In an aerial view, Tesla cars sit parked in a lot at the Tesla factory on April 20, 2022 in Fremont, California.Justin Sullivan/Getty Images
After announcing that there would be a delay in its launch, Tesla CEO Elon Musk said Tuesday (July 23) that the company would be launching its long-awaited robotaxi service on Oct. 10, around two months after the planned date.
Quartz reported that the tech boss originally slated Aug. 8 as the launch date of the service. However, the reported delay made a significant impact on Tesla shares, which eventually lost some of its massive gains over the past few months.
Last week, Musk said on social media that he requested an "important design change" to the front of the vehicle, with the two-month grace period intended for his team to further develop the car.
Axios reported that Tesla's second quarter revenue fell by 7%.
Tesla's Robotaxi a Demonstration of Company's Determination
Analysts have viewed the unveiling of Tesla's robotaxi service more as a demonstration of the company's aspiration on autonomous and artificial intelligence (AI) technology on automobiles and its determination to perfect it even if it meant delaying its formal launch by years.
Wedbush Securities analyst Dan Ives said prior to the announcement of the new launch date that the timing of robotaxis, partnerships, and autonomous and AI driven technology does not affect its bullish analysis of Tesla.
On the other hand, Ark Investment Management forecast a scenario that could bring Tesla to $2,600 per share, with 90% of the company's projected 2029 value attributed to robotaxis.
It is understood that Tesla's robotaxis were expected to help the company make more money in the future, with Musk earlier launching a network that he claimed to be a "combination of Airbnb and Uber" as he intended to provide car owners the option to have their vehicles enter the service at their leisure.
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