Elon Musk Says Tesla to Unveil a 'Robotaxi' in August; Shares Jump

By Jace Dela Cruz

Apr 06, 2024 02:09 AM EDT

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.

GRUENHEIDE, GERMANY - MARCH 22: Tesla CEO Elon Musk attends the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany.
(Photo : Christian Marquardt - Pool/Getty Images)

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. 

READ NEXT: Elon Musk Claims AI Could Destroy Humanity, But Believes It's Worth the Risk

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. 

READ MORE: Elon Musk Has Special Privileges in China; Ex-Tesla Employees Reveal What Billionaire Receives 

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