when you look at cybercab, clearly, the two-person cybercab, this is something where as this goes through the next three to four years, there is no reason this can't ultimately be 10, 15, 20% overall profits for tesla as this all ramps up, given what our view of the overall ridesharing market and what can gain. and it comes down to 1.5 miles driven. >> so the stock had a significant move on anticipation of this event. the event to many underwhelmed. therefore, not justifying the multiple that the stock has expanded to. that's jpmorgan's note today. they see substantial risk of multiple compression after the big rally into what they call an underwhelming day. >> i think we look back at last night three, four years from now as a historical moment. and the reason -- >> because they held an event and showed you these prototypes? >> sure, it's more than prototypes because ultimately the next leg of the story in terms of autonomous, i believe they will be a clear leader in broader autonomous and it shows now when you look at cybercab, that's just one piece. i think the other reason the stock is

does the cybercab deliver on the lower cost musk was talking about?hat's not a huge difference when we are talking about an automobile. also, his narrative and everything he said, does that bolster the narrative that tesla is a tech company and not an auto company? it trades 95 times forward earnings. >> yeah, i don't think this car really solves the lower price point. first of all, it is a two-seater car. some expect a compact five-seater car in that price segment to grow the car business. i don't think that really addresses it. yeah, no. >> what about the idea that tesla is, in fact, a tech company. they brought out the car that is supposed to be autonomous. elon musk said he had a few dozen there. what he said and what you were able to see. does this bolster the idea that tesla is a tech company worthy of the valuation? >> i think it is the opposite now and why the market is down. we had the high expectations of the event in showing tech. we didn't get details of the road map of a.i. if you get the stats in the field, disengagement once every 30 mi

. >>> elon musk's robotaxi party, the cybercab, making the hollywood debut. it's cool. look at. that gold wings. investors are driving the stock lower this had morning. it's friday, october 11th, 2024. "squawk box" begins right now. ♪ >>> good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. and this is it. last trading session of the week. so far, it doesn't look like things off to take stellar start. the dow is off 85 points. nasdaq futures down 70. the s&p futures off by close to 12. it does come after a down day yesterday, but as joe mentioned, we're still on track for a five-week winning streak for all three of the major averages. the dow and s&p 500 are 1% from the all-time high. the nasdaq is 2% from the all-time high. if you look at treasury yields, the ten-year above 4% at 4.09. the yields did edge higher yesterday after atlanta fed president raphael bostic told "the wall street journal." he would be interested in holding rates steady at the no

the company unveiling its cybercab as part of its delayed we robot event in california.eo elon musk said the vehicle will begin production in 2026 with the caveat he tends to be optimistic with timeframes. the vehicle will be fully autonomous and do away with pedals and steering wheel and at one point costing 20 cents to operate. we have been tracking the pre-market trade in tesla. here's the early reaction so far. uh-oh, the stock down 4%. at the event, a member of the audience asked musk about sales. listen to this. >> the cost of the cybercab, we think over time, the operating cost will be 20 cents a mile. and price including taxes and everything else ends upbeing 40 cents a mile. yes, you will be able to buy one. yes, exactly. and we expect the cost to be below $30,000. >> whoa! >> and i think they'll be an interesting, you know, business model where let's say somebody is, you know, an uber or lyft driver today and manage a fleet of cars and just take care of them like a shepherd tends their flock. your flock of cars and you're the shepherd and you take care of your

the idea it's a tech company with things like the cybercab and full self-driving. their a.i.iness and the technology they have also. why do you think investors in your mind will be so focused on these car delivery numbers when this company trades as a tech company? >> that's right. i think the stories that we are talking about, everything that was unveiled at robo taxi day, these are undoubtedly come to fruition and huge positives for the stocks but they are not things today and the market is going to care about what tesla is delivering earnings wise, margins wise today, not necessarily what is going to happen in two or three years those are the stories for the future for now, the market is much more focused on the short-term. >> after the strong report from gm yesterday, does that put more pressure on tesla? >> i actually think it's good and better for tesla because i think it shows that, you know, the vehicle market is strong i think the 1.8 million deliveries for this year is still in play with a move 2 million plus for next year >> ryan, great to have you here. thank you

as you can see, i just arrived in the robotaxi the cybercab. most read a whole fleet of autonomous vehicles with him to the big party for guests to take a spin. when you when you get an you'll see like it's really quite a >> wild experience just be in a car with no steering wheel. no pedals, no controls. >> and it feels great. he introduced a new autonomous robo van to transport 20 of your favorite peeps or transport. some goods here of open is a this is that going to make this. it's gonna look like that. >> can you imagine going down the streets and you see this coming towards >> but the big surprise of the night, the humanoid, he says its autonomous with legs instead of wheels. it'll be a >> do anything you want so we teacher babysit your kids can walk your dog or your lawn, get the groceries. >> just be your friend. besides dancing humanoids. that also served up some cocktails. guests learn about some of the potential benefits of his cybercab easier charging. >> from a taxi has no luck. just goes over the inductive charger and charges. >> yo

