TechFlow news, October 11 — According to Fortune, Tesla's unveiling of its driverless taxi at Warner Bros. Studios in Los Angeles failed to meet investor expectations, causing the company’s stock to plunge more than 7% on the morning of October 11.
Previous reports indicate that Tesla CEO Elon Musk unveiled a self-driving taxi named "Cybercab" during the event, stating it would be priced below $30,000 and scheduled for release by 2027. However, Musk did not disclose specific production locations or technical details, raising skepticism among analysts. Tesla also showcased a Robovan capable of carrying up to 20 passengers, but again provided no concrete production timeline or pricing information.
Musk claimed that certain Tesla electric vehicles could achieve "unsupervised full self-driving" (FSD) as early as next year in Texas and California. Yet analysts noted the presentation lacked recent updates or performance improvements regarding the FSD software. A Wells Fargo analyst who attended the event remarked, "The Cybercab demonstration took place in a controlled film-set environment, resembling a slow and brief amusement park ride. Given that Waymo currently provides 100,000 autonomous rides per week in major cities, we had higher expectations for Tesla’s demonstration."
Although Tesla demonstrated its Optimus humanoid robot navigating among guests and serving drinks at the event, analysts pointed out that the product's economic viability remains unclear.
Tesla’s stock has declined approximately 11% this year, while the S&P 500 has risen over 22%. The company has now been replaced within the ranks of the “Magnificent Seven,” the group of top U.S. tech giants, by semiconductor and software leader Broadcom.
