Tesla sees decreases in stock value following Robotaxi event
Date
10/13/2024 8:37:28 AM
(MENAFN) Tesla shares dipped on Friday following the company’s "We, Robot" event, where CEO Elon Musk unveiled two new Robotaxi models. The event, which took place on Thursday evening, introduced the "Cybercab" and the "Robovan," Tesla’s latest autonomous vehicles aimed at revolutionizing urban transportation. Despite the innovative designs, the presentation left some investors underwhelmed, contributing to the stock’s decline.
The "Cybercab," a futuristic sedan, is set to enter production before 2027, though Musk acknowledged his tendency to be "a little optimistic with timeframes." Priced at under USD30,000, this vehicle will be fully autonomous, lacking traditional controls like a steering wheel or pedals. Tesla hopes this model will make a significant impact in the growing autonomous vehicle market.
The second vehicle introduced was the "Robovan," designed to transport up to 20 passengers or goods, depending on the configuration. Musk highlighted its flexibility for urban environments, noting that it could be adapted for uses such as a school bus, RV, or cargo transport. The Robovan, Musk said, addresses the need for high-density transport solutions, particularly in bustling cities.
Analysts from Wedbush shared positive remarks about the Robotaxi models, noting that the "Cybercab" could become a significant profit driver for Tesla in the coming years as production ramps up. The designs are seen as laying a strong foundation for future growth in the autonomous vehicle market. In addition to the Robotaxis, Musk also revealed that Tesla plans to start deploying fully autonomous, unsupervised full-self-driving (FSD) systems in Texas and California next year, with its Model 3 and Y vehicles set to be the first to utilize this technology.
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