Why did Tesla's stock price drop nearly 10% after the announcement of 'Robo Taxi'? Was Wall Street disappointed?
This article uses auto-translation in part.
$Tesla (TSLA.US)$ The unmanned taxi (Robotaxi) prototype 'Cybercab' and unmanned bus 'Robovan' were officially announced at 'Robotaxi Day' held on Friday. On the other hand, Tesla's stock price then plummeted nearly 10%.
According to Musk, the Cybercab is expected to be introduced to the market by 2027 and may be sold to taxi dispatch companies. Musk also mentioned that by next year, Tesla vehicles in Texas and California are expected to become self-driving. In addition, the production cost of the humanoid robot 'Optimus' is estimated to be between 0.02 million and 0.03 million dollars, and the Cybercab is expected to be sold for less than 0.03 million dollars according to the same individual.
$Morgan Stanley (MS.US)$ Adam Jonas, an analyst, stated that this announcement was not surprising but rather disappointing...
I had tried out Cybercab and the latest robot 'Optimus' in a closed-road test. In addition, I was expecting the latest information on the progress of Tesla's Fully Self-Driving (FSD) system, such as system performance improvements, and Tesla's strategic plans, including economic considerations and general market analysis, towards the launch of monitored and unmonitored ridesharing services. I also wanted to inquire about Tesla's partnership with the artificial intelligence company xAI and Tesla's future growth plans outlined in 'Master Plan Chapter 4.'
However, none of these expectations were met, and Mr. Jonas was disappointed by the information and details provided for the event.
Mr. Jonas also noted that while Optimus can perform simple tasks like pouring beer and dancing, these models do not operate completely autonomously and require close human supervision and remote operation.
Overall, Optimus did not reveal anything groundbreaking, showing significant progress, including small details not previously known in the market.
Not only Morgan Stanley, but analysts from major banks like UBS and JP Morgan also expressed displeasure with this announcement.
$UBS Group (UBS.US)$ Analyst Alejandro Nuno, reflecting on his ride in Cybercab, mentioned that the experience was okay but did not provide much useful information. He also stated that the announcement of robotaxis fell far short of Wall Street's expectations.
We had high expectations for Tesla to unveil Model 2.5, but that did not materialize (as we anticipated). This is crucial as we believe that the new model unveiled in this event is more likely to drive performance expectations for 2025/2026 than the new products showcased.
Attended the presentation event. $JPMorgan (JPM.US)$ Analyst Ryan Brinkman also stated that instead of looking forward to the surprises of arriving at the destination with Cyber Cab, one should enjoy the ride comfort. He pointed out that investor expectations for Tesla may have been too high, which can be inferred from the way the event was announced.
This event was not announced through official press releases, Tesla's official tweets, or Musk's tweets. Instead, Musk mentioned this event in a reply to someone's tweet on the X platform. This informal approach was a bit too casual.
Tom Narayan, a financial market analyst at RBC Capital Markets based in New York, pointed out that investors were disappointed that this event lacked actual financial numbers and timelines (especially since the long-awaited budget model was once again absent), instead focusing on Tesla's branding and marketing.
The market was disappointed by this Tesla event, $Uber Technologies (UBER.US)$ And $Lyft Inc (LYFT.US)$ Uber and Lyft surged. In Friday's trading, Uber rose by over 10.5% during the day, reaching an all-time high, while Lyft surged by over 11.3% at one point.
moomoo News Zeber
Source: moomoo, Bloomberg
This article uses auto-translation in part.
Source: moomoo, Bloomberg
This article uses auto-translation in part.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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