Elon Musk plans to unveil Tesla's robotaxi
Photo: Billionaire Elon Musk (Getty Images)
Billionaire Elon Musk will unveil the long-promised robotaxi in Hollywood on the evening of October 10 (still Thursday in the US). He is also expected to showcase an app for hailing the taxi, according to Reuters.
Besides presenting the new Tesla autonomous vehicle, Musk must provide investors with updated information on artificial intelligence projects. The businessman bets that these efforts will contribute to the long-term growth of the electric vehicle manufacturer.
As reported by Reuters, enthusiasm for the event is evident across social media, where screenshots of invitations and speculations about possible revelations circulate. However, investors and analysts note issues with the technology and temper expectations.
Musk plans to operate a fleet of Tesla's autonomous taxis, dubbed Cybercabs, which passengers will summon via the app. Individual Tesla owners will also be able to earn money through the app by designating their vehicles as robotaxis.
The event will take place on Thursday (October 10, since it is still that day in the US) at Warner Bros. studios near Los Angeles, California. Attendees will include investors, market analysts, and Tesla fans. Key questions they are likely to ask include:
- How quickly can Tesla ramp up robotaxi production;
- At what price;
- How much revenue can the company generate from the taxi business.
Attention will also focus on Tesla's progress in software for partial automation, which the company markets as Full Self-Driving. Observers expect this to underpin the robotaxi.
Reuters also reports that Musk may provide detailed information about cheaper versions of Tesla's current electric vehicles and the humanoid robot Optimus.
Unfulfilled promises from Musk
In addition to the aforementioned, the agency highlights that in 2019, billionaire Elon Musk claimed he was absolutely confident that Tesla would have robotaxis by the following year. After failing to meet previous promises, the businessman this year shifted his focus to developing vehicles, abandoning plans for a more compact and affordable car, which many believe is necessary to counter the slowing demand for electric vehicles.
The publication states that this year, Tesla risks experiencing its first-ever decline in deliveries, as incentives to purchase have not attracted enough customers to its aging lineup of electric vehicles. A sharp price drop to offset high interest rates has also reduced profits.
Analysts suggest that to convince investors that Tesla can maintain the high growth rates it reported several quarters ago, Musk must showcase a prototype and present detailed plans on how the company can outpace competitors like Alphabet or Waymo, which operate autonomous robotaxis transporting passengers in multiple cities across the US.
