Investors criticised lack of detail about the ‘robotaxi’ showcased by Elon Musk

Analysts criticise lack of detail about the ‘robotaxi’ showcased by CEO Elon Musk

Tesla shares fell nearly 9% on Friday, 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 tumbled to $217 at market close following an event in Hollywood, where the chief executive, Elon Musk, revealed a much-hyped driverless vehicle. The stock price is down roughly 12% year-to-date.

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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.

    • TheBrideWoreCrimson@sopuli.xyz
      3·
      42 minutes ago

      It might not be a particularly new insight, but I find it worth repeating anyway: Musk truly is the new Ford. Runs his own company in the ground and has a hard-on for fascists.

    • Sterile_Technique@lemmy.worldEnglish
      16·
      5 hours ago

      Even at face value, that’s still a massive red flag coming Musk. He gave us a concept of the cybertruck that actually looked pretty badass; then delivered a vehicle straight out the Playstation 1. Any concept he pitches can be assumed to be complete bullshit.

      • friendlymessage@feddit.orgB
        151·
        4 hours ago

        That thing looks AI generated. Better than what we got but still ridiculous. I mean, it’s huge but still somehow doesn’t really seem to have much space for passengers or cargo at the same time

        Also, why is the cabin aerodynamic while the hood is not? The whole thing is nonsensical

  • sleepmode@lemmy.worldEnglish
    17·
    5 hours ago

    A two seater with lambo doors that look like they’ll immediately get sheared off by a passing truck that can’t see them. A laughable delivery timeline. And the “concept” bus looks like a Dustbuster that’ll get stuck in a pothole or on top of a speed bump with its current ground clearance. It’s almost like he’s deliberately trying to tank the stock making all this impractical shit.

  • computerscientistII@lemm.ee
    4·
    4 hours ago

    Especially the person in the background starting Elon’s first public robotaxi-trip with a remote control didn’t really help.

  • Aurenkin@sh.itjust.works
    15·
    6 hours ago

    The key risk for this whole bet Tesla is making is the software. I couldn’t give two shits about their hardware plans, that will come and it’s not the key challenge. Saying “we will have it next year” is just not good enough when you’ve said it before and ruined your credibility already. This event should not have happened until the software is ready to go, it’s worth nothing without that.

  • RandomStickman@fedia.io
    63·
    9 hours ago

    Investors we spoke to at the event thought the event was light of real numbers and timeline

    Not like Elon is famous for keeping the timeline. Man on Mars and Tesla semi any day now.

  • magnetosphere@fedia.io
    38·
    8 hours ago

    Musk is facing a LOT more practical scrutiny now that the cybertruck is an ongoing fiasco. People are rightfully wary of getting excited about a taxi that only seats two people. Anyone who’s been paying attention will also be suspicious of his claims that the taxi will actually cost under 30k, or that it will truly go into production “before 2027”.

    I will admit that the van looks cool as hell. Of course, I still think Musk is a piece of human garbage, but I will give him that.

    • ChickenLadyLovesLife@lemmy.worldEnglish
      2·
      2 hours ago

      now that the cybertruck is an ongoing fiasco

      Is it, though? I personally hate the fucking things, but it’s not like Tesla is having any trouble selling them.

    • Mog_fanatic@lemmy.world
      16·
      5 hours ago

      I still can’t get over the fact that he called the cybercab “individualized mass transit” lol. Wtf does that even mean. Mass transit… For an individual? So like… A car? Or a bicycle? I guess I’m just not smart enough to understand the world’s smartest human being ever.

    • OutlierBlue@lemmy.caEnglish
      9·
      4 hours ago

      It’s windowless. As someone who gets motion sickness if I can’t see out, I would cover the inside of that thing with barf. And the seats are conveniently facing sideways, which is another strong trigger for me, the barf would be aimed directly at the stranger facing me.

    • Dragonstaff@leminal.spaceEnglish
      18·
      6 hours ago

      I love the aesthetic. I fully support Art Deco public transportation.

      A bus designed by someone who absolutely hates public transportation is pretty funny though. “I wish these seats faced each other so I could sit knee to knee with a stranger.” -Nobody Ever

      And there’s so little passenger space, they have a “luggage” compartment in the front. So I suppose I’m just supposed to put my bag there, out of my sight, then hope nobody takes it before I get off?

    • GenosseFlosse@feddit.org
      24·
      6 hours ago

      It’s a bus. Elon Musk invented a bus. Now he only needs to invent a time machine, travel back to the 1800s and woo everyone with his new idea.

    • Mog_fanatic@lemmy.world
      8·
      5 hours ago

      “I hope they stop. Don’t invest. If somebody is going to try to blackmail me with investing, blackmail me with money? go fuck yourself. Go fuck yourself. Is that clear? I hope it is.”

  • makuus@pawb.social
    301·
    8 hours ago

    I just continue to be amazed that, instead of the old, tried-and-true method of giving people what they want—a solid, reliable car at a good price, and a stellar charging network in the places people want to be—a man of his means keeps trying weird gimmicks.

    • Viking_Hippie@lemmy.world
      9·
      4 hours ago

      It’s not so surprising when you consider the fact that he’s nothing but a charlatan.

      Just a colossal idiot with enough money and little enough self awareness that everyone is indulging his every whim and he never stops to consider that maybe he isn’t a visionary and a genius.

  • givesomefucks@lemmy.worldEnglish
    651·
    10 hours ago

    Narayan added that some investors were hoping for a teaser about a lower-priced vehicle, with pedals and steering wheel, that would launch next year. However, none was forthcoming.

    Expectations were low…

  • Saledovil@sh.itjust.works
    3·
    7 hours ago

    Market Cap of a company is sort of a meaningless number. As in, it’s shares in existence times price per share, which is just another way of saying its the share price. If somebody were to sell $100 Billion worth of Tesla shares, the market price would plummet and he’d not get the $100 Billion the shares were originally worth.

    Of course, a rule of thumb is that a company is worth 20 times it’s annual profit, or its revenue. So, by that valuation, Tesla is worth 28 Billion dollars, or 25.5 Billion dollars if we go by revenue. (I’m surprised that both approaches lead to results so close to each other) Compare with a market cap of 682,47 billion, we can see that Tesla is ridiculously overvalued. So, I guess you should go and buy puts on Tesla. Or sell your shares if you have any.