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Shares of Tesla Inc. rose Monday, retracing some of last week’s selloff that followed reports of a planned delay for the electric-vehicle company’s Robotaxi Day, but gave back most of the gains at the end of the session.

The stock TSLA, +1.78% jumped $15.65, or 6.3%, in morning trading, adding to Friday’s $7.20, or 3% bounce. Most of the gains evaporated as the session ground on, however, and the stock ended 1.8% higher, notching its 13th gain in the past 14 sessions.

The stock took a $22.23, or 8.4% dive on Thursday, after Bloomberg reported that the much-anticipated robotaxi unveiling scheduled for Aug. 8 would be delayed by two months.

Chief Executive Elon Musk appeared to confirm the delay in a tweet late Monday, citing a design change he had requested.

Some on Wall Street had believed the event would be a historic moment for Tesla, as it would help usher in the company’s transformation from EV seller to a more profitable robotaxi company. The event was also expected to highlight Tesla’s full-self-driving ambitions.

Read: Tesla’s stock should hit $2,600 in five years, says Cathie Wood’s Ark Invest.

What may have also hurt Tesla’s stock on Thursday was a report from Cox Automotive showing that Tesla’s share of total EV sales fell below 50% for the first time.

Meanwhile, Musk was in the spotlight over the weekend, as he said on a post in his X social-media platform that he fully endorsed Donald Trump for president, following the failed assassination attempt of the former president.

His endorsement came just before the Republican National Convention kicked off on Monday, and as the odds of Trump’s victory in the November election rose in the wake of recent events.

There was some concern that a Trump presidency would lead to lower oil prices, which combined with Trump’s support of internal combustion engine vehicles could weigh on EV demand.

And the Republican platform released last week included a pledge to cancel EV policies implemented by President Biden.

Musk’s endorsement of Trump may assuage some of those concerns.

Also providing some support for Tesla’s stock, Susquehanna Financial analyst Biju Perincheril wrote in a Monday research note that he’s hearing deployments of Tesla’s Powerwall 3 home battery “are growing as equipment availability ramps up.”

He expects Powerwall 3 to make “significant inroads” in markets like California where it offers a lot of versatility for installers.

Tesla’s stock had slipped 1.3% last week to snap a four-week win streak, which was the longest weekly win streak of 2024.

The stock has run up 63.4% over the past three months and has tacked on 6.2% year to date, while the S&P 500 index SPX has gained 11.7% the past three months and rallied 18.5% this year.

Claudia Assis contributed.