LOS ANGELES: At Tesla’s long-awaited Hollywood unveiling of its driverless robotaxis, Elon Musk presented a list of ambitious promises. However, the event, while filled with bold claims, lacked specifics on execution, leading Tesla shares to dip by up to 10% on Friday.
Musk’s 20-minute presentation showcased a “Cybercab” prototype as he navigated a replica street set at the Warner Bros. studio. He announced that Tesla’s popular Model 3 and Model Y vehicles could become capable of fully autonomous driving in California and Texas by next year.
Additionally, Musk revealed plans for Tesla to begin production on the Cybercab by 2026, pricing it under $30,000. He also introduced a robovan designed to transport up to 20 passengers, which he claimed could transform city landscapes by converting parking lots into green spaces.
The event also featured dancing humanoid robots that served drinks, with Musk indicating these robots could eventually be sold for $20,000 to $30,000. “I think this will be the biggest product ever, of any kind,” Musk asserted.
Despite the showmanship, some Tesla investors and analysts felt the presentation fell short on practical details. They noted that while Tesla is looking to shift toward autonomy and AI, the focus on robotaxis left questions about the company's immediate goals in the EV market.
Tesla stock, which has experienced volatility since hitting an all-time high in late 2021, was down 7.8% in midday trading Friday. Though shares have risen nearly 40% since Musk’s robotaxi announcement in April, they have fallen 9% over the last year, while the S&P 500 index rose by nearly 33%.
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management and a Tesla shareholder, expressed excitement about the Cybercab and robovan concepts but emphasized the importance of Tesla’s EV sales in the near term. Gerber added that he’d hoped for updates on a promised $25,000 mass-market vehicle, which was scrapped earlier this year, causing Tesla shares to drop.
For now, Tesla’s transition to an AI-driven, autonomous vehicle company remains in development, with investors waiting to see if the company can achieve Musk’s grand vision.
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