Tesla (TSLA) The stock fell during morning trading on Friday, after The long-awaited unveiling of the Robotaxi Failed to convince investors.
Shares of the electric car maker were down about 7.5% on Friday morning after falling about 6% during pre-market trading. Its shares closed down about 1% on Thursday before the event.
Elon Musk, CEO of Tesla, unveiled the prototype of the self-driving car Cybercab on Thursday evening. The automated taxi is expected to be the first vehicle produced by the electric vehicle manufacturer capable of self-driving. While Tesla delivers Driving assistance program for self-drivingVehicles still need a driver.
Tesla expects the Cybercab to eventually be available for sale to consumers for less than $30,000. The company has It is said It canceled or delayed its plans for the Model 2, a planned $25,000 electric vehicle, to focus on robotaxis. Some analysts had expected Tesla to show a preview of the Model 2 on Thursday, although it has not received any indication from the company.
Musk said Thursday that the Cybercab will “probably” enter production in 2026 or “before 2027,” something that is unlikely to inspire confidence in investors skeptical of the CEO’s long-delayed promises. Concept for modernization Roadster The project has been public since 2017 and was expected to begin production in 2025, but the status of the project is unclear.
Gene Munster, managing partner at Deepwater Asset Management, said Friday in a report that the company’s stock decline was likely due to uncertain timing. Share on X.
“Cybercab’s timing is still more than two years away, which is too far away for a growth investor to put significant weight into the opportunity, and the timing asks existing investors to continue the waiting game,” Munster said, adding that the electric vehicle manufacturer’s investors are waiting for other solutions. Company results such as “improved margins, higher delivery growth rates and FSD (full self-driving).”
Musk’s failure to mention an “affordable” model that he previously said could be available sometime late this year or mid-2025 is another reason shares are down, Munster said.
“The cheaper car is still a work in progress,” Munster said. “I think the timing would be late 2025 for initial production. The reason they’re holding off is because there’s not much reward for them to highlight a cheaper model since it risks pausing buyers today on the Model 3 and Y.
William Gavin contributed to this article.
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