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Post About Tesla Robotaxi Reveal Prompts Speculation

Apr 08, 2024 - mediapost.com
Tesla CEO Elon Musk announced the company will reveal a robot on August 8, according to a social media post. The news came as Tesla shares were falling due to a Reuters report detailing the company's shift from an affordable EV to a robotaxi. Despite the decline in shares, Musk's announcement drove up the stock by almost 5% in after-market trading. However, this is not the first time Musk has made promises about the near readiness of robotaxis, with the actual products often taking years to materialize.

The Reuters report, which Musk disputed, suggested that moving from a $25,000 vehicle to a fully autonomous taxi service would be challenging. Analysts continue to speculate on the accuracy of the report and whether Tesla will release its robotaxi and cheaper Model 2 in August. Other companies, such as Waymo and Cruise, are also developing autonomous ride-sharing services but have encountered difficulties.

Key takeaways:

  • Tesla CEO Elon Musk announced that the company will reveal a robot on August 8, which led to a near 5% increase in Tesla's stock in after-market trading.
  • The announcement came after a Reuters report detailed Tesla's abandonment of its affordable EV for a focus on the robotaxi, causing Tesla shares to drop as much as 33% since the start of the year.
  • There is ongoing speculation among analysts about the accuracy of the Reuters report and whether Tesla will release its robotaxi and the cheaper Model 2 in August.
  • Other companies, such as Waymo and Cruise, are also working on autonomous ride-sharing services but have encountered issues, including accidents and regulatory investigations.
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