Elon Musk Unveils Tesla's Ambitious Driverless Future at Hollywood Event

Elon Musk announced Tesla's plans for driverless vehicles at an event, unveiling new prototypes like the Cybercab and robovan. The company aims to offer full autonomy in some locations by next year, though some investors expressed concerns over the lack of detailed business and technological strategies.

At a glitzy Hollywood event, Elon Musk laid out Tesla's grand vision for fully autonomous vehicles, unveiling the Cybercab and a robovan prototype. While he promised driverless capabilities by next year in Texas and California, investors remain skeptical due to a lack of concrete business plans.

The announcement included plans to build the Cybercab by 2026 for less than $30,000. Musk also showcased a robovan that can transport 20 people, claiming it could transform urban landscapes. The presentation, infused with electronic dance music, exemplified Musk's theatrical approach but left some stakeholders seeking clarity on execution strategies.

Tesla's shares dropped nearly 10% following the event, reflecting investor apprehension. Critics noted that the lack of details on Tesla's robotaxis might reduce competitive pressure on ride-hailing services like Uber and Lyft. Despite the innovative presentation, challenges persist, including regulatory hurdles and Tesla's lag behind competitors in AI self-driving technology.

(With inputs from agencies.)