Tesla Stock Falters as Musk Plans to Delay Robotaxi Unveiling
Carmaker will show the vehicle in October, rather than on Aug. 8
Anticipation of the unveiling helped fuel an 11-day streak of gains
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Tesla Stock Falters as Musk Plans to Delay Robotaxi Unveiling.#tesla #musk #Robotaxi pic.twitter.com/l9Uunh4h2M
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Tesla Delays Robotaxi Event in Blow to Musk’s Autonomy Drive
Tesla Inc. is postponing its planned robotaxi unveiling to October to allow teams working on the project more time to build additional prototypes, according to people familiar with the decision.
The roughly two-month delay has been communicated internally, said the people, who asked not to be identified because the information hadn’t been publicly announced. The design team was told this week to rework certain elements of the car, one of the people said.
Chief Executive Officer Elon Musk set the initial Aug. 8 date for the event months ago, and optimism about the spectacle has contributed to an 11-day streak of gains that added more than $257 billion to Tesla’s market capitalization. The stock closed 8.4% lower on Thursday, its largest drop since January.
- Shares of would-be taxi rivals Uber Technologies Inc. and Lyft Inc. both surged on the news. Uber’s stock rose 6.1% on Thursday. Lyft shares jumped 4.6%.
The idea of creating an autonomous taxi service has been kicking around Tesla for years, dating at least as far back as when Musk authored a second “master plan” for the company in 2016.
