Tesla’s Cybercab is finally here, but the launch was quieter than investors expected. After the event on Thursday, Tesla’s stock dropped.
For weeks, Tesla built up excitement for the Cybercab, its new robotaxi without pedals or a steering wheel. The launch happened, and Tesla said rides would be available to the public on Friday. However, the company did not livestream the event or share many details.
The limited information seemed to disappoint investors. Tesla’s shares dropped about 3% in premarket trading, while the rest of the market was mixed.
Before the event, excitement was high. Tesla’s shares rose sharply on Thursday and were up nearly 8% for the week going into Friday.
Since there was no official livestream, investors had to rely on videos from people at the event that were posted on social media. These clips show that the Cybercabs have SpaceX’s Grok AI assistant and use Starlink broadband. They might also be running a newer version of Tesla’s Full Self-Driving software than what is available in other Tesla cars. It is still unclear how many Cybercabs will be available or where they will launch, and Tesla did not reply to a request for comment.
Baird called the launch an important milestone. He noted that 45 Cybercabs were recently registered with Texas motor vehicle regulators. He also said Tesla seems to be looking for robotaxi network partners, which could mean the company is open to selling Cybercabs to people who want to join its robotaxi network.
Not everyone was impressed. The co-founder of One Global ETF said the event was underwhelming, with few details and many questions still unanswered, such as how many vehicles Tesla will deploy. Barclays also said the event gave little new information and no clear financial targets. However, they noted that the launch supported Tesla’s overall robotaxi plans and was about what they expected.
Whether or not it was livestreamed, Tesla’s Cybercab era has started. Many see this as a positive move, since much of Tesla’s future value depends on its robotaxi business. Americans drive over three trillion miles each year, so self-driving cars could change how people get around by making rides cheaper than owning a car. This big change is why analysts like those at Morgan Stanley value Tesla’s self-driving technology at about $1 trillion.
