Tesla CEO Elon Musk has announced the release date of his Tesla robotaxi. In a post shared on his platform X, formerly Twitter on Saturday, the tech billionaire wrote, “Tesla Robotaxi unveil on 8/8.”
This sparked a nearly 4% surge in Tesla's stock to $171.19 during extended trading on Friday, as per Market Watch.
This revelation came shortly after Mr Musk denied reports of canceling plans for a lower-priced car, reaffirming Tesla's focus on an autonomous vehicle that could disrupt the automotive industry.
What is a Robotaxi?
Tesla's robotaxi, described by Elon Musk during a 2019 investor event, is a futuristic self-driving vehicle. Mr Musk envisioned a future where owners could earn by renting out their autonomous vehicles for use in a taxi service, with Tesla taking a commission.
Elon Musk's vision for a robotaxi has faced several setbacks, with initial projections in 2019 suggesting that these vehicles would be operational by 2020. Admitting to delays, Mr Musk acknowledged, "The only criticism, and it's a fair one, sometimes I'm not on time."
One major roadblock to releasing the robotaxi is getting regulatory approval for Tesla's self-driving technology. Last year, Tesla had to recall many vehicles because the National Highway Traffic Safety Administration (NHTSA) found issues with Tesla's Full Self-Driving (FSD) Beta software. The NHTSA warned that this software could cause Tesla cars to break speed limits or drive unpredictably and unsafely.
At present, buyers have the option to get Tesla's full self-driving capability when buying a new Tesla Model 3, with an extra cost of $12,000 on top of the car's $40,000 base price. Or you can subscribe for up to $199 a month, depending on the car's setup.
