Tesla shares drop 5.5% in premarket after Cybercab robotaxi reveal fails to impress

Shares of electric vehicle maker Tesla sank after the company’s long-awaited robotaxi event — where CEO Elon Musk unveiled the firm’s Cybercab self-driving concept car — failed to impress investors.

Tesla stock was down 5.5% as of 4:55 a.m. ET in premarket trading on Friday.

Musk revealed Tesla’s Cybercab concept vehicle — a low, silver two-seater, has no steering wheels or pedals — on Thursday night. The plan is for the car to be capable of driving itself autonomously when it launches.

The Tesla boss said the company hopes to be producing the Cybercab before 2027, but offered no details on where the cars will be manufactured. He said consumers would be able to buy a Tesla Cybercab for a price tag under $30,000.

He also said he expects Tesla to have “unsupervised FSD” up and running in Texas and California next year in the company’s Model 3 and Model Y electric vehicles. FSD, which stands for Full Self-Driving, is Tesla’s premium driver assistance system, available today in a “supervised” version for Tesla electric vehicles.

The technology still requires a human driver at the wheel, ready to steer or brake at any time.

– CNBC’s Lora Kolodny and Michael Bloom contributed to this report