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Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’

Analysts criticise lack of detail about the ‘#robotaxi’ showcased by CEO Elon Musk

Shares in the electric carmaker 🔸fell to $219.40 in early trading on Friday after an event in Hollywood,
where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle.

Musk said the company would start building the fully autonomous “#Cybercab” 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
– which he said would reshape cities by turning car parks into parks.

Before the event, he tweeted:
“And all transport will be fully autonomous within 50 years.”

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.
https://www.theguardian.com/business/2024/oct/11/teslas-value-drops-60bn-after-self-driving-cybercab-fails-to-excite-investors?CMP=Share_iOSApp_Other