Tesla Stock Falls Nearly 3% In Overnight Trading On Robinhood After Self-Driving Cybercab Unveil

Tesla Inc. TSLA shares fell by about 2.7% in overnight trading on brokerage firm Robinhood after the company’s robotaxi unveiling event late on Thursday failed to give investors confidence.

What Happened: Tesla on Thursday unveiled a two-seater Cybercab that can drive itself and a robovan with no pedals that can accommodate about 20 passengers at an event in Los Angeles on Thursday.

The event, however, was thin on details with the company not divulging the cost of the robovan. Musk also said that the smaller Cybercab will join the company’s autonomous taxi fleet only by 2026. The CEO further remarked that he is often optimistic about timelines, hinting at chances of delay.

Why It Matters: Tesla investors were hoping the robotaxi unveiling event would give the stock a much-needed boost after the company’s third-quarter delivery numbers announced earlier this month sent the stock on a downward journey.

Tesla delivered 462,890 vehicles in the third quarter, marking an increase of 6.4% from the corresponding period last year, but below estimates.

The company has previously said that it expects a lower delivery growth rate this year as compared to the last. However, it has not issued specific delivery guidance for the year.

Some analysts, including Deepwater Asset Management's Managing Partner Gene Munster, had expected Tesla to unveil a cheaper, mass-market EV at the event on Thursday in addition to the robotaxi to ramp delivery numbers in the coming year.

Price Action: At the time of writing, the Tesla stock was down by 2.7% on overnight trading on Robinhood. Year-to-date, Tesla shares are down nearly 4%, after the stock closed down 0.95% at $238.77 on Thursday, according to Benzinga Pro data.

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Photo courtesy: Tesla