TSLA Dips Nearly 6% Amid Launch of CyberCab and Autonomous Model Y

Oct 11, 2024

Tesla (TSLA, Financial) shares fell nearly 6% in pre-market trading to $225.09. The decline followed an announcement by CEO Elon Musk regarding the launch of the CyberCab, a driverless taxi, and an autonomous Model Y. The CyberCab, devoid of both steering wheel and pedals, is priced at under $30,000.

Industry observers noted that the price point for Tesla's camera-only electric vehicle is considered high. A founder from a domestic autonomous vehicle company remarked that at $30,000, consumers in the local market can purchase a well-equipped vehicle, suggesting there are better alternatives available with more features than the two-seater CyberCab.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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