Tesla shares dropped almost 9 per cent on Friday after the company's long-anticipated robotaxi event, where Elon Musk showcased the new Cybercab autonomous concept vehicle, failed to impress investors.
Billionaire businessman Mr Musk, co-founder and chief executive of Tesla, made a dramatic entrance at the Warner Bros studio event in California by arriving on stage in one of the robotaxis – a low, two-seater concept car with no steering wheels or pedals.
Mr Musk said production will start in 2026 and the vehicles will be available for customers to buy for less than $30,000. They will cost 20 cents a mile to operate, he said.
“The vast majority of the time, cars are just doing nothing … but if they are autonomous, they could be used five times more, maybe 10 times more,” Mr Musk said.
Tesla stock dropped 8.78 per cent to $217.80 a share at market close on Friday after closing almost 1 per cent down on Thursday. The company lost more than $65.28 billion in market value in 24 hours to $682.47 billion on Friday.
Last week Tesla said it delivered 462,890 vehicles in the quarter ending on September 30, falling short of analysts' expectation of 463,310 deliveries. It produced 469,796 vehicles in that quarter.
London-based investment bank Barclays said the new announcement focused on Mr Musk’s long-term vision for a fully autonomous future rather than providing any immediate opportunities for Tesla, leaving investors wanting more concrete details.
“As expected, like prior Tesla product unveils, the event was light on the details, and instead emphasised the vision underpinning Tesla’s growth endeavours in autonomous vehicles,” Barclays said in a research note.
Tesla did not provide details on potential opportunities, including its much-awaited low-cost electric vehicle model, which is expected to be launched in the first half of 2025. It also did not offer updates on the progress of its Full Self-Driving (FSD) system.
Currently available as a beta version, FSD includes features such as automatic lane changes, navigation on highways and traffic light recognition. However, the system still requires human supervision and is not yet considered fully autonomous.
Is Elon Musk running out of tricks?
“Elon Musk has run out of tricks … consumers and investors are now seeing through this marketing exercise that is full of empty promises,” Neil Campling, founding partner at Chameleon Global Capital Management, told The National.
“Where is the Roadster? Where is FSD, marketed since 2020 but [which] does not exist because it requires level 4 autonomy which is not legalised in the US. What happened to the one million robotaxis due on the road by the end of 2022, promised back in 2019.”
For the past many years, Mr Musk has promised a $25,000 Tesla car, which investors viewed as key tactic to attract new customers.
However, it was reported in April that the company has shuttered this project, causing the company's stock to drop. It was followed by a social media post from Mr Musk that Tesla would reveal a robotaxi on August 8, but the event was delayed by more than two months.
“Tesla indisputably brought about a revolution in this area … but it will still have to translate its demonstration of vision into practice, obtain permits from regulators and actually put these cars on the road,” said Hani Abuagla, senior market analyst at XTB Mena.
“How it will ultimately use its technologies is questionable, as is whether it will manage to monetise its software well.”
Tesla’s 'toothless' robotaxi
Referring to Tesla’s robotaxi as “toothless”, John Colantuoni, an equity analyst at Jefferies, said the company did not provide verifiable evidence of progress towards automated driving features or quantify how many robotaxis it plans to make, Bloomberg reported.
“We were overall disappointed with the substance and detail of the presentation. As such, we anticipate Tesla to be under pressure following the event,” Morgan Stanley wrote in a note on Friday.
However, shares of companies such as Uber and Lyft, which are also working to implement more sustainable mobility solutions, surged on Friday. Uber’s stock jumped 10.81 per cent and Lyft’s expanded 9.59 per cent.
“The market wanted more nuance around timing and they were expecting details around a lower cost vehicle … I think long term investors could find bargains if they are patient,” Vijay Marolia, founder and chief investment officer of Florida-based Regal Point Capital Management, told The National.
Tesla is expected to announce its third-quarter earnings on October 23. In July, the company predicted sluggish vehicle volume growth in 2024 after reporting a 45 per cent annual drop in June quarter net profit to more than $1.4 billion. In the same month, it recalled more than 1.8 million vehicles in the US due to a bonnet defect that could increase the risk of a crash.
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Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
The five pillars of Islam
Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
The 12
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)
Sri Lanka squad
Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Drivers’ championship standings after Singapore:
1. Lewis Hamilton, Mercedes - 263
2. Sebastian Vettel, Ferrari - 235
3. Valtteri Bottas, Mercedes - 212
4. Daniel Ricciardo, Red Bull - 162
5. Kimi Raikkonen, Ferrari - 138
6. Sergio Perez, Force India - 68
EXPATS
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Company%20Profile
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