Cybercab
Elon Musk, the CEO of Tesla, introduced the Cybercab prototype at an exclusive event in Hollywood. Despite the grand reveal, investors seemed unimpressed as Tesla’s stock took a hit in early trading.
During the “We, Robot” event in Hollywood, Musk showcased Tesla’s driverless Cybercab prototype. However, investor reaction was lukewarm as shares of the electric vehicle company dropped when trading began on Friday.
Shortly after market opening on Friday, Tesla’s stock (TSLA) saw a 9% decline.
Musk presented a two-seat robotaxi without traditional controls like a steering wheel or pedals at Warner Bros. studio in Burbank on Thursday.
Robovan seats 20 & can be adapted to commercial or personal use – school bus, RV, cargo pic.twitter.com/CtjEfcaoHI
— Tesla (@Tesla) October 11, 2024
Musk announced plans for a fleet of autonomous vehicles and robots with Cybercabs being produced before 2027. He mentioned that consumers could purchase one for under $30,000 and envisioned transforming parking lots into parks with these vehicles according to the Wall Street Journal.
In addition to this project, Musk also expressed confidence in achieving “unsupervised FSD,” Full Self-Driving capabilities in Texas and California by next year using Model 3 and Model Y cars from Tesla.
Analysts at Barclays criticized Musk for making bold claims without providing sufficient details about implementation.
“The event lacked specifics but highlighted Tesla’s growth strategy involving AI/AV [autonomous vehicles],” noted Barclays’ U.S. autos and mobility team via CNBC early on Friday.
“There were no updates regarding immediate opportunities or production plans for their low-cost model expected by mid-2025,” they added. ”No progress reports on FSD development were shared either.”Analysts from Piper Sandler echoed similar sentiments stating that many firms focused on short-term gains might find the robo-taxi unveiling underwhelming.“We anticipate potential stock decline over the next few weeks as initial excitement fades,” suggested analysts from this investment bank via CNBC.
California
2024-10-29 05:15:03
Post originally published on www.ibtimes.com