Tesla shares rose by 3 percent after Elon Musk revealed on his platform when a much-anticipated project, Robotaxi, would be unveiled. The new business could represent a boost for electric vehicle makers, which recently reported slow growth and fewer deliveries as the US and Europe are weary of electric cars. China has also successfully delivered low-cost electric vehicles, which could affect future US sales.
Reuters reported earlier Friday that Tesla had scrapped plans to build a low-cost electric vehicle. The company had earlier said that the car would be built using the profits from the luxury models, but there have been no updates on this cheaper model for years. Tesla shares fell after the Reuters report, and Elon Musk said that the outlet was “lying.”
Tesla had announced plans to build a low-cost electric vehicle, the Model 2 Sedan, at around 25,000. Tesla’s Model 3 is available at around $40,000. However, no launch date or unveiling has been announced as yet.
Later on Friday, Elon Musk posted on his social media platform, “Tesla Robotaxi unveiled on 8/8,” in his account on X. The post received many heart emojis from his web fans.
The news from Reuters comes when Apple has scrapped its Project Titan, a project that was decades in the making and was supposed to be Apple’s first electric car. Earlier CWEB reported the project’s scrapping and Apple’s plans to enter the home robotics business, as reported by Bloomberg.
CNBC reported that there could be delays between project unveilings and commercial production at Tesla. It cited the example of Tesla’s Cybertruck prototype, unveiled in 2019 but began delivery in December 2022.
Many companies have found that it is challenging to deliver fully automatic vehicles. Tesla has also not been able to provide such cars. Its current vehicles have not achieved full autonomy, and driver supervision is required.
According to its site, Waymo, an autonomous vehicle unit owned by Alphabet, operates commercial, driverless services as a robovehicle for ride-hailing in Phoenix, San Francisco, and Los Angeles. The company is expected to expand in Austin, Texas, Tesla’s home base.
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