Meanwhile, shares of Uber spiked 9% to an all-time high, while shares of smaller competitor Lyft rallied 10%.
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Tesla stock dove Friday as the initial reaction was sour to the electric vehicle company’s eagerly awaited robotaxi day, with analysts largely knocking the lack of details presented Thursday night by Elon Musk’s electric vehicle firm on its autonomous driving efforts. Key Facts
Shares of Tesla slid almost 8% to $220 by 10:30 a.m. EDT, losing about $60 billion in market capitalization – more than the equivalent of the total market value of each of its American auto rivals Ford ($43 billion) and General Motors ($54 billion).
The dive came hours after Tesla showed off its “Cybercab” self-driving taxis, its Optimus humanoid robots and its larger Robovan autonomous cab in a flashy Hollywood show, the most vivid picture yet of what Musk paints as the future of Tesla: Artificial intelligence and autonomous vehicles.
Wall Street largely found the robotaxi event lighter on material developments than hoped.
In separate notes to clients, Morgan Stanley analyst Adam Jonas shares he was “overall disappointed with the substance and detail of the presentation,” Bernstein analyst Toni Sacconaghi called the demonstration “underwhelming and stunningly absent on detail;” Barclays analyst Dan Levy noted “there were no updates indicating near-term opportunities,”Deutsche Bank analyst Edison Yu said he was “underwhelmed by the lack of details;” Laffer Tengler Investments CEO Nancy Tengler wrote it was “too general, too vague” for the market’s liking; and Wedbush analyst Dan Ives, a long-time Tesla bull, concurred “ideally Musk and Tesla should have spent more time on details.
