Tesla Stock Facing a Drop to Monthly Lows: What's Going on? – Tesla (NASDAQ:TSLA)

Tesla, Inc. TSLA Stocks fell sharply in premarket trading on Friday as the much-hyped robotaxi unveiling event dubbed “We, Robot” failed to generate the kind of positive sentiment the market was hoping for.

CEO Elon Musk demonstrated the Cybercab, Tesla's fully autonomous vehicle, at the event in Los Angeles. The company provided 20 units of the electric vehicle. One of the electric vehicles drove itself onto the stage with Musk sitting in it. The Cybercab, with its upward-opening butterfly wings, amazed everyone at the event and proved cost-competitive with existing ride services.

The price of the Cybercab will be less than $30,000, Musk said.

The billionaire's statements that the Cybercab would not go into production until 2026 or possibly 2027 spooked investors.

See also: How to buy Tesla (TSLA) shares

Tesla said its unattended, fully autonomous driving will launch in Texas and California in 2025 and will be expanded based on state regulatory parameters.

The company also provided updates for its Optimus humanoid robots, saying they will be priced at $25,000 to $30,000 in the long term. Deepwater Asset Management Gene Munster said the robot might not reach its price point until 2030. The surprise start of the event was the Robovan, the realization of which, according to Munster, will hit the market by 2028 at best.

With regulatory approval for the unsupervised FSD still uncertain and most other product offerings not coming to fruition until 2027, investors may be concerned about the lack of near-term catalysts that could propel the stock out of the current slump.

According to Benzinga Pro, the stock fell 5.88% to $224.72 in premarket trading.

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