30% growth musk spoke about is predicated on the lower-cost car coming to market to note on the cybercab as well, frank. elon musk saying this can get to volume production in 2026 and tesla is aiming for 2 million units a year in terms of production of the cybercab we know elon musk has a history of promising things. now talking about the affordable model this year and that is helping the pre-market pop. >> tesla shares up 10% right now. we are looking at the ev stocks. they're all up uber and l yiyft are actually d. arjun kharpal live from london thank you very much. >>> a lot more to come on "worldwide exchange," including the one word that investors have to know today. first, my next guest remains bullish despite a turbulent week for stocks and your election playbook is not doing much to bring treasury yields back to earth. >>> and what investors need to know beyond the headline estimates. we have a very busy hour ahead when "worldwide exchange" returns. stay with us welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a h

as you can see, i just arrived in the robotaxi. >> the cybercab. most read a whole fleet of autonomous vehicles with him to the big party for guests to take a spin. when you when you get an you'll see like it's really quite a wild experience just be in a car with no steering wheel. >> no pedals, no controls. >> and it feels great. he introduced a new autonomous robo van to transport 20 of your favorite peeps or transport some goods here of open is a this is what >> going to make. this is gonna look like that. can you imagine going down the streets and you see this coming towards >> but the big surprise of the night, the humanoid, he says its autonomous with legs instead of wheels. it'll be a >> do anything you want so we can. teacher babysit your kids, it can walk your dog or your get the groceries. >> just be your friend. besides dancing humanoids. that also served up some cocktails. guess learned about some of the potential benefits of his cybercab easier charging. >> from a taxi has no luck. just goes over the inductive charger and charges. >> y

as you can see, i just arrived in the robotaxi. >> the cybercab. most read a whole fleet of autonomous vehicles with him to the big party for guests to take a spin. when you when you get an you'll see like it's really quite a wild experience just be in a car with no steering wheel. >> no pedals, no controls. >> and it feels great. he introduced a new autonomous robo van to transport 20 of your favorite peeps or transport. some goods here of open is a this is that going to make this. it's gonna look like that. >> can you imagine going down the streets and you see this coming towards >> but the big surprise of the night, the humanoid, he says its autonomous with legs instead of wheels. it'll be a >> do anything you want so we teacher babysit your kids can walk your dog or your lawn, get the groceries. >> just be your friend. besides dancing humanoids. that also served up some cocktails. guests learn about some of the potential benefits of his cybercab easier charging. >> from a taxi has no luck. just goes over the inductive charger and charges. >> yo

there are a lot of question markets over the cybercab. who are bullish on the company, they are all about aut autonomy they are solving autonomous driving in these areas i think realistically in the near term, what the market is laser focused on is, one, can tesla maintain its current trajectory of margins going higher and, second, will it live up to the promise that elon musk said that is sub-30,000 model to reinvigorate growth and renew the product portfolio at this point. >> in the short-term, i read about additional pressures coming from the u.s. election because elon musk has been so close to what is happening in the political front as well. we'll continue to monitor what happens to tesla thank you for your time, arjun. >>> let's look at the full-year guidance for galderma after posting $3.3 billion in the first nine months of the year. we are also looking at the luxury space this morning. we heard from kering it issued a profit warning saying it expects 2024 operating income to halve against last year coming in at the lowest level i

as you can see, i just arrived in the robotaxi cybercab.ost read a whole fleet of autonomous vehicles with him to the big party for guests to take a spin. when you when you get an you'll see like it's really quite a wild experience just be in a car with no steering wheel. >>no pedals, no controls. >>and it feels great. he introduced a new autonomous robo van to transport 20 of your favorite peeps or transport some goods here of open is a. this is what were. >>going to make. this is gonna look like that. can you imagine going down the streets and you see this coming towards >>but the big surprise of the night, the humanoid, he says its autonomous with legs instead of wheels. it'll be do anything you want so we >>teacher babysit your kids, it can walk your dog or your get the groceries. just be your friend. besides dancing humanoids. that also served up some cocktails. guests learn about some of the potential benefits of his cybercab. are charging from a taxi has no luck. >>just goes over the inductive charger and charges. >>you can also catc

