Tesla (TSLA) Stock Falls 6% as Cybercab Launch Leaves Wall Street Cold
TLDR
- Tesla stock dropped 6% Friday after the Cybercab launch event failed to impress investors
- The event was invite-only, not livestreamed, and CEO Elon Musk did not attend
- NHTSA opened an audit query into whether the Cybercab was properly self-certified for public roads
- RBC and Wells Fargo analysts flagged unanswered questions on pricing, production, and early operational issues in Austin
- Friday’s drop followed a 5.4% gain on Thursday ahead of the event
Tesla (TSLA) stock fell 6% on Friday after the company’s Cybercab launch event in Austin, Texas left Wall Street wanting more.
The stock had risen 5.4% on Thursday in anticipation of the event, making Friday’s reversal a sharp one.
The Thursday event was closed to the public, not livestreamed, and CEO Elon Musk did not show up. Tesla told users of its Tesla Robotaxi app they could book driverless Cybercab rides within a geofenced area around Austin.
The Cybercab is a two-seat robotaxi with butterfly doors and no steering wheel, brake pedal, or gas pedal. Tesla began manufacturing it at Giga Texas earlier this year.
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