On October 10, around 7:53 pm in Los Angeles or 10:53 pm New York time, Tesla (TSLA) The long-awaited robotaxi event “We, Robot” began after a long delay.
Most of the featured products shown on the Warner Bros. Studios backlot revolved around Tesla CEO Elon Musk's idea for future mobility. He imagines a world without human drivers, where the average person can “reclaim their time” by driving while autonomous vehicles do the heavy lifting.
Without a doubt, the highlight of the event was the highly anticipated 'CyberCab', a sleek autonomous vehicle with butterfly doors and no pedals or steering wheel. Musk says the vehicle is capable of inductive wireless charging, will cost “less than $30,000” and will be available in “2026…before 2027.”
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Related: Tesla drops bombshell ahead of anticipated robotaxi event
During his “one more thing” moment, the Tesla CEO also showed off the 'Robovan,' a mobility solution promoted for people “who need more space than a (Tesla) Model Y,” as it is a vehicle shaped like a locomotive without any physical control that is promoted to accommodate up to 20 people or to transport goods.
Although Tesla's product launch schedule can be delayed by any number of years, as demonstrated with products like the Cybertruck or the yet-to-be-released Tesla Roadster supercar, a key product that has the opportunity to leave Tesla permanently in the black. was missing from this event.
tesla
The missing Tesla 'Model 2'
Notably, this event did not include any updates or passing mentions from Elon Musk about an alleged “more affordable” car called 'Model 2', which was previously rumored to have been canned.
During Tesla's Q1 2024 earnings conference call on April 23, Musk noted the existence of such a car, saying that “the most affordable models will use aspects of the next-generation platform as well as aspects of our current platforms.” , and we will be able to produce on the same manufacturing lines as our current vehicle line” and that more details would arrive on August 8; the date before this event was to take place.
In a post on
“My feeling is that the car is still on the roadmap for late 2025, but the company decided not to discuss it as it would have triggered the Osborne effect, which would have caused Model 3 buyers to be delayed,” he said.
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The only topic missing from tonight's event was the “most affordable” vehicle.
This was Elon's “A” topic in the last earnings call, where it mentioned starting production in mid-2025… or maybe even late 2024.
My feeling is that the car is still on the roadmap for…
—Gene Munster (@munster_gene) twitter.com/munster_gene/status/1844634271300059238?ref_src=twsrc%5Etfw”>October 11, 2024
In a note released early Friday morning, Wedbush analyst and prominent Tesla bull Dan Ives called the lack of any discussion or introduction of the Model 2 the “elephant in the room” for investors, but reiterated that such a revelation may have been inappropriate for the occasion. .
“We never expected (a Model 2 reveal) to happen at this event and this is in no way an indication that the Model 2 won't happen in 2025,” Ives said. “We believe this also weighs on the stock as the bears try to push this narrative. We believe the Model 2 will become a reality with our target production date in 1H25 and deliveries in late 2025 for this less expensive vehicle. of $30,000.”
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Tesla has plans for a future of ai and robotics, but what about today?
In essence, the Oct. 10 event reflected an ultimatum Musk gave to investors, analysts and other Tesla watchers during an earlier earnings conference call.
“We should be considered an ai robotics company. If you value Tesla simply as a car company, it's just the wrong framework. If you ask the wrong question, then the right answer is impossible,” Musk said.
“If someone doesn't believe Tesla is going to solve autonomy, I think they shouldn't be an investor in the company. And we will. And we are.”
See the original article for embedded media.
Although Tesla has robotaxis, robotaxi vans shaped like locomotives and robots that will serve you drinks and be “your companions” for its possible future, the reality is that today it is an electric car company that continues to provide mobility to people.
Last quarter, Q3 2024, Tesla delivered 462,890 vehicles and manufactured 469,796 vehicles, which is slightly below analyst expectations but still significant compared to automakers' EV delivery numbers. traditional companies such as Ford and General Motors.
But as Elon Musk prioritizes robotics, artificial intelligence and robotaxis over his fledgling electric vehicle business, the competition is taking Elon's unfulfilled promise and running with it.
In May 2024, Stellantis CEO Carlos Tavares revealed that a new $25,000 Jeep-branded electric vehicle is coming to the states “very soon.” Similarly, Ford is working with a team of former Tesla and Apple employees based in California on a new line of cheaper electric vehicles to compete with Chinese companies like BYD.
Additionally, General Motors teased the 2026 Chevrolet Bolt during its investor day presentation. Although the images did not appear in the webcast, GM President Mark Reuss assured that the newest version of its small electric vehicle will arrive in 2025 and will have “the latest technology” and “will be a source of income” for GM.
He also alluded that the Bolt will be part of a “family” of electric vehicles, including one with a target price that is an “even lower cost” than the new Bolt's planned price of “under $30,000.”
Tesla Inc. trades on the NASDAQ as TSLA and is down 7.8% since the inception, trading at $220.19 per share at the time of writing.
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