. >> the cybercab.ead a whole fleet of autonomous vehicles with him to the big party for guests to take a spin. when you when you get an you'll see like it's really quite a wild experience just be in a car with no steering wheel. >> no pedals, no controls. >> and it feels great. he introduced a new autonomous robo van to transport 20 of your favorite peeps or transport some goods here of open is a this is what >> going to make. this is gonna look like that. can you imagine going down the streets and you see this coming towards >> but the big surprise of the night, the humanoid, he says its autonomous with legs instead of wheels. it'll be a >> do anything you want so we can. teacher babysit your kids, it can walk your dog or your get the groceries. >> just be your friend. besides dancing humanoids. that also served up some cocktails. guess learned about some of the potential benefits of his cybercab easier charging. >> from a taxi has no luck. just goes over the inductive charger and charges. >> you can

awaited robotaxi to glitzy event at the warner brothers studio near los angeles musk showcase the cybercabfront of an audience about 4 million others watched on x. the robotaxi has no steering wheel or pedals. production is set to start in 2026, but musk is known for over-promising five years ago, he said the robo taxi would be available in a year musk also showed off a robot robovan. it's a larger vehicle that he said could carry up to 20 people. he gave no timeframe for when that vehicle might be introduced north korea is accusing south korea of flying drones over its capital and dropping leaflets describing a better life across the border. now pyongyang is threatening retaliation. cnn's mike valerio has details from seoul so the central question here is who exactly is responsible? >> is this the south korean government's work? is this work from private individuals here in south korea, or is this perhaps? >> some other possibility altogether? >> so let's take you through what we know beginning with the photos that north korean state media have released showing what it claims to be are fl

elon musk revealing prototypes of the long-awaited cybercab robotaxi.sentation lacked technical details. >> we expect to begin production with the cybercab, which is highly optimized for autonomous transport in probably -- i tend to be optimistic but time frames. in 2026. yeah. before 20 27, let me put it that way. -- 2027. let's go through that line. i'm optimistic with time frames. almost hesitant to say but in 2026. how optimistic is that timely? -- timeline? craig: optimistic is putting it lightly. almost seven years ago now in late 2017 we saw elon take the wraps off a next-generation roadster sports car. we are still waiting on that one. that is a vehicle that we humans will actually drive. it is kind of all manner of products you have to be careful with with musk giving timelines. with respect to self-driving and autonomy, this is a topic that divides investors where some are keen to go along for the ride of his many promises he's yet to live up to. others are really nervous about the fact that he has gone all in on this and done so at the expens

discovery looking for the latest cybercab over the movie requested blad"blade runner" whh was used inut. >>> and the company says 5.6 million viewers watched the game which is up 33% from last year's game five. the most watched game five since 2018 >>> americans are cutting back onhiey wsk and spirits as some a prices are too hard to swallow we're back in just a moment. >>> welcome back to "worldwide exchange." time for the morning call sheet. citi upgrading first solar to a buy and raising to $254. it stands to benefit from trump or harris winning the election. >>> and jeffries hikes tesla price target >>> and bernstein with costco and an out perform rating. bernstein says despite the valuation, it believes the international growth potential is under appreciated and can support the earnings growth for decades. >>> time for the global briefing hsbc names pam kaur as the new cfo in january it comes as the restructuring to consolidate the bank to four units. >>> shares of hyundai motor in india falling at the debut after the record ipo in the country. reuters reports it was two times ov

the cybercab is the question. a prototype vehicle, that some are saying could ultimately be an autonomous taxi of sorts? also, what kind of details will they give us about the launch of autonomous ridesharing with tesla? will it start next year? geofenced areas? are there pricing expectations? that's what will drive the stock before or after the event, i should say. if we get vague promises from elon, which is a possibility, i wouldn't be surprised if the stock sells off. then again, if we get concrete details, people will star gaining out how realistic are these? functions come up a couple weeks later, so we're done with the first of three catalysts here, guys. now the question becomes does robo-taxi deliver in terms of the anticipation that's out there right now, or does it leave people wanting more and not having it yet from elon musk. >>> and shares are unchanged basically on the year ahead of that next catalyst. phil, thanks. >>> the averages changed after the losses yesterday. this morning we had the better

take cuts through what we know about the cybercab. will it be enough to satisfy investors? >> there was a lot of hype around this. this event was held at a movie lot at warner bros.. it was delayed by about one hour because there was a medical emergency in the crowd, but there were over one million people watching just online, and a very futuristic car drove out. the doors opened like butterfly wings, and musk stepped in and went for a ride. this car has no steering wheels or pedals, and that is hard to engineer when it has to brake. there were 50 models driving around this movie lot people could interact with and take rides themselves. elon musk said the cyber cab should be available in 2026 or 2027 and cost below $30,000. also there was a prototype of a robo van musk said could transport 20 people at a time and also on board was tesla's humanoid robot which could do anything you want from babysit your kids to walk your dog or mow your lawn. it was behind a bar serving drinks to people. at the end of the event there were 3 million people watching this online. the event its

