Tesla CEO Elon Musk announced on social media that the company will reveal its robotaxi product on Aug. 8. This long-awaited project has been a focus for Musk for years, and it could potentially open up a new avenue of business for the carmaker as investors express concerns about slowing growth.
Following Musk’s tweet, Tesla’s shares rose over 3% in extended trading. This announcement comes after reports that plans for Tesla’s highly anticipated low-cost car model had been canceled, which Musk publicly disputed, accusing the reporters of “lying.”
Despite Musk’s previous promises of “full autonomy” for Tesla cars within a few years, the company has yet to deliver a robotaxi or fully autonomous vehicle. While Tesla offers advanced driver assistance systems, including Autopilot and Full Self-Driving options, the latter still requires a human driver at the wheel.
In an effort to boost end-of-quarter sales, Musk has mandated that all sales and service staff install and demonstrate the Full Self-Driving option for customers. Despite this push, the premium FSD option still necessitates human supervision.
Other companies in the autonomous vehicle space, such as Alphabet’s Waymo and China’s Didi, have made strides in commercializing driverless ride-hailing services, while some, like Apple and GM’s Cruise, have faced challenges and setbacks in the market.
It’s important to note that a product reveal from Tesla does not necessarily guarantee a near-future commercial release, as seen with the company’s Semi truck, which was unveiled in 2017 but only began deliveries in December 2022.
As the world eagerly anticipates the reveal of Tesla’s robotaxi product, the industry will be watching closely to see how this development could impact the future of autonomous transportation.
