American billionaire and Tesla SEO director Elon Musk disappointed investors with the results of a presentation called "We robots", which featured a robotic taxi, a bus and other advanced devices of the company.
Points of attention
- Elon Musk's presentation of robotic taxis and buses at Tesla's 'We robots' event led to a 9% drop in share prices and a $60 billion loss in market capitalization, disappointing investors.
- Tesla's valuation appears to be disconnected from fundamentals, with Bernstein noting that the robotaxi project lacks immediate revenue drivers, further fueling skepticism among investors.
- The Robovan robotic bus and Cybercabs autonomous taxi presented by Musk failed to meet investor expectations, highlighting challenges in aligning Musk's futuristic visions with tangible market impact.
- The Robovan bus designed for 20 passengers lacks visible wheels and a windshield, while the Cybercabs taxi with full autonomous control is set for production in 2026, raising concerns among investors about Tesla's future.
- The recent collapse in Tesla shares underscores the necessity for Musk to bridge the gap between his ambitious technological advancements and the practicality of achieving substantial market success.
Musk triggered a new collapse in Tesla shares
It is noted that according to the results of trading on October 11, Tesla shares fell in price by 9%, as investors were disappointed by Musk's presentation of the Cybercabs robotic taxi and the Robovan robobus.
The trading day ended with the price of Tesla shares at $217.8 apiece. Thus, Musk's company lost a total of $60 billion in market capitalization.
Since the beginning of the year, securities have fallen in price by 12%. While they fell in price by 17% year-on-year.
In addition, Bernstein said in a note to clients that Tesla's valuation is disconnected from fundamentals, adding that the presentation of the robotaxi project has no immediate results or additional revenue drivers.
What is known about the presentation of Tesla robotaxi and robobus
SEO-director of Tesla, billionaire Elon Musk presented the world's first robotic bus Robovan, designed for 20 passengers.
It is noted that the Robovan bus presented by Musk at the We, Robot event is designed to transport cargo or up to 20 passengers.
The bus has an unusual design and looks more like a train locomotive. It lacks visible wheels and even a windshield.
According to Mask, the use of these buses should become cheaper than the usual city transport.
Musk also presented the long-awaited Cybercabs taxi, which has full autonomous control.
The car has two doors that go uphill. This car does not have the usual steering wheel, pedals.
Musk arrived at the Cybercabs presentation itself. According to him, the production of these cars should start already in 2026.
Robotaxi pic.twitter.com/zVJ9v9yXNr
— Tesla (@Tesla) October 11, 2024
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