08:33 AM EDT, 10/11/2024 (MT Newswires) -- Tesla's (TSLA) Oct. 10 robotaxi event was "somewhat disappointing" as the EV maker should have showcased either a new vehicle or a new full self-driving, or FSD, version to provide near-term opportunities that would support or boost the stock price, Truist Securities said in a Friday note.

The company demonstrated a small robotaxi and a new "mechanically impressive" variant of Optimus which "may be impressive in their own right, but not enough to move the stock, in our view," analysts led by William Stein wrote.

Tesla also showcased robovan, a full FSD van having a seating capacity of 20 people plus cargo but did not provide any details about the timing of the launch or its cost, the analysts said.

The EV manufacturer anticipates introducing unsupervised FSD in California and Texas in 2025 for the Model 3 and Model Y but Truist said it believes "FSD will never work."

"Are the FSD failures we've observed (and those well documented by others on YouTube) a failure of the AI software, or are they a failure of the sensor configuration to properly detect objects, lanes, and the like?," the note said.

Truist Securities maintained its hold rating and a $236 price target on Tesla's stock.

Shares of the company were down over 6% in recent Friday premarket activity.

Price: 224.17, Change: -14.60, Percent Change: -6.11