Tesla is set to unveil its long-awaited driverless robotaxi, the Cybercab, later today at an event in Burbank, California, starting at 7 p.m. This marks a pivotal moment for the company and its CEO, Elon Musk, as the future of Tesla may depend on the success of this new product.
The Cybercab, a fully functioning robotaxi, is expected to showcase Tesla’s vision for a driverless transportation system. Musk is betting big on this innovation, believing it could transform the transportation industry by eliminating the need for human drivers. He has even suggested that the company’s financial future hinges on this breakthrough.
Tesla will broadcast the “We, Robot” event on X, the social platform owned by Elon Musk. Normally, Tesla streams events live on its YouTube channel, but it hasn’t confirmed whether it will do that for the Robotaxi reveal. Streaming on YouTube could be a good idea since X has had technical issues with its livestreams.
Musk first mentioned the Robotaxi event in April and set the reveal date for August 8. However, Tesla had to delay the event due to “an important design change to the front” of the vehicle.
The focus on the Robotaxi seems to have taken priority over the next-generation $25,000 electric vehicle (EV) that Musk had also promised. Shortly after announcing the Robotaxi event, Musk cut more than 10% of Tesla’s workforce and said the company was going all out to develop autonomous driving technology.
🚨 Elon Musk officially reveals Tesla’s self-driving Robotaxi under the $TSLA banner.
Elon Musk, the CEO of Tesla, is riding in a robotaxi.
He believes the RoboTaxi, named “CyberCab,” will cost less than $30,000. Tesla also plans to have fully self-driving cars operating in Texas and California without supervision by 2025.
Elon Musk introduces Tesla’s self-driving “Robovan.”
Elon has introduced a lineup of Optimus robots, stating, “They can babysit your kids, be your friend, and do whatever you can imagine.
Elon Musk has revealed the CyberCab, a self-driving robotaxi that aims to launch between 2026 and 2027. The CyberCab will cost about $30,000 and is designed without a steering wheel or pedals. It will also have wireless charging, but it needs regulatory approval before it can be used on the roads.
Production of the CyberCab might begin in 2026 but could be delayed until 2027. The robotaxi is expected to charge only $0.20 per mile for rides, which is much cheaper than the average $1 per mile for city buses. Musk claims the CyberCab could be 10 to 20 times safer than human drivers. Owners can operate fleets of these vehicles to earn passive income without needing to drive, similar to how Uber works.
Tesla plans to introduce fully autonomous driving in Texas and California next year. The CyberCab is part of their vision to change how people move around cities. The vehicle features a futuristic design with butterfly doors and is designed to carry two passengers in a compact cabin.
RBC Capital maintains an “Outperform” rating on Tesla (TSLA) with a price target of $236. At the “We, Robot” event, Tesla expressed openness to selling robotaxis to fleet operators, but investors found the event lacking specific details and timelines. Key announcements included a new vehicle design without steering wheels, potential Cybercab production by 2026, and unsupervised Full Self-Driving in California and Texas next year. Tesla estimates robotaxi costs under $30K, with charges of $0.30-0.40 per mile. The absence of a teaser for a lower-priced vehicle expected in early 2025 led to some disappointment. RBC expects shares to drop 5% to 10% but remains bullish on Tesla’s long-term prospects.
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