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Tesla shares close down 8% after report of robotaxi unveiling delay
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TESLA SHARES CLOSE DOWN 8% AFTER REPORT OF ROBOTAXI UNVEILING DELAY

Published Thu, Jul 11 20241:24 PM EDTUpdated Thu, Jul 11 20244:10 PM EDT
Katie Bartlett@katie__bartlett
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Key Points
 * Tesla CEO Elon Musk announced in April that the company’s robotaxi would be
   revealed Aug. 8.
 * According to Bloomberg, the unveiling has been pushed to October.
 * Tesla shares fell about 8% on Thursday after rising for 11 straight days.

In this article

 * TSLA+0.99 (+0.41%)

Follow your favorite stocksCREATE FREE ACCOUNT
Elon Musk, CEO of SpaceX and Tesla, speaks during the Milken Global Conference
2024 at The Beverly Hilton in Beverly Hills, California, on May 6, 2024.
David Swanson | Reuters

Tesla shares closed down about 8% on Thursday after Bloomberg reported that the
electric vehicle maker is delaying the unveiling of its Robotaxi by two months.

After previously announcing that it would introduce its robotaxi on Aug. 8,
Tesla has pushed the launch back to October to give teams working on the project
more time to build prototypes, according to Bloomberg, which cited people
familiar with the decision.



Tesla did not immediately respond to CNBC’s request for comment.

Tesla’s stock slump on Thursday followed an 11-day rally that was sparked by a
better-than-expected deliveries report for the second quarter. That jump wiped
out the stock’s loss for the year. However, the shares are now back in negative
territory for 2024, a year that has been marred by sweeping layoffs and a drop
in sales due in part to an aging lineup of EVs and increased competition in
China.

Tesla CEO Elon Musk has promised shareholders a robotaxi for years. In 2015, he
said Tesla’s cars would achieve “full autonomy” within three years. In 2016,
Musk said Tesla would be able to send one of its cars on a cross-country drive
without requiring any human intervention by the end of the following year.

The empty promises continued into 2019, when Musk said on a call with
institutional investors that Tesla would have one million robotaxi-ready
vehicles on the road in 2020. However, the company has yet to deliver a
robotaxi, autonomous vehicle or technology that can turn its cars into “level 3”
automated vehicles. Meanwhile, companies such as Alphabet’s Waymo and Cruise,
owned by General Motors, have leaped ahead of Tesla.

Following a dreary first-quarter earnings report in April, Musk reiterated his
vision of Tesla as a company dedicated to developing robotaxis that will make
money for their owners and a driverless transportation network.



“If somebody doesn’t believe Tesla’s going to solve autonomy, I think they
should not be an investor in the company,” Musk said on the earnings call. The
company is scheduled to report second-quarter results later this month.

At Tesla, “unveil” dates do not predict a near-future date for a commercial
release of a new product. For example, Tesla unveiled its fully electric
heavy-duty truck, the Semi, in 2017, and did not begin deliveries until December
2022.

— CNBC’s Lora Kolodny contributed to this report.

WATCH: The bulls firmly have control of Tesla right now


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