$Tesla Motors(TSLA)$ shares saw a slight uptick on Tuesday, closing up 0.2% at $219.57, despite broader market declines with the $.SPX(.SPX)$ and $.DJI(.DJI)$ both down around 0.8%.
This came as investors continue to react to Tesla’s recent Robotaxi updates, though the stock remains down roughly 8% since Tesla’s “Cybercab” showcase.
Mixed Reactions to Tesla’s Cybercab Event
The event demonstrated Tesla’s prototype Robotaxi, yet many Wall Street analysts felt it lacked the concrete details investors hoped for, especially regarding the rollout timeline for Tesla’s autonomous taxi services.
However, some stakeholders remain optimistic. ARK Invest’s Director of Investment Analysis, Tasha Keeney, was encouraged by CEO Elon Musk's comments on the cost of autonomous taxis, suggesting Tesla could reduce costs to as low as 20 cents per mile—around 60% to 70% lower than traditional car ownership and operation.
Keeney believes Tesla will meet its service timeline, noting that Tesla's access to vast amounts of data from customer vehicles offers a significant edge over competitors like Waymo, which lack the same data scale and manufacturing capabilities.
Sandy Munro, founder of automotive engineering consultancy Munro & Associates, also praised the event in a recent video, highlighting the innovative design of Tesla’s Cybercab, which features no steering wheel or pedals. “It’s like someone is driving you around, except you’re in the front seat, not the back… it’s awesome,” Munro said.
Weighing Diverse Investor Perspectives
Despite some disappointment on Wall Street over the Cybercab event, ARK and Munro’s perspectives underscore the range of views among investors. As Tesla pushes forward with its Robotaxi ambitions, it's clear that enthusiasm remains high in certain quarters.
Yet, the company faces broader challenges. Tesla shares are down approximately 12% year-to-date, partly due to declining EV sales. In the first three quarters of 2024, Tesla delivered nearly 1.3 million electric vehicles, marking a 2% drop year-over-year, which has dampened some investor sentiment.
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