Tesla’s value drops $60bn after investors fail to hail self-driving ‘Cybercab’
Tesla shares have fallen by 8%, wiping about $60bn (£45bn) from the company’s value, after the long-awaited unveiling of its so-called robotaxi failed to excite investors.
Shares in the electric carmaker fell to $219.40 in early trading on Friday after an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle.
Musk said the company would start building the fully autonomous “Cybercab” by 2026 at a price of less than $30,000, and showed off a van he claimed was capable of transporting 20 people around town autonomously – which he said would reshape cities by turning car parks into parks.
However, analysts said the event was short on detail and also expressed disappointment over a lack of specifics about other Tesla projects. Musk has a history of making grand projections about upcoming products and failing to follow through in the timeframe he has set, or at all.
Tom Narayan, an analyst at Royal Bank of Canada, said in a note to investors that the event lacked detail. “Investors we spoke to at the event thought the event was light of real numbers and timelines,” he wrote.
