Musk delays robotaxi unveiling to October to fix design error
What's the story
Tesla CEO Elon Musk has confirmed a delay in the unveiling of the company's robotaxi due to a significant design change.
Musk disclosed this information on his social media platform, X, stating "Requested what I think is an important design change to the front, and extra time allows us to show off a few other things."
Initially scheduled for August 8, the event has now been pushed back to October. The exact date is yet to be revealed.
Market reaction
Delayed robotaxi event not a surprise to Wall Street
The postponement of the robotaxi event was not unexpected by Wall Street analysts and Tesla investors.
This anticipation stems from the engineering and regulatory challenges associated with developing robotaxis and autonomous driving systems.
Following the announcement of the delay, Tesla's shares fell more than 6% but have since recovered, with the stock last up 5% in afternoon trading.
Future plans
Musk's vision: Steering wheel-less robotaxi by 2024
In 2022, Musk announced that Tesla expects to mass-produce a robotaxi with no steering wheel or pedal by 2024, despite missing previous targets for self-driving vehicles.
He first hinted at the robotaxi event in April this year, sharing limited information about Tesla's ambitious project.
He has only mentioned that some of the vehicles will be owned and operated by Tesla, while others will be privately owned but available for rent through Tesla's network.