Tesla's 'Robo Taxi' Disappointment pushed it out of the top 10 in the market capitalization ranking

Tesla's market capitalization ranking on the New York Stock Exchange was pushed out of the top 10 as the robotaxi unveiled by electric vehicle company Tesla fell short of market expectations.

According to the New York Stock Exchange, Tesla's market capitalization as of the 11th was $695.7 billion (940.2385 trillion won), ranking 11th in the market capitalization after U.S. pharmaceutical company Eli Lilly ($839.2 billion).

Until the 1st of this month, Tesla's market capitalization reached $824.2 billion, exceeding $800 billion, ranking ninth in the market capitalization list.

However, the stock price fell 3.5% in the third quarter of this year as the number of vehicle deliveries fell below expert forecasts, and on the 11th, the day after the robotaxi was unveiled, the stock price plunged 8.78%, and the market capitalization fell below $700 billion.

It is the first time in more than a month that Tesla's market capitalization has been below $700 billion since the 9th of last month.

Tesla unveiled a prototype of its robotaxi CyberCab on the 10th, but did not mention key information such as details of autonomous driving technology, solutions to regulatory problems, and revenue generation measures, prompting Wall Street to say the announcement was disappointing.