Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
Investors criticised lack of detail about the ‘robotaxi’ showcased by Elon Musk
Analysts criticise lack of detail about the ‘robotaxi’ showcased by CEO Elon Musk
Tesla shares fell nearly 9% on Friday, wiping about $60bn (£45bn) from the company’s value, after the long-awaited unveiling of its so-called robotaxi failed to excite investors.
Shares in the electric carmaker tumbled to $217 at market close following an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle. The stock price is down roughly 12% year-to-date.
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However, analysts said the event was short on detail and also expressed disappointment over a lack of specifics about other Tesla projects. Musk has a history of making grand projections about upcoming products and failing to follow through in the timeframe he has set, or at all.
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Musk said the company would start building the fully autonomous “Cybercab” by 2026 at a price of less than $30,000, and showed off a van he claimed was capable of transporting 20 people around town autonomously – which he said would reshape cities by turning car parks into parks.
$30,000 for a fully autonomous bus?
He’s learned that if you put an (R) next to your name there are literally zero consequences for blatantly lying.
Why is he even bothering when we already have Waymo? It already has full-self driving, and it works wonderfully. I use it to get rides to work when I'm too tired to drive. Just hop in, take a nap, and wake up at your destination. I trust it way more than any Uber/Lyft driver.
The price is for yearly subscription
30k is for the robotaxi, 2 seater.
I think he made it reasonably clear that $30k was for the small self driving taxi, and the mini-bus would also become available