As a seasoned crypto investor with a keen eye for technological disruptions, I must admit that I was initially intrigued by Tesla’s robotaxi event. However, much like the Cybercab’s driverless journey through the dark parking lot, the event itself felt more like a tantalizing tease than a substantial investment opportunity.
On Thursday evening, Tesla’s much-awaited robotaxi presentation fell short of investor expectations, causing a 8.8% drop in Tesla stocks on Friday, resulting in a loss of approximately $67 billion in market capitalization.
The gathering was anticipated to delve into Tesla’s transformation into a pioneer in robotics and AI, yet those present and experts found it fell short on the precise commercial aspects they had hoped for.
During the gathering, CEO Elon Musk presented the Cybercab – a two-seat, self-driving vehicle lacking a steering wheel or pedals. Musk himself arrived at the event in this driverless car, maneuvering smoothly through a dimly lit parking lot. Additionally, Tesla debuted the Robovan, a self-driving shuttle designed to carry up to 20 passengers, as well as a novel battery-charging technique that employs an inductive system, allowing cars to recharge automatically by driving over a charging pad.
Although these disclosures were made, it was disappointing to many because there wasn’t enough detail about Tesla’s business strategies, especially regarding their robotaxi fleet. While the company shared that the Cybercab will start production by 2027 and cost less than $30,000, analysts question whether Tesla can actually meet these deadlines. Paul Miller, an analyst from Forrester, told CNBC that selling the Cybercab at this price within the specified timeframe seems improbable and would likely require either government subsidies or Tesla accepting losses on each vehicle sold.
Elon Musk stated that Tesla’s Full-Self Driving (FSD) technology, which allows vehicles to operate without human supervision, would be available in California and Texas next year. However, some experts have questioned this timeframe due to Musk’s history of delayed deliveries. As reported by The Wall Street Journal, analysts from Deutsche Bank who attended the event pointed out the briefness of the Cybercab demonstration ride and the lack of clarity regarding Tesla’s business strategy for fully autonomous robotaxis. Furthermore, the absence of updates on Tesla’s previously showcased ride-hailing app has added to investor dissatisfaction.
Despite Tesla’s event setback, it seemed to give a push to competitors. For instance, Uber and Lyft stock prices skyrocketed approximately 10%, as investors shifted their attention towards other autonomous driving market players. Moreover, the event brought about worries regarding Tesla’s high market capitalization, valued at $763 billion before the announcement.
According to CNBC’s report, Morgan Stanley analysts noted that Elon Musk might have missed a chance to strengthen Tesla as a key player in artificial intelligence. The lack of information about the advancement of Tesla’s Full Self-Driving (FSD) system and any possible partnership with Neuralink, Musk’s AI project, has caused doubts about Tesla’s dominance in this area. Similarly, Barclays analysts expressed concern over the scarcity of details regarding FSD’s progress, emphasizing the importance of tangible information over grand visions.
Read More
- SOL PREDICTION. SOL cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- DOT PREDICTION. DOT cryptocurrency
- APE PREDICTION. APE cryptocurrency
- USDE PREDICTION. USDE cryptocurrency
- EUR ZAR PREDICTION
- USD MYR PREDICTION
- EUR UAH PREDICTION
- OKB PREDICTION. OKB cryptocurrency
- STRAX PREDICTION. STRAX cryptocurrency
2024-10-12 14:37