Musk says Tesla will unveil long-promised robotaxi on Aug. 8

Tesla plans to unveil its long-promised robotaxi later this year as the automaker struggles with weak sales and competition from cheap Chinese electric vehicles.

CEO Elon Musk posted Friday on X, his social media site, that Tesla’s robotaxi will be unveiled on Aug. 8.

A fully autonomous vehicle — pitched to investors in 2019 — has long been key to Tesla’s lofty valuation. In recent weeks, Tesla has rolled out the latest version of the driver-assistance software that it markets as FSD, or Full Self-Driving, to consumers.

The company has said that its next-generation vehicle platform will underpin both a cheaper car and a dedicated robotaxi. Though the company has teased both, it has yet to unveil prototypes of either.

Musk’s Friday tweet indicates that the robotaxi is taking priority over the cheaper car.

Reuters reported earlier Friday that the automaker had called off plans for the less-expensive vehicle and was shifting more resources toward trying to bring a robotaxi to market. Musk responded by saying “Reuters is lying,” without offering specifics.

Tesla produced 46,561 more vehicles than it delivered in the first quarter, leading the company to slash prices further.

U.S. consumers have been turning away from more expensive EVs in favor of hybrids, causing many manufacturers to rethink pushes to electrify their fleets.

Big product announcements by Musk have long been a key part of Tesla’s ability to gin up enthusiasm among customers and investors without spending on traditional advertising.

They do not always work: The company unveiled the Cybertruck to enormous fanfare in November 2019, but production was delayed for years and the ramp up of that vehicle has been slow.

Tesla shares gained as much as 5.1 percent in late trading in New York. The stock has fallen 34 percent this year through Friday’s close.

Shortly before Musk posted about the robotaxi, he lost the title of third-richest person in the world to Mark Zuckerberg, CEO of Meta Platforms.