Tesla, headquartered in Austin, Texas, did not have the week that stock owners had hoped for.

According to The Guardian, Tesla stock tumbled to the tune of $60 billion in loss, a fall of 9% of the total value. Stock is currently sitting at about $220 per share, as of 10/14/2024.

Overall for the year, Tesla stock is down approximately 12%.

So why did Tesla stock fall late last week, and why did Tesla have a less-than-stellar year overall?

Tesla stock fell this past Friday after the unveiling of the Tesla robotaxi, which was met with a lack of enthusiasm from investors.

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Elon Musk claimed that production of the Cybercab would begin in 2026, and that the price point for the autonomous vehicles would be less than $30,000. The van, which can seat up to 20 people, would not require a driver.

Musk made this tweet before the event:

While he may not be wrong, investors were still not impressed, because the event lacked details and specifics about the vehicle and the timeline to build it. It seems investors don't totally trust Musk to pull the operation off.

Musk has a history of making grand projections about upcoming products and failing to follow through in the timeframe he has set, or at all.

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Additionally, some investors reported that they had hoped to hear about a lower proceed vehicle, one with a steering wheel and pedals, that would be launched next year.

Tesla has faced other struggles this year, including a massive recall. According to Rachet and Wrench, most of the brand's cybertrucks had malfunctioning rearview backup cameras.

Additionally, according to Yahoo News, a false rumor circulated that Geico would no longer insure Cybertrucks, however, that claim has been debunked.

Some insurers will not write a policy for the vehicles, but only because they won't write a policy for a vehicle valued over $100,000.

Can Tesla turn it around next year? Time will tell. As someone who hates driving, I'm all for an autonomous vehicle future.