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USA | Oct 11, 2024

Elon Musk reveals Robotaxi, suffers stock dip

ABIGAIL BARRETT

ABIGAIL BARRETT / Our Today

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Cybercab robotaxi, Photo: Tesla.com

Tesla CEO Elon Musk has revealed the highly anticipated Cybercab robotaxi at Warner Bros Studios in California. The futuristic vehicle, featuring wing-like doors and no steering wheel or pedals, marks Tesla’s latest push toward fully autonomous driving.

At the ‘We, Robot’ event, Musk reiterated his belief that self-driving cars would be safer than human-operated vehicles and could even provide owners with income through ride-sharing.

However, Tesla’s stock dipped by more than 8.11 per cent following the announcement, reflecting investor skepticism. Competing ride-hailing firms Uber and Lyft saw their shares rise by up to 10 per cent as they pursue their own autonomous projects.

Tesla Stock October 11, 2024.

According to BBC, Musk promised that Cybercab production would begin “before 2027,” with a price point under $30,000. Analysts, however, questioned the feasibility of this plan, given Tesla’s history of missing deadlines and concerns about production costs.

Safety remains a key hurdle. Musk revealed plans to introduce “fully autonomous” technology in Tesla’s Model 3 and Model Y vehicles by next year, pending regulatory approval. But experts, remain cautious, citing significant safety challenges with Tesla’s camera-based systems compared to competitors’ radar and Lidar technology.

Robovan, Photo: Tesla.com

Despite these challenges, the event showcased Tesla’s bold ambitions. Musk also teased a new “Robovan” capable of carrying up to 20 passengers, positioning Tesla as a key player in the future of autonomous transportation.

However, doubts persist about whether the company can meet its ambitious targets in a highly competitive and regulated market.

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