Tesla recently held a "WE, ROBOT" event in Burbank, California, where CEO Elon Musk introduced the new Tesla Robotaxi, named Cybercab. The vehicle boasts a futuristic design with gull-wing doors, lacking a steering wheel and pedals. Musk revealed that the Robotaxi's production cost will be under $30,000, significantly reducing per-mile transportation costs.
During the presentation, Musk took a ride in the Robotaxi, which navigated autonomously across Warner Bros. Studios. The silver vehicle resembles a two-door coupe with streamlined aesthetics. Musk claimed this innovation would revolutionize the transportation industry by making it more convenient, safe, and environmentally friendly.
Additionally, Tesla introduced the Robovan, a self-driving freight vehicle capable of carrying 20 passengers. It features a dual-row seating layout with large sliding doors and will be part of the Tesla Network, an autonomous vehicle ride service.
Musk also announced plans to introduce full self-driving (FSD) technology without supervision in Texas and California next year. The Robotaxi, Cybercab, will adopt inductive charging, eliminating the current NACS plug.
The event experienced a delay due to a medical emergency on-site, postponing the start by nearly an hour. Despite its short duration, Musk did not delve into detailed technical aspects of the autonomous taxi, nor did he fully disclose its interior design.
The unveiling of the Robotaxi was originally scheduled for August 8 but was delayed due to design modifications, impacting Tesla's stock price at the time. Although Musk envisioned the Robotaxi concept as early as 2016, details have been sparse until now.
In recent earnings reports, Tesla showed increased revenue but a decline in automotive sales and net income. The company's automotive revenue decreased by 7% in the second quarter, with a delivery of 444,000 vehicles, slightly down year-over-year. Despite these challenges, Tesla remains committed to expanding its lineup, with a next-generation model set for production early next year, utilizing existing capacity of approximately three million units.
Tesla also reported significant growth in its energy and storage business, with revenues jumping nearly 100% year-over-year, driven by a substantial increase in installed storage capacity.
The competitive landscape for electric vehicles has become more challenging for Tesla. From 2021 to 2023, Tesla's global sales growth rate slowed down, and the emergence of competitive offerings from other brands is impacting Tesla's market share. Analysts suggest that Tesla needs to introduce more affordable models to maintain its competitive edge.
