Tesla’s Stock Nosedives As Its Bot Gets Ridiculed After Unveil
- It should be noted Tesla only started working on the robot last year
- But the live demonstration of the first Tesla Bot was underwhelming
- Tesla also missed its deliveries target for EVs which also hurt the stock
Tesla has seen a free fall in its stock after on Friday it unveiled its robotics project, the Tesla Bot. Tesla revealed the first prototype of the Bot which showcased limited functionality. Today alone, the stock is down by 8 per cent while the NASDAQ is up by 2 per cent. This also comes on the back of average Q3 delivery and production results which were short by around 20,000 units.
Tesla did announce some impressive improvements to the Dojo Supercomputer which will be helping it in improving its self-driving technology which has been widely criticised. In fact, the machine learning technology that Tesla uses for its self-driving programme is something that is also being used for the Tesla Bot.
One of the issues with the Bot was the fact that it could barely walk while robotics companies like Boston Dynamics have been at this for years and have made tremendous progress. Tesla did release some videos of the bot doing some other tasks but in a live demonstration, it did not wow anyone.
This led, Tesla’s founder and CEO, Elon Musk to claim that “only a few people understand the value of Tesla Bot.” He believes that the Bot will improve the economic output by order of magnitude.
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