FINANCE

Musk Says Tesla Will Unveil Robotaxi on Aug. 8; Shares Jump

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(Bloomberg) — Tesla Inc. plans to unveil its robotaxi on Aug. 8, according to a statement from Chief Executive Officer Elon Musk on X, his social media site.

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The shares jumped 3.2% as of 4:59 p.m. after regular trading in New York. The stock was down 34% this year through Friday’s close.

The promise of a fully autonomous vehicle has long been key to Tesla’s lofty valuation. In recent weeks, Tesla has rolled out the latest version of driver-assistance software that it markets as FSD, or Full Self Driving, to consumers.

The company has said that its next-generation vehicle platform will include both a cheaper car and a dedicated robotaxi. Reuters reported earlier Friday that the carmaker had called off plans for a less-expensive vehicle and was shifting more resources toward trying to bring a robotaxi to market. Musk responded by saying “Reuters is lying,” without offering specifics.

(Updates with shares and more details in third and fourth paragraphs.)

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