Cybercab's Unveiling Sends Tesla Shares into a Tailspin

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Tesla Unveils Futuristic Robo-Taxi

Tesla's CEO, Elon Musk, has unveiled the company's long-awaited robotaxi, the Cybercab, at the Warner Bros Studios in Burbank, California. The futuristic-looking vehicle, featuring two wing-like doors and no pedals or steering wheel, has sparked both excitement and skepticism.

Safety Concerns

While Musk claims that fully self-driving vehicles will be safer than those operated by humans, experts have expressed concerns about the safety of Tesla's approach. Associate professor in engineering at Cornell University, Samitha Samaranayake, notes that it is a big chunk of metal driving on roads at high speeds, so safety concerns are big.

Production Timeline

Musk has predicted that production of the Cybercab would begin before 2027. However, given his track record of failing to meet his own deadlines, questions are being asked about the feasibility of this timeline.

Competition

Tesla faces stiff competition in the autonomous vehicle market. Rivals such as Alphabet-owned Waymo and General Motors subsidiary Cruise are also developing their own robotaxis. Waymo recently announced a partnership with Hyundai to add the Ioniq 5 to its robotaxi fleet.

Cost and Feasibility

Musk has stated that the Cybercab will cost less than $30,000. However, analysts have expressed doubts about the feasibility of launching the vehicle at such a low price without external subsidies or Tesla making a loss on every vehicle.

Setbacks and Challenges

The deployment of robotaxis has encountered setbacks. Driverless cars operated by Cruise were suspended in San Francisco after a pedestrian was knocked down. Despite these challenges, ride-hailing giants Uber and Lyft remain committed to adding autonomous vehicles to their fleets.