Taxi drivers worldwide will be closely watching developments surrounding Elon Musk’s Robotaxi. Although the idiosyncratic South African billionaire has had this idea in the pipeline for several years, his recent timeline has been eaten up by a lavish $44 billion bid for Twitter, now X, and other business ventures with SpaceX and Tesla.
In truth, it felt like Elon had thrown the Robotaxi onto the growing pile of intriguing but flawed ideas he’s brainstormed over the last decade. His thinking-out-loud style has attracted an almost cult-like following, but it’s also meant that the share price of his companies and the trustworthiness of his predictions have taken a hit since he took over Twitter.
The Cult Of Musk
Whatever people think of Musk and how he operates, there’s no denying that he generates hysteria. While he might be a divisive figure, he knows how to engage and interest people in his ideas. This in itself is an invaluable skill. Remember 2021? Well, it was only three years ago. Specifically, remember how Musk single-handedly propelled cryptocurrency Dogecoin up by thousands of percent?
It might have been fun and games during his cameo as the “Dogefather”, – but Elon’s approach to crypto epitomizes what he’s all about the silliness and pointlessness of Dogecoin while actively investing in Bitcoin and putting it on Tesla’s balance sheet.
Obviously, coins like Dogecoin are on borrowed time. Still, Bitcoin continues to impress institutions and retail investors, branching into traditional investment tools like ETFs and becoming increasingly in demand for casino gaming.
While playing casino games with Bitcoin might seem like a farfetched idea, a Bitcoin casino gaming platform operates just like any traditional provider. Bettors can play a game of their choosing, but they connect their wallet and gamble with Bitcoin instead of traditional currencies, adding bank details and going through lengthy verification.
Although this is a side point, it speaks to how Elon identifies trends and ideas but offsets them against a zany and unpredictable social media personality. This constant attention to his cult of personality allows him greater leniency when his plans don’t quite go to plan. So, from this perspective, at least, the Robotaxi is still viable.
Getting The Robotaxi Off The Ground
Maybe that’s not the right turn of phrase. Robotaxis don’t fly. Judging by the Tesla share price plummeting after Elon unveiled the Robotax in early October, it might be a surprise to see it take to the road, period.
It’s not a shock to see Wall Street bet against the car. Not only did it fail to grasp the imagination of tech investors, but given that Elon said in 2019 that he expected to have automated taxis on the road within 12 months, it feels like investors are quickly warming to the reality that it’s going to take a lot longer to get the idea of driverless taxis into the broader public debate.
With AI dominating every technology news item and the potential for driverless cars opening up a fresh multi-trillion dollar industry, Elon will not put down this idea lightly. Taxi drivers have already fought back against the globalization of the industry, such as London black cab drivers taking Uber to court for a nine-figure settlement.
So, we can only imagine the uproar that driverless cabs will cause if they wipe out an industry that employs millions of people worldwide. While the idea might be quirky, creative, and viable, the economic cost must be weighed in more detail, as with many other AI-driven ideas.
Is There A Market?
This is the bigger question, really. There’s no denying that a self-driving car is a phenomenal development in the timeline of the good old-fashioned motor. In the space of a century, it’s gone from the Ford Model T to humanless drivers. But would anyone be that keen to jump in a car with no human oversight? Just on the slight off chance that something goes wrong?
Although Musk and Tesla’s rise in popularity has paid off handsomely, and the idea of electric bikes has continued to grab the imagination, getting in a moving vehicle as a passenger with no driver is a totally new experience. It might not be something that people are too keen on.
Final Thoughts
Obviously, a driverless car is viable; it’s the stuff of science-fiction movies, and millions of people will want to see how they work or check one out due to the sheer novelty. The more pressing issues at the moment are whether Musk is the man to do it, and if he is, how will the economic impact ripple out if millions of people suddenly find themselves out of work overnight?
Some more significant questions and considerations go beyond the novelty of a car with no driver. It’ll be intriguing to see how it all eventually plays out. Still, Tesla’s stock tanked during the recent unveiling of the Robotaxi, and if it isn’t Musk who gets it over the line, another motor company will be keen to dig its heels in and be the first to mass-develop a similar idea.
