Tesla CEO Elon Musk unveiled a series of ambitious promises at the company’s long-anticipated robotaxi event on Thursday, but left some investors wanting more concrete details. The Hollywood event, set against the backdrop of a faux cityscape at Warner Bros Studios, showcased Tesla’s vision for a future dominated by autonomous electric vehicles, yet failed to address key specifics that many had hoped to hear.
In his 20-minute presentation, Musk revealed a prototype two-door “Cybercab” and announced plans for both the popular Model 3 and Model Y to be fully autonomous in California and Texas by next year. He also introduced a Cybercab production timeline, aiming for 2026 with a projected price below $30,000. Musk touted a robovan capable of carrying up to 20 passengers, suggesting it could help redesign urban spaces by repurposing parking lots into parks.
The night featured Musk’s characteristic showmanship, including humanoid robots dancing and mixing drinks, which he claimed Tesla would eventually sell for $20,000 to $30,000 each. Musk proclaimed that the bots could become Tesla’s most significant product yet.
However, following the announcement, Tesla’s stock fell nearly 9% on Friday, closing at $217.80, as some investors expressed disappointment over the lack of detailed business plans for Tesla’s transition from a traditional automaker to an AI and autonomous driving powerhouse. Despite a 30% rise in Tesla shares since Musk’s initial robotaxi announcement in April, the company’s stock remains down 16% over the past year, while the broader S&P 500 index has surged by 33%.
Tesla faces increasing pressure from the rise of affordable EV competitors, adding urgency to Musk’s vision of a robotaxi-driven future. As the company works to meet these evolving challenges, investors are looking for more than Musk’s high-energy presentations—they want to see a clearer roadmap for Tesla’s bold new direction.
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