October 11, 2024

Tesla Stock Sinks. Why the Event Was a Let Down.

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Following Tesla’s highly anticipated Robotaxi event, shares of the EV maker were down more than 5% in premarket trading at $224.68 while S&P 500 and Dow Jones Industrial Average futures were both down 0.1%, respectively.

The event, frankly, was a bit of a letdown. Tesla showed a new “cybercab” and “robovan” and talked about starting limited robotaxi service as early as 2025. But there wasn’t much technical safety detail or discussion for Tesla executives besides Elon Musk. Most of what Musk said has been said before.

Coming into Friday trading, Tesla stock was up about 45% since Musk tweeted on April 5 that Robotaxi Day was coming. Shares were up about 6% in the month leading into the Thursday night event.

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