Tesla CEO Elon Musk announced on Friday that the company will unveil its highly anticipated robotaxi product on August 8. Musk wrote on his social media platform X, "Tesla Robotaxi unveil on 8/8," without providing other details.

Tesla Shares Rose After Elon Musk Announces the Unveiling Date for Robotaxi

According to CNBC, following Elon Musk's tweet, Tesla shares surged more than 3% in extended trading. This announcement came after years of speculation about Tesla's foray into the autonomous vehicle market.

Musk has said that, in the past, these cars could operate as fully autonomous taxis and earn money for their buyers by providing taxi rides on their own. The Tesla CEO has talked about the robotaxi project for years, which is poised to diversify the company's revenue streams amid concerns over its slowing growth.

Tesla has yet to deliver a robotaxi but already offers advanced driver assistance systems (ADAS), including a standard Autopilot feature and a premium Full Self-Driving (FSD) option, which comes at an additional cost. 

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Tesla Reportedly Scraps Low-Cost Car Plans

Elon Musk's announcement coincided with a Reuters report revealing that Tesla's plans for a low-cost car model had been canceled. However, Musk refuted the report and accused the outlet of "lying."

As Tesla gears up to unveil its robotaxi product, anticipation among investors and consumers continues to mount. Many eagerly await further details about the company's latest technological advancements in autonomous driving. 

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