Tesla, whose company value plunged by 60 billion after the introduction of Cybercab
After Elon Musk’s big dream, Tesla’s value in the stock market fell significantly.
Tesla shares fell nearly 9% to $217 a share on Friday. In other words, the company lost $60 billion (£45 billion) in value. Tesla’s share price has fallen by around 12% this year.
Tesla CEO Elon Musk unveiled the company’s first Cybercab robot taxi prototype at Hollywood Studios this week on October 10th. Elonmas says it will begin production of the fully self-driving Cybercab, which is expected to sell for under $30,000, before 2027.
Cybercab is said to be designed to drive itself without a steering wheel or brakes. Details about this two-person vehicle have not been disclosed.
It seems that the share price has fallen due to the lack of interest among Tesla shareholders due to the lack of details. Another reason is that shareholders don’t believe Elon Musk’s promises about when the product will be released, which have never been true.
Self-driving rental cars have been on the market for years. In China, since 2022, Baidu has rolled out its Apollo Go self-driving robot taxi rental service in major cities, so it can be said that it is already ahead of Tesla.
