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ELON MUSK UNVEILS TWO-DOOR ROBOTAXI

By Abhirup Roy and Akash Sriram
October 11, 20248:25 AM GMT+2Updated 9 min ago
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Item 1 of 11 Tesla's robotaxi is seen at an unveiling event in Los Angeles,
California, U.S. October 10, 2024, in this still image taken from a video.
Tesla/Handout via REUTERS
[1/11]Tesla's robotaxi is seen at an unveiling event in Los Angeles, California,
U.S. October 10, 2024, in this still image taken from a video. Tesla/Handout via
REUTERS Purchase Licensing Rights, opens new tab

 * Summary
 * Companies

 * Cybercab production to start in 2026, to cost less than $30,000
 * Operating cost to be 20 cents per mile over time
 * Also showcased Robovan, Optimus humanoid robot

Oct 10 (Reuters) - Elon Musk showcased a robotaxi with two gull-wing doors and
no steering wheel or pedals at a splashy event on Thursday and added a robovan
to the roster as Tesla's (TSLA.O), opens new tab goal shifts from low-priced
mass-market automaker to robotics manufacturer.
Musk reached the stage in a "Cybercab" which he said will go into production in
2026 and be priced less than $30,000. He said operation will cost 20 cents a
mile over time and charging will be inductive, requiring no plugs.
Advertisement · Scroll to continue

He said the cars rely on artificial intelligence and cameras and do not need
other hardware such as what robotaxi rivals use - an approach investors and
analysts have flagged as challenging both from a technical and regulatory stand
point.
"The autonomous future is here," Musk said. "We have 50 fully autonomous cars
here tonight. You'll see model Ys and the Cybercab. All driverless."
Musk also showcased a larger, self-driving vehicle - called Robovan - capable of
carrying up to 20 people, and showed off Tesla's Optimus humanoid robot.
Advertisement · Scroll to continue

Musk's plan is to operate a fleet of self-driving Tesla taxis that passengers
can hail through an app. Individual Tesla owners will also be able to make money
on the app by listing their vehicles as robotaxis.
Thursday's event at the Warner Bros studio near Los Angeles, California, is
titled "We, Robot" - an apparent nod to the "I, Robot" science-fiction short
stories by American writer Isaac Asimov, but also echoes Musk's insistence that
Tesla "should be thought of as an AI robotics company" rather than an automaker.

Those attending included investors, stock analysts and Tesla fans.
Investors expecting concrete details on how quickly Tesla can ramp up robotaxi
production, secure regulatory approval and implement a strong business plan to
leapfrog rivals such as Alphabet's (GOOGL.O), opens new tab Waymo were left
disappointed.
"Everything looks cool, but not much in terms of time lines, I'm a shareholder
and pretty disappointed. I think the market wanted more definitive time lines,"
said Dennis Dick, equity trader at Triple D Trading. "I don't think he said much
about anything... He didn't give much info."

Musk said he tends to be optimistic with time frames.


MISSED PROMISES

Musk said in 2019 he was "very confident" the company would have operational
robotaxis by the next year. After missed promises, Musk this year diverted his
focus to developing the vehicles after scrapping plans to build a smaller,
cheaper car widely seen as essential to countering slowing EV demand.
Tesla is at risk of posting its first-ever decline in deliveries this year as
buying incentives have failed to attract enough customers to its aging EV
lineup. Steep price cuts meant to offset high interest rates have also squeezed
profit margins.

Complicated technology and tight regulation have led to billion of dollars in
loss for other companies attempting to crack the robotaxi market, forcing some
to shut shop.
Some are still pushing, including General Motors' (GM.N), opens new tab Cruise,
Amazon's (AMZN.O), opens new tab Zoox and Chinese firms such as WeRide.
Unlike expensive hardware such as lidar that others use, Musk is relying only on
cameras and AI to run FSD to keep costs down. But FSD, which requires constant
driver attention, has faced regulatory and legal scrutiny with at least two
fatal accidents involving the technology.
"We do expect to start fully autonomous unsupervised FSD in Texas and California
next year. Musk said. "That's with the Model 3 and Model Y."
He did not say if the robotaxis will use any new technology or depend on FSD.

The Technology Roundup newsletter brings the latest news and trends straight to
your inbox. Sign up here.

Reporting by Abhirup Roy in San Francisco and Akash Sriram in Bengaluru;
Additional repoting by Chris Kirkham; Editing by Sayantani Ghosh and Chris
Cushing

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Purchase Licensing Rights
Akash Sriram

Thomson Reuters

Akash reports on technology companies in the United States, electric vehicle
companies, and the space industry. His reporting usually appears in the Autos &
Transportation and Technology sections. He has a postgraduate degree in
Conflict, Development, and Security from the University of Leeds. Akash's
interests include music, football (soccer), and Formula 1.

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TECHNOLOGY


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   Disruptedcategory · October 11, 2024 · 8:25 AM GMT+2 · 12 min ago
   
   The Tesla CEO reached the stage in a "Cybercab" which he said will go into
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