Tesla (Nasdaq: ) shares fell 8.5% following Thursday night’s Robotaxi Day, despite expectations that the event would be a watershed moment for the electric vehicle manufacturer.CEO Elon Musk used the much-anticipated We, Robot event to officially unveil the Tesla Cybercab, slated for release “before 2027”. However, TSLAs tock fell the following morning, with the general impression among stakeholders being that the event lacked hoped-for specifics.A share-price pullback may have been inevitable on Friday as Tesla shares had already since Musk announced the upcoming Robotaxi Day back in April. Post-event, it seemed that the consensus view was that much of what Musk and Tesla stated during the presentation had already been said before.
Musk showcases “Cybercab” self-driving taxi
The most talked-about highlight of Tesla’s Robotaxi Day was the automaker’s unveiling of a self-driving taxi. In addition to the Cybercab, the firm revealed an autonomous van called the Robovan, and teased that a limited robotaxi service could be available as early as 2025.Perhaps the most notable revelation during the event was that the Cybercab could be priced below $30,000.
A “toothless” presentation?
While TSLA stock dropped the morning after, some commentators expressed disappointment in Tesla and Musk’s presentation. For example, analysts with Jefferies opined that Tesla’s robotaxi appears Furthermore, Laffer Tengler Investments CEO Nancy Tengler declared that the concepts in Tesla’s presentation were , but that the “only specific” in the presentation “was the $30,000 for a Cybercab”.RBC Capital Markets analyst Tom Narayan felt an overall sense of disappointment, arguing that “investors we spoke to at the event thought the event was light of real numbers and timelines”.
Recovering from a “letdown”
Barron’s reported that Tesla’s Robotaxi Day event was and this seems to be the consensus view among Friday’s commentators. Whether the plunge in Tesla stock is a buying opportunity or the start of a deeper dip remains to be seen.Going forward, Musk and Tesla may have opportunities to recover from the apparently disappointing event by providing more technical and timeline-related specifics regarding the new vehicles. For now, though, it looks like the market is hungry for more details and clarity.More By This Author:
Tesla Shares Slide As Robotaxi Event Lacks Hoped-For Specifics
