August 8th will be Robotaxi Unveiling Day

Elon Musk, the CEO of Tesla, said on X social media that the company would unveil its robotaxi product on August 8.

Musk has been promising investors a robotaxi for years, but he hasn't been able to fulfil his vision of a self-driving car. The announcement of the unveiling event date coincides with a time of slower growth for the corporation, which has some investors on edge.

Musk revealed the date of the announcement on Friday, following Reuters' previous story that Tesla's plans to produce a much-anticipated low-cost electric car had been shelved. Musk called out Reuters for "lying," but he did not point out any specific inaccuracy in their report.

Elon Musk promised shareholders in 2015 that Tesla vehicles would reach "full autonomy" in three years. He predicted in 2016 that by the end of the following year, Tesla will be able to dispatch one of its vehicles on a cross-country journey without the need for human assistance.

In a 2019 fundraising call, Elon Musk informed investors that Tesla anticipated having a million "robotaxis" or autonomous cars on the road by the following year. At the time, he told investors that each automobile should be able to work 100 hours a week for its owner, earning money as a robotaxi.

Tesla has yet to produce an autonomous vehicle, robotaxi, or technology that enables its cars to become "level 3" automated vehicles. However, Tesla provides advanced driver assistance systems (ADAS). The latter is available for $12,000 upfront or $199 per month for U.S. subscribers, and includes both ordinary Autopilot and the premium Full Self-Driving (or "FSD") option.

Musk ordered that all sales and service personnel install and demonstrate FSD for clients prior to giving them the keys last month in an effort to boost end-of-quarter sales. "Almost no one actually realises how well (supervised) FSD actually works," he said in an email to staff members. Although I am aware that this may delay delivery, it is still an unreasonable condition.

Tesla's top option, despite its name, necessitates a human driver behind the wheel who is prepared to steer or brake at any time.

Despite self-driving delays and his fiery rhetoric on X, the social network he acquired in 2022 and now leads as CTO in addition to running Tesla, and SpaceX, a rocket and satellite internet company, Musk has persisted in his bet that Tesla customers and shareholders will stick with the Tesla brand.

(Sources: cnbc.com, reuters.com)