Tesla‘s much-hyped robotaxi unveiling failed to impress investors, leading to an 8% drop in the company’s stock price and erasing about $60 billion in market value. The event, held in Hollywood, was reported by The Guardian.
Cybercab: Big on Promises, Short on Details
Elon Musk showcased the “Cybercab,” a fully autonomous vehicle slated for production by 2026. He claimed it would cost under $30,000 and could transport 20 people around town without a driver. Musk’s vision extended to reshaping urban landscapes, suggesting car parks could be transformed into parks.
“And all transport will be fully autonomous within 50 years,” Musk tweeted before the event.
Investor Disappointment
The reveal left many analysts and investors wanting more. Tom Narayan from Royal Bank of Canada noted, “Investors we spoke to at the event thought the event was light of real numbers and timelines.” The lack of concrete data and timelines, typically expected at Tesla events, led to predictions of lower share prices.
Missing Details on Affordable Models
Some investors were hoping for information on a lower-priced Tesla with traditional controls, expected to launch next year. However, no such details were provided.
Garrett Nelson from CFRA expressed disappointment: “The event raised a lot of questions, was surprisingly brief, and was more of controlled demonstration than a presentation.”
Musk’s Track Record
This isn’t the first time Musk’s grand projections have fallen short. He has a history of making bold claims about upcoming products that don’t materialize within the promised timeframe, if at all.
EVXL’s Take
While the Cybercab reveal may have underwhelmed investors, it’s important to view this in the context of Tesla’s broader impact on the EV industry. As we’ve seen in our Tesla coverage, the company has consistently pushed the boundaries of what’s possible in electric vehicles. The concept of autonomous robotaxis, even if not fully realized yet, could revolutionize urban transportation and significantly reduce emissions.
However, Tesla isn’t alone in this race. Other manufacturers are also making strides in autonomous technology and affordable EVs. It’ll be interesting to see how this competition shapes the future of electric and autonomous vehicles.
What are your thoughts on Tesla’s Cybercab and its potential impact on urban transportation? Share your views in the comments below.
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