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Tesla shares fell after the presentation of Cybercab

October, 11 2024
watermark Economic news

Tesla shares fell 5.7% on Friday after the disappointing presentation of the Cybercab concept self-driving car.


Elon Musk introduced the Cybercab, a low silver two-seater car without steering wheel and pedals. According to the idea, after launching into production, the car will drive itself autonomously.


The head of Tesla said that the company plans to start production of Cybercab by 2027, but did not disclose details about the place of production. According to him, the price of the car will be below $30,000.


Musk also said that next year Tesla will launch Model 3 and Model Y electric vehicles with «uncontrolled FSD» in Texas and California. FSD (Full Self-Driving) is a premium driver assistance system from Tesla, which is available today in a «controlled» version for Tesla electric vehicles. Technology still requires the presence of a person at the wheel, ready to intervene at any moment.


Analysts noted that the information provided did not highlight any short-term opportunities for Tesla, but instead focused on Musk's vision of a future with fully autonomous driving.


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