Elon Musk, the CEO of Tesla, announced on social media that the company will unveil its robotaxi product on August 8. This announcement caused Tesla’s shares to rise over 3% in extended trading after Musk’s tweet.

The robotaxi project has been a long-anticipated venture for Tesla, with Musk discussing it for years. This project could potentially open up a significant new business opportunity for the carmaker, especially as investors have become cautious due to a period of slowing growth for the company.

Despite previous claims by Musk about achieving ‘full autonomy’ for Tesla’s cars within a few years, the company has yet to deliver a robotaxi, autonomous vehicle, or technology that can turn its cars into ‘level 3’ automated vehicles. However, Tesla currently offers advanced driver assistance systems (ADAS), including the standard Autopilot option and the premium Full Self-Driving (FSD) option.

The FSD option, which costs $199 per month for U.S. subscribers or $12,000 upfront, requires a human driver at the wheel, ready to intervene if necessary. In a recent push for end-of-quarter sales, Musk mandated that all sales and service staff install and demonstrate FSD for customers before handing over the keys.

While Tesla is making strides in the development of autonomous technology, other companies are already operating in the autonomous vehicle market. Alphabet’s autonomous vehicle unit, Waymo, is currently offering commercial, driverless ride-hailing services in several cities and has recently partnered with Uber for food delivery using its robotaxis.

As Tesla gears up to unveil its robotaxi product, the anticipation and expectations surrounding this announcement have undoubtedly piqued the interest of both investors and automotive enthusiasts.