Tesla's Cybercab, Robovan Plans Show Pivot for Future -- Market Talk

Dow Jones10-11

1000 ET - Tesla's Cybercab and Robovan ambitions will take time but could be a major financial contributor, say analysts at Wedbush in a research note. The electric-vehicle manufacturer revealed plans for the automobiles on Thursday, part of a larger bet on the company's future with a pivot to robotics and AI while broader consumer interest in EVs has cooled. The analysts believe Cybercab and Robovan can represent up to 20% of overall profits/margin boost by the end of the decade. Investors reacted negatively. The analysts agree that CEO Elon Musk should've provided more details but disagree that the event was a disappointment. Shares decline 8.8% to $217.41. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

October 11, 2024 10:00 ET (14:00 GMT)

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Investors reacted negatively. The analysts agree that CEO Elon Musk should've provided more details but disagree that the event was a disappointment. Shares decline 8.8% to $217.41. 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