DIGIVESTASI - Tesla's stock plummeted by 10% on Friday, October 11, 2024, following the disappointing launch of its robotaxi, leaving Wall Street analysts unimpressed. Tesla's CEO, Elon Musk, introduced the Cybercab, a two-seater autonomous vehicle with no steering wheel or pedals. However, the launch fell short of expectations, especially considering that Waymo already operates a similar service.

"The Cybercab demo took place in a controlled environment, resembling an amusement park ride. Meanwhile, Waymo is offering 100,000 rides per week in major cities. We expected more than just a demo from Tesla," said Colin Langan, an analyst at Wells Fargo, as quoted by Business Insider on Saturday (October 12, 2024).

The lack of details regarding Tesla's vision execution has led many analysts to question the company's strategy. Toni Sacconaghi from Bernstein noted that Tesla has yet to provide a clear roadmap for achieving the autonomy vision that Musk has been promoting for nearly a decade.

"This robotaxi event was unsatisfying and lacked details. We, and investors, were expecting more," Sacconaghi remarked. Even if Tesla launches a robotaxi network by 2026 or 2027, Sacconaghi believes significant profits are unlikely due to technical and regulatory hurdles.

On the other hand, Wedbush analyst Dan Ives offered a more positive outlook, stating that the Cybercab launch was not a disappointment. According to him, the Cybercab presents exciting innovations that will support Tesla's future.

While Tesla's shares dropped, Uber's stock surged by 9%, with the assumption that Tesla's robotaxi network would not disrupt Uber's core business.

Elon Musk's Support for Donald Trump Hurts Tesla

Tesla is also facing challenges after Elon Musk expressed his support for Donald Trump in the U.S. presidential election. European retail giant Rossmann announced on Tuesday, August 6, 2024, that it would no longer purchase Tesla electric vehicles. The decision was made because Musk's political stance was seen as contradictory to Tesla's environmental values.

"This decision is based on the inconsistency between Elon Musk's statements and Tesla's mission to protect the environment," said Raoul Rossmann, the company's spokesperson, as quoted by CNBC on Friday (August 9, 2024).

Rossmann criticized Musk's support for Trump, who often downplays climate change, whereas Tesla's mission is to reduce environmental impact through electric vehicle production. Rossmann owns 38 Teslas out of the 180 electric vehicles it purchases annually, and this decision is expected to affect Tesla's business outside the U.S.

Musk’s support for Trump continued with the announcement that he had donated to a pro-Trump group, America PAC. Musk is also scheduled to interview Trump, who in June avoided answering questions about his plans to tackle climate change.

Tesla Faces Environmental Protests in Germany

In Germany, Tesla is also facing protests from environmental activists over plans to cut down forests and use water for production at its Brandenburg plant, which opened in 2022. Musk criticized the protests, calling the demonstrators "environmental terrorists" or puppets with hidden agendas.

Despite this, Tesla's German factory employs thousands of people, and Rossmann, which has more than 4,700 stores and 60,000 employees, decided to stop purchasing Tesla vehicles as a form of protest against Musk's political decisions.

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