Uber (UBER.US) losses today, with its shares falling by approximately 4.2%, amidst speculation surrounding the highly anticipated launch date of Tesla's Robotaxi program. Elon Musk confirmed that Tesla has been testing its self-driving system in Model Y vehicles in Austin, and according to Bloomberg reports, the commercial Robotaxi program could launch as early as June 12th.
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Create account Try a demo Download mobile app Download mobile appUber has recorded its highest one-day drop since beginning of the April. From its mid-May peaks stock is down almost 9%. Source: xStation
Over the past week, the company tested its self-driving technology in Model Ys on Austin's roads. These were the first tests conducted without a person in the driver's seat. An engineer oversaw the operation from the passenger seat. Elon Musk confirmed the tests took place and resulted in no incidents.
The program's launch is still unconfirmed, and the June 12th date should be treated as speculative, as much could still change. Earlier announcements from Musk pointed to a late June launch.
From Uber's perspective, the launch of the Robotaxi program could signal the accelerated development of strong competition, hence the nervous sell-off in the market. It's worth remembering, of course, that even if the program launches, the number of new taxi models will be limited. Only positive outcomes from the new program would lead to further fleet expansion.
For now, Robotaxi is expected to be limited to standard Tesla models, but ultimately, the program is intended to be based on a specially designed Cybercab model. Robotaxi is poised to become one of the company's leading pillars of business in the future.
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