Tesla's new Cybercab

The much anticipated Tesla Robotaxi event happened on Thursday night. As expected, the new vehicle doesn't have a steering wheel or pedals, and will cost less than $30 000. Tesla calls it a 'Cybercab' and Musk said the new car would be 'available before 2027'.

The market was underwhelmed, and Tesla's share price dropped 9% on Friday. Uber's share price jumped 11% on the news, speculators seem to think the Cybercab will not be a threat. My guess is that the traders were looking for something more concrete from Tesla. Musk has a history of overpromising and underdelivering on timelines. So it is easy to say that the goal is 2027, but time will tell if Tesla can reach really achieve that.

Musk said he expects to start fully unsupervised autonomous driving in Texas and California in 2025 for the Model 3 and Model Y. These cars would be able to join the self-driving taxi program Tesla is building. If the company can get this step right, it would be an important milestone.

The unveiling of a Robovan was a positive surprise. It's also fully autonomous and doesn't even have a windscreen. The van is intended for cargo or for transporting up to 20 people, and looks straight out of a sci-fi movie. No date for expected production was given though.

Tesla is firmly focused on reshaping our future, which is what you want in a company. These aspirations make Tesla a high-risk holding because part of the innovation process will include a few failures along the way. Musk has a reputation for making the impossible happen.