TSLA: Tesla Robotaxi Event Unveils $30,000 Cybercab with No Steering Wheel. Shares Drop.

Elon Musk rolled up to the stage in a Cybercab prototype and said production will kick off before 2027. Plus, Robovan and a new version of the Optimus humanoid robot.

• Tesla TSLA is so back. Or at least that’s how it looks. The world’s biggest EV maker just expanded the scope of its product suite, adding a bunch of new toys. On Thursday, Tesla had its much-anticipated Robotaxi event, which unveiled not one but two hot, slick-looking wheels. The first one is a self-driving, two-seater robotaxi Cybercab expected to roll off the conveyor belt before 2027 (pending regulatory approval). The second one is a Robobus/Robovan that can pack up to 20 people.
• Elon Musk rolled up to the stage, albeit with a one-hour delay, in one of 50 Cybercabs circling around the Warner Bros. studios in Los Angeles, where the event was hosted. Musk showed off the new model, saying it has “no steering wheel or pedals” and will cost less than $30,000. The Robobus was especially odd-looking, which, according to Musk, was intentional. “We want to change the look of the roads,” said Musk. “The future should look like the future.”
• But the neon-filled scene giving futuristic vibes and Musk touting the new products as game-changers didn’t inspire investors to rush to shove their cash into Tesla shares. Some key details were missing and that prompted investors to take a cautious stand. First off, the presentation was just about 30 minutes and didn’t discuss self-driving safety. No deep dives into the business model. Not even the Optimus humanoid robots that were dancing in fish tanks and pouring drinks to visitors could lift up the share price. Pre-market trading on Friday saw Tesla shares drop more than 6%.