Tesla's (TSLA, Financial) stock saw a major decline of 8% on Friday following the electric vehicle maker's much-anticipated robotaxi event, which left investors less than impressed. CEO Elon Musk unveiled the Cybercab a sleek, silver two-seater devoid of steering wheels and pedals at the company's "We, Robot" event in Burbank, California.

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The Cybercab is Tesla's latest innovation, which is a fully autonomous self-taxi. Musk announced plans to begin production before 2027, aiming to offer the vehicle to consumers at a price point under $30,000. However, he did not provide specifics on manufacturing locations or timelines, leading to investor skepticism

"Investors were expecting detailed roadmaps and near-term opportunities, but the event prioritized Musk's long-term vision of a fully autonomous future," analysts at Barclays noted. "The lack of concrete plans raises questions about execution and scalability."

In addition to the Cybercab, Musk highlighted expectations for "unsupervised Full Self-Driving (FSD)" capabilities in Texas and California by next year for existing Model 3 and Model Y vehicles. Currently, Tesla's FSD system operates in a supervised mode, requiring drivers to remain attentive and ready to take control at any moment.

The market reacted swiftly to the announcements, with Tesla shares trading around 0.40 on Friday, down more than 11% for the year. The significant drop underscores investor concerns about the company's focus and the practicality of its ambitious goals amid growing competition in the electric vehicle and autonomous driving sectors.

This article first appeared on GuruFocus.