Elon Musk went back to his old book with the Robotaxi event, teasing untested technology and mixing it with hype. The problem is that he routinely misses deadlines way too high and the final pricing looks nothing like what he promised. There is no world in which e-taxis will be on the road in 2026.
Shares were down 8% at the open, but there is something of a bounce off the lows with profit taking on shorts (TSLA is the most shorted stock in the S&P 500).
TSLA stock
What I find interesting are the robots. I’m very confident that what Musk was talking about in terms of robots that do everything will come, and that they are in a good place to build them. The thing is, China is in a much better position to build it, so it’s hard to justify a $700 billion market cap in a sector that’s so wide open.
On the other side of Tesla, Uber is the best-performing stock, up 8% as the competitive threat from cybertaxis looks distant.