Cybercab's Unveiling Sends Tesla Shares Tumbling

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Tesla Unveils Futuristic Robotaxi and Robovan

Tesla's CEO, Elon Musk, has unveiled the company's long-awaited robotaxi, the Cybercab, and a prototype for a Robovan at the Warner Bros Studios in Burbank, California. The Cybercab, which would compete with rivals like Waymo, is expected to cost less than $30,000.

Safety Concerns and Doubts

Despite Musk's enthusiasm, investors have not shared his optimism, with Tesla's share price falling after the announcement. Safety concerns have also been raised, with experts questioning whether Tesla's approach to self-driving technology can provide the necessary guarantees.

Robovan and Humanoid Robots

The Robovan, which can ferry up to 20 passengers, was also unveiled at the event. Tesla's humanoid robots were also on display, dancing and serving drinks to attendees. Musk believes that fully self-driving vehicles will be safer than those operated by humans and could even earn owners money by being rented out for rides.

Competition and Challenges

Tesla faces competition from ride-hailing rivals Uber and Lyft, which have their own autonomous ambitions. Waymo, owned by Alphabet, is also a major player in the self-driving car market. Tesla also seems poised to post its first ever decline in annual sales as competitors pile into the electric vehicle market.

Questions and Doubts

Questions have been raised about Musk's prediction that production of the Cybercab would begin before 2027, given his track record of failing to meet his own deadlines. Despite the showmanship, there are doubts about whether he can deliver the vision he sketched out.