Week 41/24 Update: Robotaxi Responses, Environmental Data, and DHL Semi Trials in China
Tesla, the electric vehicle (EV) giant, recently held a much-anticipated event at a Warner Brothers film set, where CEO Elon Musk unveiled several new products and updates.
Musk presented the Robotaxi, now named Cybercab, and a larger vehicle called Robovan, designed for up to 20 people. The Cybercab, with its futuristic design resembling a combination of the Model Y in the front and the Cybertruck in the rear, features two seats and two upward-opening doors. However, some visitors reported that the Cybercabs at the event were at least partially remote-controlled, which may have further eroded Musk's credibility regarding autonomy.
Tesla also provided 50 fully autonomous cars for guests to take rides in, including 21 of the new Cybercabs and the rest Model Ys. Despite this demonstration, Musk did not provide data on the progress of the autonomy software in terms of miles driven before human intervention is required, which may not have been sufficient to convince sceptics of Tesla's Full Self-Driving (FSD) capabilities.
Morgan Stanley expressed disappointment with the lack of detail provided on Tesla's AI narrative and the transition from assisted driving to fully autonomous cars. The analysts' sentiments were echoed by the market, with Tesla's stock price dropping nearly 9% following the event.
On a positive note, DHL has announced plans to integrate the Tesla Semi into its network before mass production begins in 2026, following a successful 3,000-mile test. This collaboration is a significant step towards Tesla's goal of revolutionising the transportation industry.
In other news, Tesla's Model 3 and Model Y are expected to be able to drive unsupervised with necessary approvals using FSD in California and Texas next year. This development marks a significant milestone for Tesla's push towards autonomous driving.
The event also highlighted Tesla's ongoing efforts to expand its presence in Europe. The 400,000th Model Y has been produced at the Tesla plant in Grünheide since production began in March 2022, indicating a slower ramp-up in Europe compared to other regions.
Finally, it's worth noting that China recently produced its three millionth electric vehicle, underscoring the growing global adoption of EVs. Despite this, Tesla still generates around 80% of its revenue from electric car sales.
As Tesla continues to innovate and push the boundaries of what's possible in the EV and autonomous driving sectors, it faces both challenges and opportunities. The coming years will be crucial in determining the company's future trajectory.
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