Tesla's stock dropped nearly 9% on the 11th (local time) after the company's announcement regarding its robotaxi business fell short of market expectations.
On the New York Stock Exchange that day, Tesla's stock closed at $217.80, down 8.78% from the previous day, wiping out $67 billion (approximately 90 trillion won) from its market capitalization in just one day.
Tesla unveiled a prototype of its robotaxi, the "Cybercab," at the "We, Robot" event held in Los Angeles the previous day.
The vehicle is equipped with full self-driving capabilities and has no steering wheel or pedals, with the company aiming for mass production by 2026.
However, CEO Elon Musk failed to provide concrete details regarding the self-driving technology or how regulatory issues would be addressed, leading to disappointment among investors.
Barclays, an investment bank, pointed out, "Tesla did not provide updates on short-term opportunities or the progress of Full Self-Driving (FSD)."
Morgan Stanley also expressed disappointment with the announcement and issued a skeptical outlook regarding Tesla's planned mass production timeline.
Meanwhile, there was an analysis that Tesla’s robotaxi business would not pose an immediate threat to ride-sharing platforms Uber and Lyft, causing the stock prices of the two companies to soar by 10.83% and 9.59%, respectively.
Uber's stock rose to an all-time high of $87.
Investment firm Jefferies commented on the improvement in investor sentiment toward Uber, saying, "Tesla's robotaxi announcement had a positive impact on Uber," and issued a buy rating on Uber's stock.
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Wall Street Disappointed with Tesla's Robotaxi Unveiling, Stock Plunges 9%... Uber and Lyft Surge
Tesla's stock dropped nearly 9% on the 11th (local time) after the company's announcement regarding its robotaxi business fell short of market expectations.On
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