Tesla Postpones Robotaxi Event, Shares Drop 8%

Tesla, the electric vehicle giant led by CEO Elon Musk, has announced a delay in its highly anticipated robotaxi event. The event, originally scheduled for August 8, has been pushed back by about two months to allow the company’s teams more time to build prototypes, according to a report by Bloomberg.

Musk had been positioning the robotaxi event as a key milestone in Tesla’s growth strategy, particularly as demand for electric vehicles has been flagging and competition in the market intensifies. The delay in the event caused Tesla’s shares to drop by about 8% following the news.

Wall Street and Tesla investors have been closely monitoring the company’s progress on its robotaxi plans, with many giving Tesla a pass on its recent falling delivery numbers in anticipation of the autonomous technology’s potential. Analysts like Dan Ives of Wedbush have been bullish on Tesla’s prospects, citing the upcoming robotaxi event as a key driver for the company’s stock value.

While the delay may have disappointed some investors, Musk’s focus on robotics and other projects outside of Tesla has been evident in recent days. The CEO recently teased a new design for Tesla’s Optimus robot and provided updates on his startup Neuralink, which aims to install brain implants in patients.

As Tesla prepares to report earnings later this month, the company will likely face questions about the delayed event and the rising costs associated with its AI investments. Despite the setback, many remain optimistic about Tesla’s future in the autonomous vehicle space.