From Nasdaq: 2024-07-12 02:21:13

Tesla delays the unveiling of its robotaxi service to October from the initially planned August 8. Following the news, Tesla shares drop 8.4% on regular trading to close at $241.03.

The delay was due to Tesla’s decision to give more time to its teams to build additional prototypes and rework certain design elements. CEO Elon Musk had previously promised one million robotaxi-ready vehicles on the road in 2020.

Tesla reported better-than-expected second-quarter deliveries but faced lower production of vehicles compared to last year. The company has been struggling with weak demand and tough competition in the U.S., Europe, and China.

General Motors and Alphabet are already offering robotaxi services through their autonomous driving units. Tesla faces increasing competition in the electric vehicle and autonomous driving market.



Read more at Nasdaq: Tesla Stock Drops 8% On News Of Robotaxi Delay