On October 10, Elon Musk said Tesla would exhibit its “robo taxi” prototype at an event that had been postponed from August 8. He also hinted at unveiling “a couple of other things.”
Musk Design Changes and Event Postponement
In Tuesday’s second-quarter earnings call, Musk confirmed Bloomberg’s report about the delay. He moved back the reveal a few months to make sure design changes to the front of the prototype, which he called an “important design change.”
“Moving it back a few months allowed us to improve the robot taxi and add a couple of other things for the product unveil,” Musk said on the call.
Musk Tesla’s Future and AI Development
The Tesla robot taxi and its “unsupervised” full self-driving (FSD) software are integral to the company’s plans. Earlier this year, Musk laid off over 10% of Tesla’s global staff as part of a reorganization focused on developing AI-powered products and pushing autonomy hard.
Financial Performance and Challenges
Tesla reported a $1.5 billion profit for Q2 2024, down 45% from last year’s figure for the same period. The profit included a record $890 million in regulatory credit sales but was impacted by a $622 million restructuring charge. While total revenues were up 2% year over year, automotive revenues dropped 7% to $19.9 billion.
Q1 2024 also saw a significant profit fall, with a 55% year-over-year decline. Tesla faces selling fewer EVs this year than last, marking a departure from its former growth trajectory. Tesla has described this period as between “two major growth waves,” with hope placed on Cybertruck and future cheaper models.
Musk Focus on Autonomy
Musk again emphasized that Tesla’s long-term value lies in autonomy and AI — including Optimus, its humanoid robot project that has also faced delays. However, the central focus is delivering fully self-driving cars, a promise Musk has yet to fulfill.
Anticipation for the October 10 Event
Musk told investors to look forward to the October 10 event. The robot taxi prototype is little known, though Walter Isaacson’s biography of depicted a small prototype in 2023. Has said he intends to make the vehicle available through Tesla’s app, similar to Uber or Lyft ride-hailing services. Once full self-driving software is available, Tesla owners may put their cars on the shared network.
Musk Challenges in Achieving Full Autonomy
For years, Musk has promised fully self-driving cars that have not been delivered. Tesla faces lawsuits from owners and investigations from multiple government agencies. When asked when he will offer his first unsupervised robot taxi ride, Musk said it may be possible by the end of this year — or in 2025. He acknowledged he makes “overly optimistic” predictions.
