Tesla’s Cybercab Rollout Underwhelms, Faces Government Audit
Tesla launched its long-awaited Cybercab at a private event in Austin on Thursday, introducing a fleet of gold-colored autonomous vehicles without steering wheels or brake pedals. However, the rollout lasted only 15 minutes, with no pricing, rollout target, or consumer ordering option announced. CEO Elon Musk did not attend the event.
The National Highway Traffic Safety Administration (NHTSA) is launching an audit to investigate Tesla’s self-certification that the Cybercab meets federal safety standards, especially given the absence of standard manual controls. Following the announcement, Tesla’s stock fell 6% as analysts expressed disappointment over the lack of details during the presentation.
The Cybercabs are set to be available starting at 5 p.m. CT on Friday, but only at select locations in Austin, with full deployment expected within the next month. Analysts have reacted skeptically, with Wells Fargo maintaining a “Sell” rating and a $130 price target, suggesting a potential downside of 63% for Tesla’s stock.
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