Tesla's premarket shares decline by 6% following the unimpressive reveal of their Cybercab robotaxi.

• Tesla's long-awaited robotaxi event did not meet investor expectations, resulting in a decline in Tesla shares during premarket trading on Friday.
• Tesla, led by CEO Elon Musk, unveiled its Cybercab concept vehicle and announced that it would be available for purchase at a price point under $30,000.
• Tesla's analysts at Barclays stated that the disclosures did not emphasize any immediate prospects for the company, but rather focused on Musk's long-term goal of a fully autonomous driving experience.

The Cybercab self-driving concept car unveiled by CEO Elon Musk during Tesla's long-awaited robotaxi event failed to impress investors, causing shares of the electric vehicle maker to tumble on Friday.

Tesla's stock price decreased by 5.8% during premarket trading on Friday at 6:33 a.m. ET.

On Thursday night, Musk unveiled Tesla's Cybercab concept vehicle, a sleek, silver two-seater without steering wheels or pedals. The car is designed to drive itself autonomously when it hits the market.

The CEO of Tesla stated that the company aims to manufacture the Cybercab before 2027, but did not disclose the location of production. He added that the price of a Tesla Cybercab would be under $30,000 for consumers.

Tesla plans to launch "unsupervised FSD" in Texas and California next year in its Model 3 and Model Y electric vehicles. FSD, Tesla's advanced driver assistance system, is currently available in a "supervised" version for Tesla electric vehicles.

At any moment, the technology demands a human driver to operate the wheel, steer or brake.

'Pre-event momentum fizzles'

Analysts at Barclays stated that the Thursday event did not reveal any near-term opportunities for Tesla, but rather emphasized Musk's vision for a fully autonomous driving future.

The U.S. autos & mobility team of Barclays wrote in a note on Friday that, as anticipated, the event focused on the vision driving Tesla's growth initiatives in AI/AV, rather than providing specifics.

"No updates were provided regarding near-term opportunities, the planned low-cost model for 1H'25 production by Tesla, or progress on FSD or data indicating improvement in the system."

According to a Friday note from Piper Sandler analysts, most trading-focused companies will likely be unimpressed by the unveiling of robo-taxis.

The stock may sell off in the coming weeks due to the fizzling of pre-event momentum, according to the investment bank's analysts.

During the event, Morgan Stanley pointed out that Musk did not effectively demonstrate that Tesla is an AI company. The bank's analysts observed that Musk did not provide any information on enhancements to Tesla's FSD system or discuss rumored plans for a collaboration between Tesla and xAI, Musk's AI company. Musk has previously denied these rumors.

Morgan Stanley's analysts expressed disappointment with the event as it failed to meet expectations in several areas, including a lack of information on FSD/tech rate-of-change, ride-share economics, and go-to-market strategy.

The presentation did not meet our expectations in terms of substance and detail, so we expect TSLA to face pressure after the event.

Before self-driving cars become widely available on public roads, regulators are concerned about the safety features in these vehicles and it may take several years for them to become mainstream.

Since June, Google's Waymo has made its robotaxi service available to the public, joining the select few companies that have successfully launched self-driving cars on public roads.

- CNBC's Lora Kolodny and Michael Bloom contributed to this report