Tesla to unveil robotaxi self-driving car in August, Elon Musk says

Elon Musk announced that Tesla will unveil its robotaxi this summer.

The X owner and Tesla CEO unveiled the Aug. 8 release date on a post Friday.

The entrepreneur has previously discussed efforts to create Tesla cars without human controls and for existing vehicles to gradually improve its Full Self-Driving Capability, which are not fully autonomous.

The technological feat has been a longtime goal for Musk, who has said autonomous taxis could revolutionize modern transportation by becoming more popular than human-driven cars and that automaker would be "worth basically zero."

Musk wanted to release robotaxis in 2020

In April 2019, Musk revealed that he expected Tesla robotaxis to be fully operating by 2020.

The company predicted that driverless vehicles would withstand 11 years and 1 million miles, earning the company $30,000 in annual profit. He also shared that the cars would would be accompanied by a ride-share app similar to both Uber and Airbnb.

U.S. and Chinese regulators have currently only approved self-driving cars in limited and experimental instances on public roads.

The automotive company faces lawsuits and investigations related to crashes with its existing autopilot and Full Self-Driving driver-assistance systems, which the company has Tesla has explained were the result of inattentive drivers.

Tesla shares down after low-cost EV plans are scrapped

Musk's announcement comes after a Reuters report revealed that Tesla has scrapped plans for its long-promised inexpensive car, according to three sources familiar with the matter and company messages.

Investors have been relying on the project to drive its growth into a mass-market automaker, according to Reuters.

Musk has often described affordable electric cars for the masses as a primary mission. In 2006, he said his "master plan" had to prioritize manufacturing luxury models before financing a "low cost family car."

Tesla shares closed down $6.21, or 3.63%, at $164.90 on Friday.