Tesla shares soar after first robotaxi rides hit the road

The stock has declined about 12% so far this year, dragged down by concerns about demand and brand damage from Musk's embrace of right-wing politics in Europe and support for US President Donald Trump

A Tesla robotaxi vehicle in Austin on June 22. The rides were being offered for a flat fee of $4.20 in a limited zone.

Tesla shares jumped 10% on Monday, lifted by the long-awaited launch of the company's robotaxi service that CEO Elon Musk has for years championed as a key driver of the electric vehicle maker's lofty valuation.

The automaker deployed a small fleet of self-driving taxis in Austin, Texas, on Sunday, marking the first time its cars have carried paying passengers without human drivers.