Elon Musk announces Tesla’s robotaxi launch date as August 8th, sparking an increase in share value.

Elon Musk, Chief Executive Officer of Tesla and owner of X, formerly known as Twitter, attended the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center in Paris, France, on June 16, 2023. Musk took the opportunity to announce that Tesla will reveal its robotaxi product on August 8th. Musk’s statement on social media platform X generated significant buzz among investors and the public.

Musk has been discussing the robotaxi project for years, highlighting its potential as a lucrative new business venture for the electric car manufacturer. This announcement came at a crucial time for Tesla, with concerns rising among investors due to a period of slowing growth. Following Musk’s tweet, Tesla’s shares surged over 3% in extended trading, reflecting the positive response from the market to the upcoming robotaxi launch.

The robotaxi project aims to enable Tesla vehicles to utilize self-driving technology for autonomous passenger pick-ups in exchange for fares. Back in 2019, Musk had set ambitious targets, stating his expectation of having over 1 million robotaxis on the road by 2020. This initiative has also garnered attention in the biography of Musk penned by author Walter Isaacson in 2022.

With competition intensifying in the market for self-driving taxi services, companies like Alphabet’s Waymo have been expanding their driverless ride-hailing operations in various cities, including Tesla’s hometown of Austin, Texas. Meanwhile, GM’s Cruise service faced regulatory challenges after an accident, leading to the grounding of its robotaxi fleet pending investigations by local and federal authorities.

This latest development in the realm of autonomous transportation signifies a major step forward for Tesla and the future of mobility. As the industry evolves and competition grows, Tesla’s robotaxi project is poised to play a pivotal role in shaping the landscape of self-driving technology and urban transportation.

– By Lora Kolodny, with contributions from other sources.

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