Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
Investors criticised lack of detail about the ‘robotaxi’ showcased by Elon Musk
Analysts criticise lack of detail about the ‘robotaxi’ showcased by CEO Elon Musk
Tesla shares fell nearly 9% on Friday, wiping about $60bn (£45bn) from the company’s value, after the long-awaited unveiling of its so-called robotaxi failed to excite investors.
Shares in the electric carmaker tumbled to $217 at market close following an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle. The stock price is down roughly 12% year-to-date.
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However, analysts said the event was short on detail and also expressed disappointment over a lack of specifics about other Tesla projects. Musk has a history of making grand projections about upcoming products and failing to follow through in the timeframe he has set, or at all.
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Narayan added that some investors were hoping for a teaser about a lower-priced vehicle, with pedals and steering wheel, that would launch next year. However, none was forthcoming.
Expectations were low....
They should bring back the roadster before Mazda makes an electric Miata from hell.
They should! They already got the preorders from 2018.
If the “taxi” was their new roadster it would have been at least a +10% jump.
It looks like shit though