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Uber, Lyft Shares Rise; Tesla Falls After Robotaxi Plans Leave Some Investors Unsatisfied
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Uber, Lyft Shares Rise; Tesla Falls After Robotaxi Plans Leave Some Investors Unsatisfied
Oct 11, 2024 5:51 AM

08:27 AM EDT, 10/11/2024 (MT Newswires) -- Uber Technologies ( UBER ) and Lyft ( LYFT ) stocks surged 5% and 2.9%, respectively in recent Friday premarket activity, a day after Tesla (TSLA) Chief Executive Elon Musk revealed a self-driving "Cybercab" robotaxi prototype

Tesla (TSLA) shares, however, were down by 6.2% in recent Friday premarket activity.

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

However, some analysts were "disappointed" by the lack of detailed plans.

"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: 81.85, Change: +3.93, Percent Change: +5.04

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