FX.co ★ Tesla shares tumble as investors discouraged by new robotaxi concept

Recently, Tesla Inc. led by Elon Musk has run into trouble. On October 11, Tesla's stock sharply plummeted, closing down by 5.7%. What a misfortune!

The drop in Tesla shares was recorded after an event where the businessman unveiled the concept of a self-driving car called Cybercab. However, the new product failed to impress investors.

A Tesla Cybercab is a two-seater, silver-colored model without a steering wheel or pedals. Once in production, the car will be able to drive autonomously. However, for now, this is not possible because the technology still requires a human presence behind the wheel, ready to take control at any moment.

According to the Tesla CEO, the company plans to begin production of the Cybercab by 2027. However, Musk did not specify where or how these cars would be manufactured. He mentioned that consumers will be able to purchase a Tesla Cybercab for under $30,000.

Elon Musk anticipates launching the Model 3 and Model Y electric vehicles with unmonitored FSD in Texas and California next year. Importantly, FSD (Full Self-Driving) is Tesla’s premium driver assistance system, currently available in a monitored version for electric cars.

Analysts at Barclays were critical of Tesla's new product. They stated that the information regarding the Cybercab was incomplete and did not highlight any short-term opportunities for Tesla. Instead of specific details, Elon Musk presented his vision for the future of fully autonomous vehicles.

At this event, as with previous Tesla product presentations, there were few details. Instead, Musk shifted focus to the vision underlying Tesla's ambitions for growth in autonomous vehicles, Barclays clarified.