Shares of electric vehicle maker Tesla tumbled Friday after the company’s long-awaited robotaxi event failed to impress investors.
Tesla shares fell more than 5% in premarket trading Friday after the electric vehicle maker's long-awaited robotaxi event failed to impress investors.Musk revealed Tesla's Cybercab concept vehicle — a low, silver two-seater, has no steering wheels or pedals — on Thursday night. The plan is for the car to be capable of driving itself autonomously when it launches.
He also said he expects Tesla to have"unsupervised FSD" up and running in Texas and California next year in the company's Model 3 and Model Y electric vehicles. FSD, which stands for Full Self-Driving, is Tesla's premium driver assistance system, available today in a"supervised" version for Tesla electric vehicles.
"As expected, like prior Tesla product unveils, the event was light on the details, and instead emphasized the vision underpinning Tesla's growth endeavors in AI/AV ," Barclays' U.S. autos & mobility team wrote in the note early Friday. Piper Sandler analysts said in a separate not Friday that"most trading-oriented firms will be underwhelmed by the robo-taxi unveiling."
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