Elon Musk unveils Tesla's driverless robotaxis, promising autonomous vehicles in California and Texas
From Investing.com: 2024-10-11 18:46:08
Elon Musk unveiled Tesla’s driverless robotaxis in Hollywood, promising Model 3 and Model Y vehicles to operate without a driver in California and Texas by next year. Stock drops nearly 9% to $217.80. Musk plans to build autonomous Cybercabs by 2026 under $30,000, and offers robovans for transportation. Shareholders question lack of concrete details on transforming Tesla; company’s focus shifts to autonomous driving. Tesla stock up over 30% since April announcement on robotaxis, but down 16% in past year. Investors react positively to ride-hailing competitors Uber and Lyft due to lack of specifics from Tesla. Musk’s plan to shift to unsupervised autonomous driving by next year faces regulatory hurdles. Rivals like Alphabet’s Waymo ahead in AI technology, with sophisticated safety precautions. Tesla needs more clarity on future plans for monetizing AI and robotics. Potential for autonomous Cybercabs still years away, despite excitement over prototypes. ARK Investment Management encourages Tesla investors to hold on, emphasizing future monetization avenues. Musk’s fleet of self-driving Tesla taxis with app-hailing system remains unmentioned at the event. Despite lack of specifics on app, positive response to Musk’s timeline for full self-driving system launch in Texas and California next year.
Read more at Investing.com: Tesla’s robotaxi event was long on Musk promises. Investors wanted more details By Reuters