Musk is talking about robotaxis when Tesla should be launching cheap EVs
The great thing about X, the rebranded Twitter owned by Elon Musk, is its frictionless capacity for escalation. Let’s back up to several hours before that post on what was a bizarre Friday even by the standards of Tesla and its chief executive officer. Late that morning, a Reuters story, citing several unnamed sources and internal messages, reported that Tesla has scrapped plans for a cheaper electric vehicle (EV) dubbed ‘Model 2.’ Tesla’s stock dropped by more than 5% in short order.
Soon after, Musk replied to a tweet noting the story, accusing the news agency of “lying (again)." The stock made back some lost ground, but still ended the day down 3.6%. Less than an hour after that, Musk tweeted again with an announcement. Tesla’s stock jumped in after-hours trading.
I cannot speak to the accuracy of the Reuters piece; Musk’s accusation of lying came with no specifics. His reaction as a whole is interesting, though. Tesla walking away from the low-priced EV model would be a bombshell; hence the immediate drop in the stock.
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