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Update: Uber, Lyft Shares Rise; Tesla Falls After Robotaxi Plans Leave Some Investors Unsatisfied
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Update: Uber, Lyft Shares Rise; Tesla Falls After Robotaxi Plans Leave Some Investors Unsatisfied
Oct 11, 2024 9:17 AM

11:59 AM EDT, 10/11/2024 (MT Newswires) -- (Updates with latest stock movement of Uber ( UBER ), Lyft ( LYFT ), and Tesla in the first and second paragraphs.)

Uber Technologies ( UBER ) and Lyft ( LYFT ) shares both gained about 10% in recent Friday trading, a day after Tesla (TSLA) Chief Executive Elon Musk unveiled a self-driving "Cybercab" robotaxi prototype

Tesla (TSLA) shares, however, were down by about 8% in recent trading.

Tesla unveiled its long-promised driverless robotaxi, the Cybercab, late Thursday during an event at the Warner Bros Studios in California. Musk said the company will start building the Cybercab by 2026 for less than $30,000 and also unveiled a "robovan" that can transport up to 20 passengers.

Some analysts were disappointed by the lack of detailed plans, however.

"This event was somewhat disappointing," Truist analyst William Stein said in a note to clients early Friday with a hold rating on the stock. "In order to boost [Tesla's] stock, we believe the company needed to show either a new vehicle that would re-accelerate unit growth in 2025, or a new version of FSD that made demonstrable strides towards full (unsupervised) autonomy. The company showed neither."

Price: 85.50, Change: +7.58, Percent Change: +9.72

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