### Tesla Shares Drop 8% Following Underwhelming Robotaxi Reveal

Tesla's stock experienced a significant decline on Friday, plunging 8% and erasing approximately $60 billion (£45 billion) from the company’s market value. This drop came in the wake of the much-anticipated unveiling of the "Cybercab," a fully autonomous vehicle, which failed to generate excitement among investors.

During an event in Hollywood, Tesla’s CEO Elon Musk presented the driverless vehicle, asserting that production would commence by 2026 with a price tag under $30,000. He highlighted the vehicle's potential to transport 20 passengers autonomously, which he claimed could revolutionize urban environments by converting car parks into green spaces. Musk also tweeted an ambitious forecast, stating that all transportation would become fully autonomous within the next 50 years.

Despite these bold claims, analysts criticized the event for its lack of concrete details. Tom Narayan, an analyst with the Royal Bank of Canada, noted that attendees were disappointed by the absence of tangible numbers and timelines that typically characterize Tesla’s announcements. This sentiment was echoed by Garrett Nelson from CFRA, who expressed dissatisfaction with the presentation's brevity and limited information on Tesla's near-term product plans, such as a more affordable vehicle and the Roadster.

Musk has previously been known for making grandiose projections that sometimes fail to materialize within promised timeframes or at all. Investors and analysts were expecting more substantial updates on Tesla's progress, which resulted in the stock's subsequent decline.