Tesla flops on Wall Street after Cybercab presentation

New York/Madrid, (EFE). – Tesla shares fell 8.78% this Friday on Wall Street, a day after tycoon Elon Musk unveiled a line of robotaxi vans as well as autonomous vehicles for health departments that disappointed participants. investors later, without providing new details about how its use could be streamlined.

Ahead of the Wall Street open, Tesla fell almost 6%, reaching a price of $224.80 per share.

IG analyst Sergio Avila explained that despite the excitement generated by the announcement, many experts note that the development of robotaxis could take years, especially due to regulations and the need to guarantee safety in adverse conditions such as bad weather or difficult traffic situations.

He added that while Musk has assured that autonomous vehicles will be much safer than human-driven cars, he did not provide specific details about how Tesla will overcome technological and regulatory challenges in bringing these vehicles to market.

In his opinion, one of the most interesting aspects of the presentation was Musk’s announcement that Cybercab would use technology based on artificial intelligence and cameras, instead of the lidar sensors that its competitors usually use, which, as he stressed, “this could create difficulties from a technical point of view, but will also lead to lower costs for Tesla.”

According to the analyst, despite the enthusiasm generated by Tesla’s new announcements, some investors expressed “disappointment at the lack of a clear timetable for the introduction of these autonomous vehicles, which leaves open uncertainty about the future of these innovations in the competitive auto industry.” market.

Cybercab capabilities

During the presentation, Musk said the Cybercab would revolutionize ride-hailing by costing 20 cents per mile, one-fifth the cost of a public bus.

“It will be incredible,” said the businessman, who arrived at the car’s presentation as a passenger in a cybertaxi, driving without a driver through the streets of the Warner Bros. studio. in Los Angeles.

Musk explained that the car, a sleek silver two-door whose batteries are charged by induction rather than from a wall outlet, has no steering wheel or accelerator or brake pedals.

Cybercab, a self-driving taxi from the car firm, is scheduled to go into production in 2026 and will cost less than $20,000.