had decided to scrap plans for a sub-$30,000 EV, which had been dubbed the Model 2 by some. According to Reuters, Tesla has shifted its focus towards developing a self-driving robotaxi instead. Musk took to Twitter to dismiss the Reuters report as "lying," and later confirmed the unveiling of the robotaxi, which is expected to feature no steering wheel or pedals.

However, the fate of a low-cost EV from Tesla remains uncertain. Wall Street analysts have mixed opinions regarding the announcement. Emmanuel Rosner, an analyst from Deutsche Bank, believes that the robotaxi news is "thesis-changing" for Tesla. He suggests that if the shift away from the Model 2 is confirmed, it would demonstrate Tesla's commitment to leveraging its unique AI and software advantage to dominate the robotaxi market, which could result in more favorable economics for the company.

On the other hand, some analysts, like Tasha Keeney from ARK Invest, believe that Tesla's long-term potential largely relies on self-driving technology and autonomy. Keeney emphasizes that Tesla has an unparalleled data advantage compared to competitors, as the company is accumulating a staggering 2.5 million miles of self-driving data every day from its customers. Keeney believes this data advantage will be instrumental in training models and achieving full autonomy.

Craig Irwin from Roth Capital takes a more skeptical stance on the robotaxi. He suggests that the stock's surge following the announcement is more of a technical fluctuation than a reflection of fundamentals. Irwin argues that achieving full autonomy would require Tesla vehicles to incorporate enhanced sensors, cameras, and other equipment. He cautions that the fascination with the robotaxi may be masking bigger fundamental issues at the company, such as lack of demand and increased competition.

While the analyst community remains divided, Tesla's stock surged as investors reacted positively to Elon Musk's announcement of the upcoming robotaxi unveiling. The event, scheduled for August 8th, has generated excitement among Tesla enthusiasts and investors alike. The question of whether Tesla will ultimately introduce a low-cost EV remains open, with differing viewpoints on its significance for the company's future.

As the anticipation builds, Tesla continues to be a highly watched stock on Wall Street, with analysts and investors closely monitoring the company's progress in autonomous driving technology.