Elon Musk went back to his old playbook with the robotaxi event, teasing untried technology and mixing it with hype. The problem is that he routinely blows through deadlines by an order of magnitude and final pricing doesn't resemble what was promised. There is no world where cybercabs are on the road in 2026.
Shares are down 8% at the open but there is something of a bounce off the lows as shorts take profit (TSLA is the most-shorted stock on the S&P 500).
What I find interesting is the robotics. I'm a big believing that what Musk was talking about in regards to robots doing everything is coming and they're in a decent spot to build them. The thing is, China is in a much better spot to build them so it's tough to justify a $700 billion market cap in a segment that's wide open.
On the flipside of Tesla, shares of Uber are the best-performing stock, up 8% as the competitive threat from the cybercab looks distant.