As trading drew to a close on the US stock market on Friday, September 4, Tesla's stock price experienced a significant downturn, closing at $354.08 per share, marking a substantial decrease of 5.92%. During intraday trading, the stock's decline exceeded 6% at its lowest point. Consequently, Tesla's market capitalization shrank to $1,398.5 billion, with a staggering loss of approximately $88.05 billion (equivalent to around RMB 590.9 billion) compared to the previous trading day.
The day prior, Tesla had officially launched its Cybercab, a cyber self-driving electric vehicle, in Austin, USA. However, the Cybercab event held in Austin fell short of investor expectations due to the limited amount of new information disclosed. Adding to the disappointment, the event was by invitation only, lacked a live stream, and CEO Elon Musk was notably absent.
Furthermore, on the same day as the event, the US National Highway Traffic Safety Administration (NHTSA) initiated a regulatory review of approximately 1,000 Cybercabs. The focus of this review was to scrutinize the processes and technical data Tesla employed to demonstrate the vehicles' adherence to federal motor vehicle safety standards.