Musk's Robotaxi Reveal Boosts Tesla Shares, Shifting Focus from Model 2 Closure
April 8, 2024![Musk's Robotaxi Reveal Boosts Tesla Shares, Shifting Focus from Model 2 Closure](https://cdn.brief.news/images/stories/8e1e3cc1f1d6faebbaabbc934e7f5f54c005ecb24e7308a1bb3c2998cf0921c16110ec93743eab9ea243b7bef672839b94b70d05d7dc84873806ad90ee769d72.jpg)
Tesla CEO Elon Musk has revealed plans to unveil a robotaxi on August 8, boosting Tesla's stock by 3.8% after hours.
The announcement follows confusion over the fate of the entry-level Model 2, with reports of its cancellation in favor of the self-driving robotaxi initiative.
Tesla aims to invigorate electric vehicle demand with price cuts up to $7,000, despite reporting lower auto sales and a subdued demand forecast in the first quarter.
The company contends with strong competition in China and concerns over meeting delivery targets amidst a mixed media narrative.
Musk's emphasis on the development of Full Self-Driving (FSD) systems and claims of 'superhuman' capabilities reflect Tesla's long-term bet on autonomous driving.
Safety and regulatory hurdles have marked the cautious deployment of Tesla's self-driving technology in the US, with the 'autopilot' feature facing particular scrutiny.
Investor anticipation builds ahead of the robotaxi reveal, signaling market interest in Tesla's autonomous vehicle strategy.
Summary based on 20 sources
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Sources
![Is Tesla Scrapping the $25,000 Car or Not?](https://cdn.brief.news/static/default-preview-images/1.png)
Nasdaq • Apr 6, 2024
Is Tesla Scrapping the $25,000 Car or Not?![Tesla scraps low-cost car plans amid fierce Chinese EV competition](https://cdn.brief.news/images/links/da0db19b31c570d24993f46efb612dde782081c09bc78be3b1c4b20fa7b7daf755836b2afba30b2274e0ece79df49dd743ebf9061d808573012b79f0f264163e.jpg)
The Indian Express • Apr 6, 2024
Tesla scraps low-cost car plans amid fierce Chinese EV competition![Tesla is poised to roll out its own robotaxis, Elon Musk says](https://cdn.brief.news/images/links/1bfaa31837ffe674d0276e2fdb8a2fcff6a7eb9f629d7c1e434ad8732f4e2ab88a2253b0bab6f37cb95622bf422e8066d1d50198a8752cd490fd859f8d0d793c.jpg)
San Francisco Chronicle • Apr 6, 2024
Tesla is poised to roll out its own robotaxis, Elon Musk says