The product launch in California didn’t address how Tesla will make the leap from selling advanced driver-assistance features to fully autonomous vehicles.
Elon Musk unveiled Tesla’s highly anticipated self-driving taxi in Burbank on Thursday, Oct. 10. The automaker’s chief executive officer showed off prototypes of a slick two-door sedan called the Cybercab, along with a van concept and an updated version of Tesla’s humanoid robot. Elon Musk unveiled Tesla’s highly anticipated self-driving taxi at a flashy Burbank event that was light on specifics, leaving investors questioning how the carmaker expects to achieve its ambitious goals.
The underwhelming event sent Tesla’s shares down 9.3% at 9:31 am Friday in New York, wiping out $69 billion of market value in the biggest intraday decline in more than two months. The stock had risen almost 70% since mid-April, largely in anticipation of the event. Tesla has for years been selling a suite of features it’s marketed as Full Self-Driving, or FSD, that requires constant supervision and don’t make its vehicles autonomous.
“Investors we spoke to at the event thought the event was light of real numbers and timelines,” RBC Capital Markets analyst Tom Narayan said in a note. “We would expect shares to trade lower.”The robotaxi event itself was postponed for two months after Musk ordered changes to the prototype’s design, Bloomberg first reported in July. The Cybercab features doors that open upward like butterfly wings and lacks a steering wheel or pedals.
“Probably, well I tend to be a little optimistic with time frames, but in 2026,” Musk said. “Before 2027, let me put it that way.”US presidential candidate Donald Trump provided fresh indication of the potential for Tesla’s robotaxi to run into regulatory snags in the lead up to Tesla’s party. The CEO didn’t offer any such updates, casting further doubt on the company’s vehicle sales prospects. The carmaker needs to deliver a record number of cars and trucks in the coming months to avoid its first ever annual decline.
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