Tesla (TSLA) stock sank more than 7% Friday midday as investors signaled disappointment over the EV maker’s robotaxi debut.
Following the event on Thursday night, “We, Robot” — which aimed to cement CEO Elon Musk’s position as an AI leader — investors and analysts came away with more skepticism than excitement over Tesla’s lofty vision for a future of driverless cabs.
Jefferies (JEF) analysts called Tesla’s $30,000 robotaxi, dubbed the Cybercab, a “toothless taxi” in a note to investors Friday morning, adding that Tesla has “ambitious targets” with “little evidence of feasibility.”
“We believe TSLA potentially underappreciates the obstacles to scaling a robotaxi fleet,” they wrote.
Tesla’s new Cybercab has no steering wheel or pedals and is designed to be fully autonomous, Yahoo Finance’s Pras Subramanian reported. The company said it will begin…
