LOS ANGELES, Oct 12 — For a businessman who perpetually struggles with broken promises, Elon Musk gave himself quite a to-do list Thursday night at Tesla’s long-awaited...
‘I apologise from the bottom of my heart’: Driver’s husband seeks to meet families of Dungun UiTM crash victims
After traversing the fake streets of the Warner Bros movie studio set in a sleek, silver two-door “Cybercab” prototype, Musk promised that the company’s popular Model 3 and Model Y vehicles would be able to operate without driver supervision in California and Texas by next year. Tesla shares fell nearly 10 per cent in early trading on Friday. The stock, which has been pummelled in recent years by fears of cheaper EV rivals eating into Tesla’s market share, is up nearly 50 per cent since April when Musk announced the shift to robotaxis. Still, shares are down 8 per cent over the last year, compared with a 33 per cent increase in the broad-market S&P 500 index.
Shares of ride-hailing firms Uber and Lyft were up about 5.8 per cent and 6.9 per cent, respectively, as analysts said the lack of details on Tesla’s robotaxis eased competition worries for the companies.Tesla is aiming to leapfrog incumbent self-driving players, including Alphabet’s Waymo, by pursuing a lower-cost technological path that Musk believes will allow the company to scale up its autonomous vehicles far quicker than rivals.
Ramesh Poola, co-chief investment officer at Creative Planning, which holds Tesla shares, said he was impressed by the presentation but “obviously, we were looking for more details on what exactly his future plans are going to be and how he’s going to monetize this new AI and robotics.”
Stark: Tesla Shares Plunge Near 10Pc As Investors See Through Musk’S Robotaxi Circus
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