Tesla is set to unveil its highly anticipated Robotaxi at an event on Thursday at Warner Bros. Studios in Los Angeles. CEO Elon Musk will reveal the prototype and booking platform for owners and riders.
An update on the company’s Full Self-Driving technology, which powers the robotaxis, will also be provided, along with a production timeline and service launch date. The event is crucial for Musk and Tesla, which has faced several struggles recently. The company’s shares fell 44% between the end of 2023 and April 22 on worries about stagnating sales.
However, since April 22, the shares have rebounded, gaining 76% and increasing by 0.64% for 2024.
Tesla’s Robotaxi launch event highlights
Many analysts remain skeptical about the Robotaxi, considering Tesla primarily a car company.
The risk for Musk this week is proving whether the vehicle can convince customers, Tesla fans, and investors of its functionality, especially as Waymo’s taxi services are already operational in cities like San Francisco. Tesla’s shares, despite their significant gain since April, ended the week down about 4%. The September gains reflected growing confidence that Tesla had regained its momentum ahead of the Robotaxi presentation.
Musk has been advocating for the Robotaxi idea for months, arguing that it would revolutionize urban transportation and bolster Tesla’s image as an artificial intelligence company. The Tesla event is just one of many significant events this busy week, which also includes Nvidia’s AI Summit, Amazon’s Prime Day, and the start of the earnings season for financial giants like Delta Air Lines, JPMorgan Chase, and Wells Fargo. Economic data releases, such as the Consumer Price Index and Producer Price Index for September, will also be closely watched by investors.
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