Elon Musk says Tesla will unveil its robotaxi on August 8; Pop stocks – Global News (Trending Perfect)

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Elon Musk, CEO of Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France, on June 16, 2023.

Gonzalo Fuentes | Reuters

Tesla X will unveil its robotaxi product on August 8, CEO Elon Musk said in a social media post on X.

Musk has talked about the robotaxi project for years, and it could represent big new business for the automaker as investors grow wary of the company during a period of slow growth.

Tesla shares rose more than 3% in extended trading after Musk's tweet.

Musk shared the release date on Friday after Reuters reported that plans for Tesla's long-awaited low-cost car model had been cancelled. Musk accused Reuters of “lying.”

Tesla's robo-taxi project, according to Musk's previous statements, will allow Tesla vehicles to use self-driving technology to autonomously pick up passengers for fares. In 2019, Musk said he expected to have more than a million robo-taxis on the road by 2020. Author Walter Isaacson also mentioned a robo-taxi project in his biography of Musk, published in 2022.

Currently, Tesla offers Advanced Driver Assistance Systems (ADAS), including an Autopilot option, as well as a Full Self-Driving (FSD) option, which costs $199 per month for subscribers. However, Tesla cars currently cannot operate without human intervention.

There is a lot of competition in the market for taxi services that use self-driving cars.

Alphabet's Waymo self-driving vehicle unit operates driverless ride-hailing services in Phoenix, San Francisco and Los Angeles, and is now ramping up its business at Tesla's home base in Austin, Texas.

General Motors' cruise service previously offered self-driving car services in San Francisco before coming under regulatory scrutiny after an accident. Since the accident, Cruise's robo-taxi fleet has been grounded, local and federal governments have launched their own investigations and Cruise's leadership has been destroyed.

— CNBC's Laura Kolodny contributed reporting.

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