Shares of Tesla — the tenth largest component of the S&P 500, and seventh biggest of the Nasdaq 100 — skidded 6% in premarket trade.
Reactions from analysts were just filtering in though they generally seemed to be on the positive side.
Dan Ives of Wedbush said the firm was maintaining its $300 price target and walked away “very positive around the Cybercab and autonomous path at Tesla.”
“Musk did a fantastic job of painting an ideal future for transportation that promises to both free up our time and increase safety,” added Jessica Caldwell, head of insights at Edmunds. “But many questions remain about how this will be achieved from a practical standpoint.”
One interesting reaction was in Uber Technologies, which soared 4%. “Overall, the event clarified Tesla’s vision and timeline for its Robo-Taxi, and we emerge incrementally positive on Uber shares as a result,” said analysts at Citi. It’s still possible that Tesla could partner with Uber for distribution in the future, the analysts said.