Elon Musk announced the unveiling of the Tesla robotaxi on August 8

Despite Tesla's declining sales and profits, CEO Elon Musk has announced the upcoming unveiling of a robotaxi on August 8.

Here's What We Know

The announcement came shortly after Musk accused Reuters of lying about Tesla's plans to abandon production of a low-cost $25,000 electric car and focus all efforts on robotaxis. Earlier in the day, Reuters, citing anonymous sources and internal documents, reported that Tesla was abandoning plans for a cheaper electric car and would instead focus resources on a planned robotaxi. Musk denied the allegations without providing any evidence.

Musk has been promising autonomous capabilities for Tesla vehicles for years. In 2016, he said Tesla would be self-driving by the end of 2017 (that didn't happen). In 2019, he promised to launch the company's first robotaxis as part of a broader vision of an autonomous carsharing network in 2020 (that didn't happen either). A few years later, he said that robotaxis without steering wheels and pedals would be on the market by 2024.

Source: @elonmusk