Chief Executive Elon Musk unveiled the Tesla robotaxi on Thursday night at the "We, Robot" event, announcing that he expects fully autonomous Tesla vehicles on the roads in Texas and California in 2025.
Tesla stock wavered Thursday ahead of the highly anticipated product launch. Shares fell modestly overnight on the Robinhood app.
11:24 p.m. ET
Livestream Returns
The presentation appears to be over, but viewers can watch people at the event looking at the vehicles and Optimus. There did not seem to be any updates on a Tesla ride-hailing service or a new "affordable" Tesla vehicle model.
11:22 p.m. ET
Tesla Stock Reverses Lower On Robinhood
Tesla stock, up 3% or more during the livestream, reversed slightly lower as the event ended quickly.
11:20 p.m. ET
Tesla Livestream Ends
While the party began for the in-person crowd, the robotaxi livestream ended.
11:17 p.m. ET
Elon Musk Sees Optimus As 'Biggest Product Ever'
A number of Optimus robots walked on stage.
Musk predicts Optimus long term will cost the consumer $20,000-30,000.
"I think this will be the biggest product ever of any kind."
11:12 p.m.
Musk Shows Off Robovan
Musk also showed off an autonomous Robovan that can transport 20 people. No immediate word on timing.
11:11 p.m. ET
Tesla Cybercab Charges Without Plug
The robotaxi has no plug. It goes over the inductive charger and charges automatically, Musk said.
11:07 p.m. ET
Musk Sees Fully Autonomous Tesla 'Next Year'
Musk: "We expect fully autonomous unsupervised FSD in California and Texas next year — that's with the Model 3 and Model Y."
He expects production of the Cybercab probably in 2026 — "before 2027."
"I tend to be a little optimistic with time frames," Musk admitted.
Musk has said for years that Tesla would achieve self-driving "this year" or "next year."
11:05 p.m. ET
Musk Sees Cybercab Below $30,000
Musk expects the Cybercab price tag to be below $30,000.
10:59 p.m. ET
Elon Musk Rides Cybercab
Elon Musk got into a two-door Cybercab riding in the Warner Bros studio lot, getting out to take the stage.
"We have 50 fully autonomous cars here tonight" — no steering wheel or pedals. "So I hope this goes well — we'll find out."
10:53 p.m. ET
Finally Starting
The presentation is about to get underway.
10:42 p.m. ET
Musk Cites Medical Emergency In Crowd For Delay
With the robotaxi presentation still not underway, Elon Musk tweeted, "A person in the crowd had a medical emergency. We have taken care of them and will be starting shortly."
10:21 p.m. PT
Still Waiting For The Livestream To Go Live
This is nothing unusual for Tesla events.
10:10 p.m. ET
Tesla Stock Reaction
After-hours market trading is over, but investors can check Robinhood for 24/7 Tesla trades. Tesla is up more than 2% on the Robinhood app before the event truly gets underway.
Stock futures are tilted slightly higher.
10:01 p.m. ET
Tesla Livestream Begins
But it's waiting room music and images to start.
9:46 p.m. ET
Get Ready To Wait?
The robotaxi presentation is expected to begin at 7 p.m. PT Thursday, but Tesla events often start several minutes late. Will it be worth the wait?
Musk has claimed the Tesla robotaxi event "will be one for the history books," and has said it will be the most significant moment for Tesla since the EV company unveiled the Model 3 nearly nine years ago.
Tesla Stock Rebounds As The Robotaxi Approaches, But What About Waymo
Tesla Robotaxi Event Expectations
Remarks and the presentation will begin at 7 p.m. PT, though company events often start late. The EV giant encouraged attendees to wear "closed-toe shoes" to the Warner Bros. studio, signaling a live robotaxi demonstration could be in the offing.
Musk will surely tout Tesla's self-driving efforts broadly and express optimism that full autonomy is coming soon. The Tesla chief has repeated this mantra for years.
Musk previously planned to unveil the robotaxi on Aug. 8. He pushed the event out to "make some important changes." Musk also hinted on the Q2 earnings call that there could also potentially be other product announcements on Oct. 10.
"Moving it back a few months allowed us to improve the robotaxi, as well as add in a couple other things for the product unveil," Musk said on the July 23 earnings call.
Wedbush Securities analyst Dan Ives, a longtime Tesla bull, on Wednesday said the robotaxi event will be a "seminal and historical day for Musk and Tesla and marks a new chapter of growth around autonomous," expecting "game changing" autonomous technology.
Adam Jonas, Morgan Stanley's high-profile auto analyst and a TSLA bull, wrote on Oct. 2 that potential initial commercial introduction of the cyber-cab could be late 2025 or 2026.
Jonas has stressed that Tesla currently has a permit for autonomous vehicle testing "with a driver" but does not possess a permit for autonomous vehicle testing or deployment without a driver.
On Musk's hints at other products, Jonas wrote in September: "Could we see an electric plane? A boat? The latest gen Optimus robot flipping burgers at a Tesla Diner? We're not really sure."
Tesla could also show off the long-awaited "affordable" vehicle, which is supposed to be in production by the first half of 2025. The latest Optimus robot may make an appearance.
"We remind investors that such events aim to achieve multiple purposes including recruiting, marketing and consumer education," Jonas wrote recently.
The Tesla robotaxi event could also be a big deal for ride-hailing giants Uber Technologies and Lyft.
Tesla Robotaxi Push Brings 'Cloud Of Uncertainty' For Uber And Lyft, Analyst Says
Tesla Stock Near Buy Point
In Thursday market action, Tesla stock edged down nearly 1% to 238.77, hitting a low of 232.34 intraday. Shares are down 4.5% on the week.
Tesla stock has a 264.86 cup-with-handle buy point, according to MarketSurge chart analysis. The 250 area offers an early entry.
Investors won't get a market reaction to the Tesla robotaxi event until early Friday morning.
"We think the stakes are high and there is more risk to the downside than upside given the stock's recent run-up and likelihood that the event could disappoint," CFRA analyst Garrett Nelson wrote on Oct. 2.
"We also note the stock price run-up and the 'sell the news' pattern of major Tesla events historically. Specifically, we are looking for more visibility regarding intermediate-term earnings growth," he added.
Shares fell in early October after third-quarter Tesla deliveries failed to meet whisper numbers.
Tesla will report Q3 earnings on Oct. 23.
Meanwhile, Uber stock is trading just below a 78.45 handle buy point. Lyft is still below its 200-day line.
Tesla stock ranks fourth in the 35-member IBD Auto Manufacturers industry group. The stock has a 61 Composite Rating out of a best-possible 99. Shares also have a 45 Relative Strength Rating and a 57 EPS Rating.
Please follow Kit Norton on X @KitNorton for more coverage.
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