Tesla (TSLA) stock fell 6% on Friday after the company’s Cybercab launch event in Austin, Texas left Wall Street wanting more.
The stock had risen 5.4% on Thursday in anticipation of the event, making Friday’s reversal a sharp one.
The Thursday event was closed to the public, not livestreamed, and CEO Elon Musk did not show up. Tesla told users of its Tesla Robotaxi app they could book driverless Cybercab rides within a geofenced area around Austin.
The Cybercab is a two-seat robotaxi with butterfly doors and no steering wheel, brake pedal, or gas pedal. Tesla began manufacturing it at Giga Texas earlier this year.
BREAKING: Tesla has officially started offering Cybercab rides to the public.
I’ve been waiting years to say that!
I took one of the world's first public rides. The cabin is comfortable and spacious, the suspension is soft, and FSD is VERY smooth. It’s an incredible vehicle.… pic.twitter.com/XBzJI9EVQm
— Sawyer Merritt (@SawyerMerritt) September 4, 2026
RBC Capital Markets said the event offered “limited new incremental disclosure relative to prior announcements,” with pricing, production timelines, and regulatory approvals still unresolved. RBC maintains a buy rating on the stock.
Wells Fargo published a note headlined “TSLA Cybercab Launch Event Underwhelms,” pointing to early operational problems in Austin. Customers have reported wrong routes, missed destinations, and long wait times.
Also on Thursday, the National Highway Traffic Safety Administration launched an audit query into Tesla’s self-certification of the Cybercab. The agency is reviewing the process and technical data Tesla used to certify the vehicle as compliant with Federal Motor Vehicle Safety Standards.
NHTSA noted the Cybercab lacks conventional manual controls including a steering wheel, brake pedal, gas pedal, and mirrors. Tesla VP of Vehicle Engineering Lars Moravy had previously stated the Cybercab was designed to comply with all federal standards from the outset, allowing Tesla to self-certify rather than apply for an exemption.
The exemption route carries an annual cap of 2,500 units for manufacturers.
Tesla’s ride-hailing network has expanded beyond Austin to Dallas and Houston. The Cybercab first debuted nearly two years ago and has been in production since April.
Waymo, owned by Alphabet, currently leads the robotaxi market with roughly 4,000 autonomous vehicles operating paid rides across 14 cities.
Musk has previously said meaningful revenue from the Cybercab is unlikely before 2027.
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