Tesla reveals the launch date of the automated taxi

Elon Musk, CEO and founder of Tesla, revealed on Friday in X that the company's long-awaited robotaxi will be unveiled on August 8 this year.

The market sent Tesla stock up 5.1 percent on the news in after-market trading on the New York Stock Exchange.

This came as a stark contrast after the stock fell dramatically on Wall Street on Friday.

Last week, Tesla rolled out the latest version of its driver-assistance software, which is marketed as “full self-driving” for consumers.

Meanwhile, the company announced that its next-generation vehicle platform will include a cheaper car model and a dedicated robotaxi. While the prototypes have not yet been revealed, expectations are high.

Making plans, huh?

It was revealed earlier on Friday Reuters That Tesla has canceled its plans for the long-awaited Model 2 “cheap car” forever. Instead, they will divert more resources to speed up the development of a robotaxi.

Musk wrote a strong response to these allegations by saying, “Reuters is lying,” without providing any details Bloomberg.

Musk's lavish and unexpected product ads have been a key part of Tesla's marketing and strategy to create enthusiasm among customers and investors.

With the upcoming launch of the robotaxi, investors are watching developments closely with excitement growing as the launch date approaches later this year.