Tesla shares fell 8% after the announcement of its long-awaited so-called robotaxis failed to excite investors, wiping about $60 billion from the company's value.
The electric car maker's stock fell to $219.40 in early trading Friday after a Hollywood event in which CEO Elon Musk unveiled his much-touted self-driving car.
Musk said the company would start building a fully autonomous “Cybercab” by 2026, priced at less than $30,000 (£23,000), and unveiled a van capable of autonomously transporting 20 people around town. did. He said this would reshape the city. By converting a parking lot into a park
Before the event, he tweeted: “And all transportation will be fully autonomous within 50 years.”
During the showcase, he wrote that the city doesn't need parking anymore.
But analysts expressed disappointment at the lack of details at this event, and also about other Tesla projects. Mr. Musk has a history of making grandiose predictions about future products, only to fail to deliver within set deadlines or at all.
After newsletter promotion
Royal Bank of Canada analyst Tom Narayan said in a note to investors that the event lacked details. “Investors we spoke to at the event believed the event downplayed the actual numbers and timeline,” he wrote.
“These usually take place at Tesla events, which seemed more focused on branding and marketing Tesla's vision than giving us hard numbers to model. Therefore, we expect the stock price to fall.”
Narayan added that some investors are expecting a teaser about a low-cost car with pedals and steering wheel that will be launched next year. But nothing was scheduled.
Garrett Nelson, an analyst at investment research firm CFRA, said he was disappointed by the CyberCab revelations and the lack of details about cheaper vehicles.
He writes: “The event raised many questions, but was surprisingly short and more of a subdued demonstration than a presentation. We were disappointed by the lack of details about [Tesla’s] Short-term product roadmaps include a more affordable model and the Roadster, both of which Musk said on a previous conference call to achieve first production in 2025. ”
