In a recent social media post, Tesla CEO Elon Musk announced that the company will be revealing its highly anticipated robotaxi product on August 8th. This announcement comes at a crucial time for the carmaker, as investors have been growing wary due to a period of slowing growth.

Musk has been teasing the robotaxi project for years, and many see it as a potential game-changer for Tesla's business. The robotaxi service could open up a major new revenue stream for the company, providing autonomous ride-hailing services to customers.

The news of the robotaxi reveal had an immediate impact on Tesla's stock, with shares rising over 3% in extended trading after Musk's tweet. This positive response indicates that investors are eagerly awaiting the unveiling of this new offering.

It is worth noting that Tesla has faced criticism in the past for not delivering on its ambitious promises regarding autonomy. In 2015, Musk assured shareholders that Tesla cars would achieve "full autonomy" within three years. However, the company has yet to provide a fully autonomous vehicle or a technology capable of turning its cars into "level 3" automated vehicles.

Despite this, Tesla offers advanced driver assistance systems (ADAS) in the form of its standard Autopilot option or the premium Full Self-Driving (FSD) option. The latter, which costs $199 per month for U.S. subscribers or $12,000 upfront, requires a human driver at the wheel but provides enhanced self-driving capabilities.

The robotaxi market is becoming increasingly competitive, with companies like Alphabet's Waymo and Didi's autonomous unit already operating commercial services. Tesla's announcement places the company in direct competition with these players, especially given Waymo's recent partnership with Uber for food delivery.

It is important to note that Tesla's "unveil" dates do not always indicate an immediate commercial release of the product. For instance, the company unveiled its fully electric heavy-duty truck, the Semi, in 2017, but deliveries did not begin until December 2022, and the production and sales of Semis have remained limited.

Nevertheless, the upcoming introduction of Tesla's robotaxi product holds great potential for the company. As Elon Musk and his team work towards breaking new ground in autonomous vehicle technology, the unveiling on August 8th could mark a significant turning point for Tesla's future growth and positioning in the market.

CNBC's Kif Leswing contributed to this report.