Tesla boss Elon Musk introduced the highly anticipated Cybercab, the company’s Robotaxi, at Warner Bros Studios in Burbank, California.
With its two wing-like doors and absence of pedals or a steering wheel, the sleek vehicle brought Mr Musk to the stage as the audience eagerly awaited details about a project he believes is crucial to Tesla’s future.
During the “We, Robot” event, the billionaire stressed his belief that fully self-driving vehicles would be safer than humans and could generate income for owners by being rented out for rides.
Despite Mr. Musk’s optimism, investors did not share his enthusiasm, as Tesla’s stock price dropped more than eight per cent to $219 after the US market opened on Friday morning.
In contrast, shares of ride-hailing competitors Uber and Lyft, both of which have their autonomous aspirations, were each trading up to ten per cent higher.
There are concerns about Mr Musk’s projection that production of the Cybercab would commence “before 2027” due to his history of not meeting his deadlines. He also added that the Cybercab, which would rival companies like Alphabet-owned Waymo, would be priced at less than $30,000 (£23,000).
However, analysts have expressed scepticism about the feasibility of this plan.