Tesla Inc.'s shares experienced a pre-market plunge of around 5% on Wednesday, as investors expressed disappointment with the lack of concrete details and timelines provided during the company's highly anticipated "We, Robot" event showcasing its robotaxi and other futuristic products.
The event, held on Tuesday night at the Warner Bros. studio in Los Angeles, was meant to unveil Tesla's long-awaited robotaxi, dubbed the "Cybercab." Elon Musk, Tesla's CEO, took the stage in the Cybercab prototype, revealing a vehicle with two gull-wing doors, no steering wheel or pedals, and a promised starting price of less than $30,000 when it enters production in 2026.
However, Musk failed to provide specific details on how quickly Tesla could ramp up robotaxi production, clear regulatory hurdles, or implement a business plan to monetize the service, leaving investors unsatisfied. He also showcased a larger "Robovan" capable of carrying up to 20 people and the company's Optimus humanoid robot, but again, lacked specifics on their commercial viability.