Tesla Robotaxi Event Proves a Flop, Shares of Elon Musk’s EV Company Down 7% as Investors Question Autonomous Vision: Report
Log Angeles, October 12: The Tesla Robotaxi event, held at Hollywood studio in Log Angeles, showcased the futuristic Optimus humanoid robot, self-driving vehicles Robovan and Cybercab. The event surprised several people as Elon Musk unveiled these innovations and hinted at their potential uses for the future. However, Elon Musk’s EV and robotics company witnessed a slump in shares after the Robotaxi event.
Fortune highlighted in its report that the Robotaxi event was a flop, driving Tesla shares down 7%. The report said that despite Elon Musk showcasing the humanoid robot Optimus and unveiling the autonomous driving vehicles, including Cybercab and Robovan, some analysts were not impressed. During the Tesla Robotaxi event held at the Los Angeles Hollywood studio, Elon Musk offered big promises but few details. Tesla Optimus Robot Plays ‘Rock Paper Scissors’ During Event With Person, Shows Moves (Watch Video).
The report said that the ‘We, Robot’ event should have added momentum to the rise of stocks, but instead, the event was “sell the news,” which resulted in shares of the EV company plunging 7% and 11% this year. The event showcased vehicles and humanoid robots, but Elon Musk did not reveal much about how Tesla’s autonomous vision could be executed.
Dan Ives, Managing Director of Equity Research at Wedbush Securities, said that Tesla had a knee-jerk reaction from the people after the event. He and his colleagues reportedly wrote that they disagreed with the notion of considering the Robotaxi event as a “disappointment.” On the other hand, Elon Musk did not shy away from asking about the company’s future of delivering autonomous vehicles.
Elon Musk and Tesla think that the Robovan and Cybercab could help the company boost its current USD 700 billion valuation to nearly USD 5 trillion in the future. The report mentioned that Tesla was also trying to acquire Waymo, which Alphabet owns due to its on-road autonomous driving capabilities. Elon Musk’s EV company could deliver cheaper vehicles if it acquired Waymo. xAI Hiring: Elon Musk Asks Candidates To Join His AI Company for ‘Discovery of New Physics and Invent Useful Technologies’.
Elon Musk unveiled 20 vehicles and said the Tesla Cybercab could be available for under USD 30,000, compared to Waymo, which costs USD 2,50,000 for a single vehicle. During the Robotaxi event, the company did not mention the manufacturing location or date of release for its new cars.
(The above story first appeared on LatestLY on Oct 12, 2024 12:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
