Tesla to Launch Robotaxi and Denies Shutting Down Low-Cost Car Production

Tesla CEO Elon Musk denied a Reuters report that the electric vehicle company has canceled plans to produce low-cost electric cars.

The British agency had reported that Tesla would abandon plans to make cheaper cars, but will continue to develop self-driving robotaxis on the same small-vehicle platform.

Investors had expected Tesla to build a more affordable model to drive growth.

Although Reuters information suggested that the former target had been abandoned, Musk said the information is false.

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In response to Musk’s response, Spanish news agency EFE reported that Tesla will unveil its “Robotaxi” vehicle on August 8.

Musk did not give details of the vehicle, which he has been talking about for years. In the past he presented it as an autonomous car that would perform the functions of a cab.

Robotaxi Tesla

Musk’s Robotaxi announcement comes days after Tesla revealed that its third-quarter sales fell 8.5%.

Since the start of the year, Tesla has also lost about $274 billion, a third of its value.

Precisely, Tesla has begun to lower the prices of its vehicles in the United States by up to $7,000 to stimulate demand and sell the more than 46,000 unsold vehicles it has.

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