Tesla share price: Why Tesla shares have fallen nearly 1% before We Robot event?

Tesla Share Price:  Tesla Inc.'s shares declined by 0.95 per cent, dropping $2.28 to close at $238.77, ahead of the company’s much-anticipated ‘We Robot’ event in Hollywood on Thursday. The event is expected to showcase Tesla's long-awaited robotaxi and provide updates on its artificial intelligence projects, which CEO Elon Musk believes are key to the company’s long-term growth.

Excitement surrounding the event has been building on social media, with speculation about what Tesla may reveal. However, some investors and analysts have tempered expectations, citing potential technological challenges.

At the event, Tesla is expected to unveil its vision for a fleet of self-driving taxis, dubbed Cybercabs, which can be hailed via an app. Additionally, Tesla owners will have the option to list their vehicles as robotaxis, allowing them to earn money through the platform.

Held at Warner Bros. Studios in Los Angeles, California, the "We, Robot" event, a likely reference to Isaac Asimov's "I, Robot" science-fiction series, reinforces Musk's view that Tesla is as much an AI robotics company as it is an automaker.

Investors, analysts, and Tesla enthusiasts attending the event will be keen to learn about the timeline and cost of ramping up robotaxi production, as well as how profitable the service could be. Many will also be watching for updates on Tesla's Full Self-Driving software, which is expected to be a foundation for the robotaxi service.