Tesla will unveil its long-awaited robo-taxi later this year, amid challenges such as declining sales and competition from affordable Chinese electric vehicles.
CEO Elon Musk announced on Friday through his X platform that the unveiling of Tesla's robo-taxi is scheduled for August 8th.
The fully autonomous car concept, first presented to investors in 2019, is key to Tesla's ambitious valuation. Tesla recently introduced the latest iteration of its driver assistance software, marketed as FSD (Full Self-Driving), to consumers.
Tesla has previously outlined plans for a next-generation vehicle platform that will support both more affordable cars and specialized robo-taxi vehicles. While teasers for both have been shared, prototypes for either have yet to be unveiled.
Musk's tweet on Friday suggested that development of robo-taxis was being prioritized over the cheaper car. Earlier that day, Reuters reported that Tesla had shelved its plans for the cheaper car and was redirecting resources to the robo-taxis project. Musk dismissed the Reuters report, accusing it of spreading lies without providing specific details.
Tesla produced 46,561 more cars than it delivered in the first quarter, leading to further price cuts as the company tries to deal with a surplus.
In the U.S., consumers are favoring hybrids over more expensive electric vehicles, prompting automakers to rethink their electrification strategies.
Tesla’s big product announcements, often led by Musk, have historically helped generate excitement among both customers and investors without relying on traditional advertising methods. However, not all announcements have been successful; The Cybertruck, unveiled to much fanfare in November 2019, has faced production delays and a slow rollout.
Tesla shares rose as much as 5.1% in late New York trading after the news. However, by the close of trading on Friday, the stock was down 34% since the beginning of the year.
Shortly before Musk’s robo-taxi announcement, he was surpassed by Mark Zuckerberg, CEO of Meta Platforms, as the world’s richest person.