Tesla shares plunged as trading began on Wall Street after investors were left underwhelmed by the
unveiling of its new robotaxi.
The electric car maker’s stock dropped by more than 9pc in early trading after it failed to provide details on how fast it could ramp up production of its new project, called Cybercab.
The fall in its share price wiped $74.5bn off its market valuation, after Tesla had soared almost 70pc since mid-April, largely in anticipation of the unveiling.
At a much-hyped event in California on Thursday, chief executive Elon Musk said the vehicle will be available to buy for less than $30,000 (£23,000) but he did not say how it would deal with potential regulatory hurdles.
RBC Capital Markets analyst Tom Narayan said: “Investors we spoke to at the event thought the event was light of real numbers and timelines.”
Nancy Tengler, a Tesla investor who attended the event, told Bloomberg: “The only specific was the $30,000 for a Cybercab. The concepts were all grand. Is the idea super cool? Absolutely.”