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On October 10, 2024, Tesla unveiled the Company’s Cybercab self-driving concept car at the Company’s “We, Robot” event and announced plans to create a fleet of autonomous vehicles and robots, with the goal of starting production before 2027. Analysts and investors did not react positively to Tesla’s announcements. An analyst at Jefferies published a note entitled “We, Underwhelmed”, analysts at Barclays said that the revelations failed to highlight any near-term opportunities for Tesla, and Piper Sandler analysts opined that “most trading-oriented firms will be underwhelmed by the robo-taxi unveiling.”
Following this news, the Company’s stock price fell over 8% on October 11, 2024.