Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
- by The Guardian
- Oct 11, 2024
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Fri 11 Oct 2024 17.34 EDT
First published on Fri 11 Oct 2024 12.44 EDT
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Tesla shares fell nearly 9% on Friday, wiping about $60bn (£45bn) from the companyâs value, after the long-awaited unveiling of its so-called robotaxi failed to excite investors.
Shares in the electric carmaker tumbled to $217 at market close following an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle. The stock price is down roughly 12% year-to-date.
Musk said the company would start building the fully autonomous âCybercabâ by 2026 at a price of less than $30,000, and showed off a van he claimed was capable of transporting 20 people around town autonomously â which he said would reshape cities by turning car parks into parks.
Before the event, he tweeted: âAnd all transport will be fully autonomous within 50 years.â
During the showcase, he wrote that car parks would no longer be needed in cities.
However, analysts said the event was short on detail and also expressed disappointment over a lack of specifics about other Tesla projects. Musk has a history of making grand projections about upcoming products and failing to follow through in the timeframe he has set, or at all.
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