Elon Musk presented the Tesla Robotaxi. It's one of the company's big future bets. But investors are disappointed. While Tesla shares collapsed after the presentation of the Cybercab, the competition rose significantly. The backgrounds.
Tesla presented its robotaxi with a lot of hype and fanfare. But the elaborate staging couldn't fool investors about the lack of details. After the presentation of the so-called Cybercab, the competition on the stock exchange increased. Meanwhile, Tesla shares are falling.
After Cybercab event: Tesla shares collapse
Many investors had apparently hoped for more from Tesla's Cybercab event. After the presentation of the Tesla Robotaxis, the shares of the electric car manufacturer temporarily fell by around ten percent. Meanwhile, the securities of the competition were able to increase.
The reason: Tesla has so far only revealed a few details about its so-called Cybercab. However, the company wants to fundamentally change personal transport with the autonomous vehicle. Initially, however, competitors Uber and Lyft were particularly able to benefit. The shares of the two companies have now increased by around six and seven percent respectively.
Experts had previously identified the Tesla robotaxi as a threat to the two companies' business model. But the presentation of the Cybercab was disappointing. After the event, John Colantuoni, an analyst at the investment bank Jefferies, spoke of a “toothless taxi” as the best case for Uber.
Robotaxi market has gigantic potential
The Tesla robotaxi is one of Elon Musk's big bets for the future. However, the almost cinematic presentation of the autonomous vehicle could not hide the fact that Musk did not provide any information regarding approval or insurance.
Analysts and experts predict that the robotaxi market has potential worth trillions. However, Tesla already seems to be lagging behind the competition. Waymo already records 100,000 robotaxi rides per week. Google's sister company's autonomous vehicles are already on the road in four US cities – especially in San Francisco.
Another disappointment at the Cybercab event: Tesla once again missed an electric car for $25,000. The company has failed to make such a promise for years. Production of the robotaxis is scheduled to start in 2026. However, Elon Musk immediately stated that he was often too optimistic when it came to schedules.
This is a blessing, especially for Uber. In the run-up to the Cybercab event, the travel service provider was uncertain about the consequences for about months. These have now come to an end. At least in the short to medium term, the business models of Uber and its competitor Lyft are unlikely to falter.
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Source: https://www.basicthinking.de/blog/2024/10/14/tesla-staerkt-mit-seinem-robotaxi-die-konkurrenz-das-ist-der-grund/
