Tesla · Wall Street · Elon Musk · CNBC Technology
Tesla's stock drops 6% as Cybercab update 'underwhelms' Wall Street
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Tesla shares slid 6% on Friday after the electric vehicle maker's long-awaited Cybercab update failed to impress investors who are betting the company can become a major player in the U.S. robotaxi market currently dominated by Alphabet's Waymo.
Key facts
- Tesla held an event Thursday in Austin, Texas, but it was invite-only, wasn't streamed and CEO Elon Musk never made an appearance
- Tesla shares slid 6% on Friday after the electric vehicle maker's long-awaited Cybercab update failed to impress investors who are betting the company can become a major player in the U.S. robotaxi
- The Cybercab, which Tesla first showed off almost two years ago, has been in production since April
- Analysts at RBC Capital Markets wrote in a note on Friday that Tesla had only "offered limited new incremental disclosure relative to prior announcements, with key outstanding questions
Summary
The Cybercab, which Tesla first showed off almost two years ago, has been in production since April. Tesla held an event Thursday in Austin, Texas, but it was invite-only, wasn't streamed and CEO Elon Musk never made an appearance. Analysts at RBC Capital Markets wrote in a note on Friday that Tesla had only "offered limited new incremental disclosure relative to prior announcements, with key outstanding questions around pricing, production cadence, and regulatory approvals remaining open. "The event lacked a public livestream, a notable departure from Tesla's traditionally theatrical product reveals," wrote the analysts, who recommend buying Tesla shares.