Tesla shares closed down nearly 9% on Friday following the company's long-anticipated robotaxi event, which did not meet investor expectations. CEO Elon Musk introduced the Cybercab, a low, silver two-seater self-driving concept car, during the “We, Robot” event on Thursday night. Musk stated that Tesla aims to begin production of the Cybercab before 2027, although he did not specify where the cars would be manufactured. He also indicated that consumers could purchase a Tesla Cybercab for under $30,000. In contrast, companies like Alphabet’s Waymo have successfully launched robotaxi services to the public since June, highlighting the challenges Tesla faces in the autonomous vehicle market.

Source: The Express Tribune October 12, 2024 20:09 UTC