Zinger Key Points
- Tesla trademarks could point to what the recently revealed autonomous vehicles will officially be called.
- The autonomous vehicles could be years away from production with regulation hurdles ahead.
- Benzinga shares with you top insiders news
Tesla Inc TSLA showed off its robotaxi autonomous vehicle and a larger autonomous vehicle it referenced as the Robovan during its highly anticipated Robotaxi Day last week.
Newly uncovered trademark filings could show what names the company prefers for the vehicles and will use going forward.
What Happened: Tesla CEO Elon Musk showed off the company's vision of an autonomous vehicle that will hopefully take consumers from place to place without needing a driver or any intervention.
The company also showed off a larger vehicle that can take up to 20 passengers to destinations that acts similar to a shuttle.
Both vehicles could be part of the future for Tesla as it looks to autonomous vehicles for growth. Both vehicles also drew pushback from the director of movie "I, Robot" for their similar designs to vehicles in the movie.
Going forward, one debate for Tesla and Musk could be what to call the vehicles.
Before the Oct. 10 event and during the event, the autonomous vehicle was referenced as both "Cybercab" and "Robotaxi." On Tesla's website, the company uses the phrase Robotaxi to describe the newly unveiled vehicle.
A report from Electrek says Tesla has filed to trademark "Robotaxi" for electric vehicles and for ridesharing and commercial use.
The report also said Tesla has filed to trademark "Robobus," which could indicate the term Robovan used by Musk and the company on Oct. 10 was a placeholder. Tesla's website now uses the term Robovan to describe the vehicle.
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Why It's Important: Trademark filed don't guarantee that they will be granted or that the company will use the names. In this case, the trademark filings likely point to names that Tesla is considering using for the newly unveiled vehicles.
Tesla's new vehicles are years away from production with Musk sharing a goal of the robotaxi vehicle to be in production before 2027 with a goal of costing under $30,000.
The EV company has been known to overpromise in the past when it comes to production timelines and vehicle costs.
Regardless of what the vehicles are called, autonomous vehicles face potential hurdles on regulation on a nationwide basis. Surveys show they must win over consumers who are scared of the technology.
Price Action: Tesla stock is up 1% to $220.44 on Tuesday versus a 52-week trading range of $138.80 to $271. Tesla stock is down 10% over the last five days and down 11% year-to-date in 2024.
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