Musk says Tesla will unveil Robotaxi on August 8; shares jump

Tesla Inc. plans to unveil its robotaxi on August 8, according to a statement from Chief Executive Officer Elon Musk on X, his social media site.

• Poll: Where should Elon Musk’s Tesla set up its unit in India?

The shares jumped 3.2 per cent as of 4:59 p.m. after regular trading in New York. The stock was down 34 per cent this year through Friday’s close.

The promise of a fully autonomous vehicle has long been key to Tesla’s lofty valuation. In recent weeks, Tesla has rolled out the latest version of driver-assistance software that it markets as FSD, or Full Self Driving, to consumers.

• Also read: Tesla’s Wall Street fans turn squeamish as EV turmoil mounts

The company has said that its next-generation vehicle platform will include both a cheaper car and a dedicated robotaxi. Reuters reported earlier Friday that the carmaker had called off plans for a less-expensive vehicle and was shifting more resources toward trying to bring a robotaxi to market. Musk responded by saying “Reuters is lying,” without offering specifics.

More stories like this are available on bloomberg.com

COMMENT NOW