Tesla stock sinks as ‘toothless’ robotaxi disappoints

Published On Oct 11, 2024, 12:13 PM

Tesla's stock fell over 7% following the disappointing reveal of its $30,000 robotaxi, the Cybercab. Analysts criticized the event for lacking concrete details on the rollout and feasibility of the autonomous taxi vision, suggesting that scaling such a fleet is uncertain. Wall Street's reaction was mixed, with some seeing potential and others expressing skepticism about Tesla's ambitious goals. The drop in Tesla's stock price, compounded by previous declines due to missed delivery estimates and recalls, raises concerns among investors.

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Stock Forecasts

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Negative

Given the overall disappointment expressed in the market regarding Tesla's robotaxi reveal, along with existing challenges in their operational forecasts, I predict that Tesla's stock (TSLA) will continue to face downward pressure in the near future. Investors may remain cautious as doubts about the feasibility of Tesla's ambitions gather strength.

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