no doubt, musk will be scrutinized, particularly in the cybercab.round that model and some of the regulatory concerns as well. the price pressures given the slowdown of eb demand. that will be a key stock to watch. on the earnings front. let's flip the board and look at the trump trade. you can see this crocodile mouth spaced opening up in terms of the trump trade. the markets, at least some, are betting that trump will prove victorious come november 5 versus harris. the expectations have dipped on her outlook. the trump trade, including crptoc. some of the smaller banks, energy as well, all part of that mix. that is why we continue to watch. 15 days until the vote in the u.s.. bloomberg terminal users can get access to these charts and others using the gtv function on the bloomberg terminal. the opening trade is up next. stay with us for more analysis on these markets. the run-up to the u.s. vote and the earnings preview as well. the opening trade is next. this is bloomberg. ♪ when people come, they say they've tried lots of diets, nothing's worked

elon musk unveiled this driverless robo taxi will be priced under $30,000, kind of an almond shaped cybercab no steering wheel or pedals. tessa plans to start producing it before 2027. now, tesla also unveiled a second vehicle, a robe of a an which is designed to shuttle up to 20 people at a time. well, a new study revealed that 36 days of our year are lost. just scrolling streaming in benching and it's worse for younger people. jens e say they lose like 5 days a month. the comprehensive study immediate consumption trends by talker research also showed that excessive content consumption can result in feelings of guilt with the average respondent having 3 pangs of guilt per month porch pirates are stealing 18 t iphones delivered by fedex. the wall street journal reports thieves appear within minutes or seconds to grab the package. police say the heist who's tracking numbers. another factor that makes packages from att vulnerable is the date. it typically doesn't require a signature. they want to make delivery as frictionless as possible, but they will start requiring signatures and high areas

cars to robotics, musr envisions a future in which owners can make money back by renting out their cybercabn not in use vast majority of the time cars are just doing nothing. but if there us. >> they could be years 5 times more. 10 times more musk also unveiled a robo van which can seat up to 20 people. >> and he's a vet, showed off many of the company's humanoid robot assistants as well. but the event was short on details and did not address likely regulatory issues. there's like technical glitches and safety concerns are already rampant with the robo taxi industry. there have been dozens of accidents, including the death of a pedestrian in san francisco last year. that led to the shutdown of crews, robo taxis. autonomous vehicles are both been targets for vandalism and crime and now functions are often causing accidents and traffic issues. but musk believes an autonomous future will be safer. don't save lives like a lot of lives. >> and prevent injuries. i think we'll see autonomous cars become 10 times safer than a human. >> analysts say safety and reliability, key reasons. the world is

today shares of tesla meanwhile, tumbling 9% after last night's debut of the company's self-driving cybercab, which underwhelmed industry analysts. interestingly, that was apparently good news for uber because of tesla's able to pull off its own taxi service that could cut into uber's business. but with the stumble last night, analysts said maybe overs got some more room to move. shares of uber up 11% today. now let's take a look at 18 t's directv, which is now seeking to merge with rival satellite provider. dish directv says it's going to be introducing a free streaming service on november 15th, the so-called my free direct tv will offer ad-supported live tv shows and movies. the service suggest where directv intends to go. if it does manage to pull off its deal with dish and that would be a gradual winding down of the satellite business and getting more into streaming, which isn't a big surprise zuley. the pending free streaming service will eventually include a price year ad free tier. and that's where the big money is. traditional pay tv companies are all heading into streaming at the mo

in the united states plus, elon musk is getting sued by a filmmaker over the debut of the tesla cybercabght back >>> researchers logical survey say they found a trove of lithium in an underground brine reservoir. officials say they used water testing and machine learning to determine that there might be 5 million to 19 million tons of lithium in the formation and that would be more than enough to meet current worldwide demand for the metal. it doesn't say for how long. >> that is what i was wondering, too. this year or next five years the next 20 years? >>> exxonmobil is among those developing projects in arkansas to extract the lithium from the salty brine water for new tkes. >> you think you find reserves and new ways of mining. >> the opposite. >> no. but that's right every time there -- this is what knocks it out. >> they thought we need to be on mars by now. now we got a chance. that is the thing. >> yeah. when we come back, we are awaiting results from verizon and defense giant lockheed martin we are going to bring you those two reports when they are released up next, the consumer