Shares of electrical car maker Tesla tumbled Friday after the corporate’s long-awaited robotaxi occasion — the place CEO Elon Musk unveiled the agency’s Cybercab self-driving idea automobile — did not impress traders.

Tesla inventory was down 5.7% as of 5:20 a.m. ET in premarket buying and selling on Friday.

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

The Tesla boss stated the corporate hopes to be producing the Cybercab earlier than 2027, however supplied no particulars on the place the automobiles can be manufactured. He stated shoppers would be capable to purchase a Tesla Cybercab for a price ticket beneath $30,000.

He additionally stated he expects Tesla to have “unsupervised FSD” up and operating in Texas and California subsequent 12 months within the firm’s Mannequin 3 and Mannequin Y electrical automobiles. FSD, which stands for Full Self-Driving, is Tesla’s premium driver help system, out there right this moment in a “supervised” model for Tesla electrical automobiles.

The know-how nonetheless requires a human driver on the wheel, able to steer or brake at any time.

In response to the Thursday occasion, analysts at Barclays stated that the revelations had failed to spotlight any near-term alternatives for Tesla, as an alternative prioritizing Musk’s imaginative and prescient for a completely autonomous driving future.

“As anticipated, like prior Tesla product unveils, the occasion was gentle on the main points, and as an alternative emphasised the imaginative and prescient underpinning Tesla’s development endeavors in AI/AV [autonomous vehicles],” Barclays’ U.S. autos & mobility workforce wrote within the observe early on Friday.

“But there have been no updates indicating near-term alternatives. Tesla did not present its low-cost mannequin deliberate for 1H’25 manufacturing,” they added. “We additionally did not get any near-term updates on FSD progress, or knowledge reflecting enchancment within the system.”

Piper Sandler analysts stated in a separate Friday observe that “most trading-oriented companies can be underwhelmed by the robo-taxi unveiling.”

“We would not be stunned if the inventory sells off within the coming weeks, as pre-event momentum fizzles,” the funding financial institution’s analysts stated within the observe.

They added that, whereas there have been moments of the live-streamed Thursday occasion throughout which it was “troublesome to suppress a smile,” many traders had anticipated the corporate would “ship one thing extra concrete.”

It’s anticipated to take some years nonetheless earlier than self-driving automobiles turn into a mainstream actuality on public roads, with regulators involved over the protection options embedded into such automobiles.

Among the many few corporations which have efficiently launched self-driving automobiles on public roads is Google’s Waymo, which has supplied its robotaxi service to most of the people since June.

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