Tesla Stock Poised To Pullback To 1-Month Low: What's Going On?

Tesla, Inc. TSLA shares pulled back sharply in premarket trading on Friday as the much-hyped Robotaxi unveil event, which went by the name “We, Robot” did not generate the kind of positive sentiment the market was hoping.

CEO Elon Musk demoed the Cybercab, Tesla’s completely autonomous vehicle, at the event held in Los Angeles. The company made available 20 units of the electric vehicle. One of the EVs drove itself to the stage with Musk seated within. The Cybercab with its butterfly wings that opened upwards left all event participants awestruck and it was shown to be cost-competitive to existing ride-hailing services.

The Cybercab will be priced under $30,000, Musk said.

The billionaire’s comments that the Cybercab will go into production only in 2026, or possibly in 2027 spooked investors.

See Also: How To Buy Tesla (TSLA) Stock

Tesla said its unsupervised full self-driving would be released in Texas and California in 2025, and be expanded based on state regulatory parameters.

The company also provided updates to its Optimus humanoid robots, stating that it will be priced at $25K-$30K in the long term. Deepwater Asset Management’s Gene Munster said the robot could hit the price point only by 2030. The surprise launch of the event was the Robovan, which Munster sees materializing by 2028 at best.

With regulatory clearance for the unsupervised FSD still uncertain and most other product offerings not fructifying before 2027, investors may fret over the absence of any near-term catalysts that can drive the stock out of the current rut.

The stock fell 5.88% to $224.72 in premarket trading, according to Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read Next:

• Tesla Analysts Rave Over Cybercab’s Design, Cost Advantage, But Production Timeline Sparks Worry: ‘Too Far Out For Skeptical Investors To Get On Board’

Image via Shutterstock