Tesla’s Cybercab Robotaxi Reveal Disappoints Investors, Stock Drops 9%

Created on 12 October, 2024 • News • 2,483 views • 5 minutes read

Tesla's stock drops 9% after underwhelming Cybercab robotaxi reveal, leaving investors skeptical of its autonomous vehicle ambitions.

Tesla's stock took a significant hit after its much-anticipated "We, Robot" event, where CEO Elon Musk unveiled the company’s vision for a fully autonomous future. At the heart of this event was the debut of Tesla’s Cybercab, a futuristic two-seater robotaxi without steering wheels or pedals. Despite the fanfare, investors were left unimpressed, leading to a 9% drop in Tesla's share price by the end of the day. The decline highlighted the market's growing concern over Tesla's ambitious, yet seemingly distant, vision of a world dominated by autonomous vehicles.

The Cybercab and Tesla’s Autonomous Future

The Tesla Cybercab is designed as an affordable, fully autonomous vehicle aimed at transforming urban mobility. With a price tag expected to be under $30,000, Musk envisions a world where this robotaxi replaces traditional car ownership, drastically reducing transportation costs. The company claims that the Cybercab will have an operational cost of about $0.20 per mile, compared to the $1 per mile typically associated with public transportation.