Tesla, Inc. TSLA Shares retreated sharply in premarket trading on Friday as the much-hyped Robotaxi unveiling event, dubbed “We, Robot,” failed to generate the kind of positive sentiment the market was hoping for.

CEO Elon Musk demonstrated the Cybercab, Tesla’s fully autonomous vehicle, at the event in Los Angeles. The company made 20 copies of the electric vehicle available. One of the EVs drove itself onto the stage with Musk sitting in it. The Cybercab with its upward opening butterfly wings left all event participants in awe and proved to be cost competitive with existing taxi services.

According to Musk, the Cybercab will cost less than $30,000.

The billionaire’s comments that the Cybercab won’t go into production until 2026, or possibly 2027, scared investors.

See also: Buy Tesla (TSLA) stock

Tesla said its unattended fully self-driving car would be introduced in Texas and California in 2025 and expanded based on state regulatory parameters.

The company has also provided updates for its Optimus humanoid robots, stating that they will cost between $25,000 and $30,000 in the long run. Deepwater Asset Management Gen Munster said the robot might not reach the price until 2030. The surprise launch of the event was the Robovan, which Munster sees becoming a reality in 2028 at best.

With regulatory approval for the unaudited FSD still uncertain and most other product offerings not coming to fruition before 2027, investors may be concerned about the lack of near-term catalysts that could push the stock out of its current rut .

The stock fell 5.88% to $224.72 in premarket trading, according to data from Benzinga Pro.

See more of Benzinga’s Future Of Mobility coverage at by following this link.

Read next:

Image via Shutterstock