Tesla Takes Major Steps Forward with Cybercab Testing at Giga Texas

Latest Developments in Autonomous Vehicle Testing: Tesla Inc. TSLA has been actively testing its newly announced Cybercab at the Giga Texas facility.

The Cybercab has caught attention as it underwent tests within the factory grounds. Social media videos displayed the vehicle’s ability to navigate through traffic on its own, generating excitement among electric vehicle enthusiasts.

Recent observations by Giga Texas insider Joe Tegtmeyer revealed that Tesla has been conducting test drives along the main building of the factory for several weeks. Notably, the tests utilized a modified gaming joystick for manual control during operations.

Additional Testing Insights: More tests, including water ingress assessments, are reportedly ongoing at the west end of the facility and other locations around Giga Texas. The appearance of extensive production equipment at the staging lot suggests a potential new assembly line might be on the horizon.

During the Q3 2024 earnings call, Elon Musk shared that Tesla aims for volume production of the Cybercab by 2026, with production possibly kicking off in 2025. The ambitious plan includes producing at least 2 million units yearly.

The Importance of the Cybercab Development: Testing the Cybercab at Giga Texas marks a significant advancement in Tesla’s vision for its two-seater robotaxi, which was revealed earlier this year. Priced under $30,000, the Cybercab is a crucial element of Tesla’s strategy to transform urban transportation with autonomous vehicles. This ambitious goal arrives amidst skepticism from competitors like Lucid Group Inc. LCID, whose CEO Peter Rawlinson has expressed doubts about the immediate viability of self-driving cars.

Tesla is not holding back in its pursuit of this innovation; the company is actively searching for top talent to enhance its teleoperation capabilities to support the Cybercab and related projects.

Market Response: Tesla stock closed at $332.89 on Wednesday, down 1.6% for that day. After hours, the stock saw a slight rise of 0.5%. So far this year, Tesla’s stock has increased by 34%, based on data from Benzinga Pro.

Analysts currently rate Tesla stock as “Neutral.” The highest price target stands at $400, while the consensus price target is $232.20, indicating a potential downside of 30% from current levels.

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Disclaimer: This content was partially produced with the assistance of AI tools and reviewed before publication by Benzinga editors.

Photo courtesy: Tesla