Tesla shares closed at $217.80 on October 11, 2024, nearly 9% lower, the day after Elon Musk’s “We, Robot” presentation. The selloff followed a showy reveal of a Cybercab prototype and ambitious autonomy plans, but contemporaneous investors and analysts said they wanted more detail on how Tesla would build, approve, operate and make money from a robotaxi service. “Disappointing” describes that market reaction—not a settled judgment on the event or Tesla’s long-term prospects.
What happened at Tesla’s “We, Robot” event?
Tesla held the presentation in Hollywood on Thursday, October 10, 2024. Reuters described a roughly 20-minute event in which Musk unveiled a silver, two-door Cybercab prototype and outlined plans for Model 3 and Model Y vehicles to operate without driver supervision in California and Texas by the following year. He said Cybercab production would begin by 2026 and that the vehicle would cost less than $30,000. He also presented a 20-person robovan and Tesla’s Optimus humanoid robots. Reuters’ October 11 report covered the event and the immediate market response.
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Those were plans and forecasts announced by Tesla, not evidence that the vehicles or service had reached commercial deployment or that the targets had been met. The stock move discussed here is the reaction on the next trading day, October 11, 2024.
How much did Tesla stock fall?
Reuters reported Tesla closed at $217.80 on Friday, October 11, down nearly 9%. Axios reported the stock opened more than 9% lower that morning; the opening decline and closing decline refer to different points in the same session. Axios’ October 11 coverage reported the opening move and investors’ reaction.
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Reuters also reported Uber and Lyft shares closed about 11% and 10% higher, respectively, that day. Analysts interpreted the event’s lack of detail as easing competitive concerns for ride-hailing companies. Those simultaneous moves and the reported interpretation do not establish that Tesla’s presentation alone caused the gains.
Why did investors and analysts call the event disappointing?
The central criticism was a gap between the dramatic product reveal and the practical information investors need to judge an executable business. The presentation emphasized what Tesla hoped to build, but analysts and investors wanted clearer answers about what would make the service work in the real world.
Production and deployment timelines
Investors wanted more specifics about scaling production and turning the announced plans into operating vehicles and a service. A target date gives a market something to evaluate, but without a clearer account of the steps and constraints between prototype and fleet, it does not establish that the target is achievable.
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Regulation and technical readiness
Analysts also wanted clarity on regulatory approvals and whether Tesla’s automation approach could support driverless operation. Reuters quoted Matthew Wansley, a professor at New York’s Cardozo School of Law, saying: “Tesla software is at least years behind where Waymo is. That’s the hard part. No flashy vehicle design is going to change that,” Reuters’ roundup of expert reactions included concerns about the technical and operational questions left open. Wansley’s remarks were an expert’s assessment, not a finding established by the market decline.
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Wells Fargo analyst Colin Langan described the demonstrations as taking place on a controlled movie set. That critique highlights why a polished presentation is not the same as evidence of reliable service across ordinary roads and conditions.
The app, network and customer-operated fleet
A robotaxi business depends on more than a vehicle: customers need a way to request rides, and the operator needs a system to connect vehicles, riders and service operations. Reuters noted Musk did not discuss Tesla’s planned ride-hailing app. Axios reported that expected details about the software network and a customer-powered fleet were absent. Without that information, investors had fewer specifics with which to assess how Tesla intended to organize and deliver the service.
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How autonomy and robotics would generate revenue
Investors wanted to understand how the proposed autonomy and robotics products would be monetized, rather than simply being shown future-facing hardware. Ramesh Poola, co-chief investment officer at Creative Planning, said: “obviously, we were looking for more details on what exactly his future plans are going to be and how he’s going to monetize this new AI and robotics.”
There were also nuts-and-bolts questions about running a fleet. Rocsys CEO Crijn Bouman pointed to charging, cleaning and vehicle availability as unresolved operating issues. These were questions about the business model’s requirements, not proof that Tesla could not address them.
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No. The near-9% closing decline was a clear short-term market response, but contemporaneous views on Tesla’s longer-term opportunity varied. Ross Gerber, a Tesla shareholder and CEO of Gerber Kawasaki Wealth and Investment Management, said: “His vision is lovely, but somebody has to actualize it,” He also emphasized that Tesla still needed to sell electric vehicles in the near term.
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Other investors saw potential if Tesla could deliver. Tasha Keeney, director of investment analysis at ARK Investment Management, said: “If they can do that, I don’t see why they wouldn’t launch a robotaxi service soon after,” Reuters also quoted Keeney as encouraged by the proposed unsupervised-driving timeline. Ramesh Poola saw longer-term monetization possibilities while expecting regulatory hurdles. Axios reported that some Tesla bulls initially liked the presentation and that Bank of America analysts reiterated Buy ratings. These were opinions and ratings reported in October 2024, not current investment recommendations.
What the selloff does—and does not—show
The price drop records how Tesla shares traded the day after the event; it does not, by itself, prove why every investor sold or settle the merits of Tesla’s autonomy strategy. The contemporaneous criticism centered on execution details: regulation, technology, production, service operations, the customer-facing network and revenue. Optimistic investors focused instead on the possible long-term value if Tesla could clear those hurdles.
This is a historical account of the October 2024 event and immediate reaction. The reporting cited here does not establish Tesla’s robotaxi deployment status in October 2026, current market conditions, or whether the targets announced in 2024 were later achieved.
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