Tesla's Autonomous Car Unveil Disappoints Investors, Stock Drops

Tesla's electric vehicle stock took a hit on Friday morning, falling 5.8% before the market opened. The drop followed the company's big event showcasing the Cybercab, a futuristic self-driving car. This was a letdown for investors, who were expecting more from the unveiling. The Cybercab is a sleek, silver two-seater without traditional controls like a steering wheel or pedals. Tesla aims to start producing these cars before 2027, but details on manufacturing locations are still unknown. Surprisingly, Musk mentioned that the Cybercab could cost less than $30,000.

The event also mentioned Tesla's Full Self-Driving (FSD) system. Currently, FSD needs a human driver to stay alert, but Musk hopes to change that. He believes unsupervised FSD could be ready in Texas and California next year for Model 3 and Model Y vehicles. However, this ambitious goal has yet to be proven feasible.

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