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.

    • Sterile_Technique@lemmy.worldEnglish
      41·
      1 month 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.

      • normanwall@lemmy.world
        85·
        1 month ago

        Lol this thing with a heavy battery would flip over at the mere sight of a bump, and everyone would die inside

  • Furbag@lemmy.world
    50·
    1 month ago

    It won’t be $30k, it won’t be full self driving, it won’t be ready for production by by 2027, it won’t replace all cars on the road by 2075.

    It’s shocking that people aren’t calling him out on the fact that he also promised every Tesla on the road today would be capable of becoming a robotaxi, which was just an outrageous lie at the time and evidently they are no longer working towards making that plan a reality anymore if they’re designing dedicated autonomous vehicles. Letting him pitch a new robotaxi idea feels like letting him get away not having to face any consequences for his blatant bullshit.

    • stringere@sh.itjust.works
      1·
      1 month ago

      No Tesla will, correct.

      These cars will be available, just not where governments stand on the scale for industries that refuse to modernize or make vehicles that a lot of people actually want instead of another oversized SUV or truck with a grill taller than a tank.

  • givesomefucks@lemmy.worldEnglish
    491·
    1 month 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…

    • TriflingToad@lemmy.world
      9·
      1 month ago

      I imagine the robotaxi it gonna just be some really short person under the hood running super fast like the Flintstones with a steering wheel

  • sleepmode@lemmy.worldEnglish
    27·
    1 month 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.

  • geneva_convenience@lemmy.ml
    18·
    1 month ago

    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.

    $30,000 for a fully autonomous bus?

    • ayyy@sh.itjust.works
      7·
      1 month ago

      He’s learned that if you put an ® next to your name there are literally zero consequences for blatantly lying.

    • Psythik@lemmy.world
      7·
      1 month ago

      Why is he even bothering when we already have Waymo? It already has full-self driving, and it works wonderfully. I use it to get rides to work when I’m too tired to drive. Just hop in, take a nap, and wake up at your destination. I trust it way more than any Uber/Lyft driver.

  • affiliate@lemmy.world
    192·
    1 month ago

    one of my old computer science professors said self driving cars “have been 5 years away for the past 20 years”. still rings true to this day

      • ✺roguetrick✺@lemmy.world
        42·
        1 month ago

        Oh nobody’s predicting net positive fusion anytime soon. There’s huge materials hurdles in both magnetic confinement and inertial confinement while also regenerating tritium. Neutron radiation just does not play nice.

    • dejected_warp_core@lemmy.world
      1·
      1 month ago

      I agree with your professor. It’s one of these things that people have a hard time understanding. A lot of folks can easily imagine the end-state, but have no clue what has to be solved to arrive there. A lot of folks think that projects in electronics, software engineering, computing, etc. are just a linear march from beginning to end; failure is a human or resource problem. In reality, there are problems out there that get exponentially harder to pull off with linear inputs, which is much harder to imagine let alone a great way to scare off investors.

      In this case, the framing of the problem is all wrong. We’re not trying to solve “a car that drives itself” (e.g. autopilot). Instead we are “simulating human sensory organs and cognition in order to pilot a vehicle without catastrophe or injury.” The latter is much harder to solve, but IMO, is a much more realistic portrayal of the job.

  • Aurenkin@sh.itjust.works
    13·
    1 month 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.

  • Gammelfisch@lemmy.world
    122·
    1 month ago

    Awe shucks. Tesla should boot out Dork MAGAT and bring back Eberhard and Tarpenning. When Leon leaves, then I will consider a Tesla.

  • EnderMB@lemmy.world
    10·
    1 month ago

    I just don’t get why they still have him as CEO.

    The man spends his time mostly on Twitter, driving it into the ground to simp for Trump. He’s taken obscene amounts of money from it, while failing to offer the simplest of products from its roadmap a decade ago - an affordable electric car.

    If they don’t pivot in the next few years, they’ll run the risk of Tesla being leapfrogged to market more than it already has, with an inferior product to practically everyone that enters the EV market.

    I still fully maintain that Musk will push Tesla towards making a petrol-powered car within the next few years, so IMO the board needs to get rid before that becomes a thing.