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.

  • givesomefucks@lemmy.worldEnglish
    0·
    23 days 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…

  • Blackmist@feddit.ukEnglish
    0·
    23 days ago

    Bro. Just one more year bro. I swear bro. Just one more year and we’ll have full self driving bro.

    Don’t lose faith bro. Or I’ll sue you and call you a pedo guy.

  • geneva_convenience@lemmy.ml
    0·
    23 days 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?

    • Psythik@lemmy.world
      0·
      23 days 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.

    • psud@aussie.zone
      0·
      16 days ago

      I think he made it reasonably clear that $30k was for the small self driving taxi, and the mini-bus would also become available

    • ayyy@sh.itjust.works
      0·
      23 days ago

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

    • Mog_fanatic@lemmy.world
      0·
      23 days ago

      “I hope they stop. Don’t invest. If somebody is going to try to blackmail me with investing, blackmail me with money? go fuck yourself. Go fuck yourself. Is that clear? I hope it is.”

  • EnderMB@lemmy.world
    0·
    22 days 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.

  • sleepmode@lemmy.worldEnglish
    0·
    23 days 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.

  • samokosik@lemmy.world
    0·
    22 days ago

    Tesla and Elon are one of the reasons why I don’t but individual stocks but I rather get indices… It’s just the lack of consistency and the fact a single person can make you lose money…

  • b161@lemmy.blahaj.zone
    0·
    22 days ago

    Nooo they didn’t like the self-driving robotaxi that isn’t self driving. What about the bus that can’t go over a pothole? No? How about robots that are controlled and voiced by humans? Damn. Tough crowd.

    • Aceticon@lemmy.world
      0·
      22 days ago

      Also there’s this whole track record of Elon Musk’s demonstrations were there’s no clear independent validation that they actually work as we are being said they to or they’re merelly announcements or concepts: those things are invariably complete total bollock at best bordering on Fraud.

      I reckon that finally he has entirely exhausted both the benefit of the doubt that his demonstrations are in any way honest and representative of real products present or future, and the idea that “he might be bullshitting but he’ll pull in enough suckers that early investors will win from going all in even if it’s 100% bollocks”.

      The Midas Touch of Elon’s bullshit has finally ran its course and turned into a Shit Touch.

  • SloppyPuppy@lemmy.world
    0·
    22 days ago

    “And all transport will be fully autonomous within 50 years.”

    Bro even cold fusion reactors have less estimation than that.

  • computerscientistII@lemm.ee
    0·
    23 days ago

    Especially the person in the background starting Elon’s first public robotaxi-trip with a remote control didn’t really help.

  • Saledovil@sh.itjust.works
    0·
    23 days ago

    Market Cap of a company is sort of a meaningless number. As in, it’s shares in existence times price per share, which is just another way of saying its the share price. If somebody were to sell $100 Billion worth of Tesla shares, the market price would plummet and he’d not get the $100 Billion the shares were originally worth.

    Of course, a rule of thumb is that a company is worth 20 times it’s annual profit, or its revenue. So, by that valuation, Tesla is worth 28 Billion dollars, or 25.5 Billion dollars if we go by revenue. (I’m surprised that both approaches lead to results so close to each other) Compare with a market cap of 682,47 billion, we can see that Tesla is ridiculously overvalued. So, I guess you should go and buy puts on Tesla. Or sell your shares if you have any.

    • explodicle@sh.itjust.worksEnglish
      0·
      23 days ago

      But you’re comparing profit “apples” to (meaningless) market cap “oranges”. Almost everything looks overvalued that way.

      • Saledovil@sh.itjust.works
        0·
        23 days ago

        Looking at a different example, Ford’s market cap is $42.61e9, and its revenue is $47.81e9, while the profit is $1.83e9, 20 times of which is $36.6e9. If we average both of them we get $42.205e9. So Ford seems to have about the right valuation.

          • Saledovil@sh.itjust.works
            0·
            22 days ago

            I suppose that’s true. But it just bothers me when people talk about the market cap like it’s an amount of money that exists somewhere, instead of being an abstract valuation.