Key Points
- Tesla shares fell Friday after the electric vehicle maker’s long-awaited robotaxi event failed to impress investors.
- CEO Elon Musk revealed the company’s Cybercab concept vehicle and said consumers would be able to buy one for a price tag under $30,000.
- Analysts at Barclays said the revelations had failed to highlight any near-term opportunities for Tesla, instead prioritizing Musk’s vision for a fully autonomous driving future.
Tesla shares closed down nearly 9% on Friday after the electric vehicle company’s long-awaited robotaxi event failed to impress investors.
CEO Elon Musk unveiled the firm’s Cybercab self-driving concept car — a low, silver two-seater, with no steering wheels or pedals — on Thursday night, at the company’s “We, Robot” event, and hyped his company’s ambitions to create a fleet of autonomous vehicles and robots.
Musk said the company hopes to be producing the Cybercab before 2027, but offered no details on where the cars will be manufactured. He said consumers would be able to buy a Tesla Cybercab for a price tag under $30,000.
He also said he expects Tesla to have “unsupervised FSD” up and running in Texas and California next year in the company’s Model 3 and Model Y electric vehicles. FSD, which stands for Full Self-Driving, is Tesla’s premium driver assistance system, available today in a “supervised” version for Tesla electric vehicles.
The technology still requires a human driver at the wheel, ready to steer or brake at any time.
Closing at $217.80 on Friday, Tesla shares were off 12% year-to-date and 17% over the past 12 months.
‘Pre-event momentum fizzles’
In addition to the Cybercab, Musk also announced plans to produce an autonomous, electric Robovan that can carry up to 20 people, or be used to transport goods. He said it will “solve for high density,” transporting a sports team, for example.
After the event, analysts at Jeffries published a note titled “We, underwhelmed.”
Analysts at Barclays said the revelations failed to highlight any near-term opportunities for Tesla, instead prioritizing Musk’s vision for a fully autonomous driving future.
“As expected, like prior Tesla product unveils, the event was light on the details, and instead emphasized the vision underpinning Tesla’s growth endeavors in AI/AV [autonomous vehicles],” Barclays’ analysts wrote.
They added that the public didn’t “get any near-term updates on FSD progress, or data reflecting improvement in the system.”
Piper Sandler analysts wrote in a report hat “most trading-oriented firms will be underwhelmed by the robo-taxi unveiling.”
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