Tesla shares fell 6% on Friday, erasing gains from the previous session, after the company’s latest Cybercab update failed to impress investors hopeful the EV maker can challenge Alphabet’s Waymo in the U.S. robotaxi market, according to CNBC.
The event, held Thursday in Austin, Texas, was invite-only, lacked a public livestream, and featured no appearance from CEO Elon Musk — a departure from Tesla’s typically theatrical product reveals, analysts noted. The company said users of its Tesla Robotaxi ride-hailing app can now book driverless trips in a Cybercab within a geofenced area around Austin.
The Cybercab, first shown nearly two years ago and in production since April, is a bronze two-seat robotaxi with scissor, or butterfly, doors and no steering wheel or pedals.
RBC Capital Markets analysts said in a Friday note that Tesla offered only “limited new incremental disclosure relative to prior announcements,” leaving key questions about pricing, production cadence, and regulatory approvals unresolved. Despite the criticism, RBC maintained a buy rating on the stock.
Wells Fargo analysts titled their note “TSLA Cybercab Launch Event Underwhelms,” pointing to “early execution issues” with Tesla’s Austin robotaxi service. Users have posted videos and complaints about routing errors, missed destinations, and excessive wait or drive times.
Adding to the pressure, the National Highway Traffic Safety Administration (NHTSA) initiated an “audit query” Thursday to determine whether Tesla properly self-certified the Cybercab as safe for public roads and in compliance with federal safety standards.
The 6% drop on Friday followed a 5.4% gain Thursday ahead of the event, leaving the stock’s weekly performance roughly flat.
Investors have been betting on Tesla’s ability to scale a robotaxi network that could rival Waymo, which currently leads the U.S. market. But Thursday’s muted update — without new specifics on pricing, timelines, or regulatory milestones — left many wanting more, according to analysts.
Neither Tesla nor NHTSA has commented publicly beyond the audit query initiation, CNBC reported.
Source: www.cnbc.com — https://www.cnbc.com/2026/09/04/teslas-stock-drops-as-cybercab-update-underwhelms-nhtsa-probe.html
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