Tesla's demonstration of a levitating Roadster sports car was 'an engineering flex with no commercial value beyond embarrassing traditional car makers'

Tesla on Thursday reintroduced its new Roadster, a sports car it showed could be capable of using small rockets to propel itself into the air.

After nearly a decade of promises, Elon Musk finally showed off a car capable of levitating. It will just be some time before Tesla fanatics can take one for a spin.

The company on Thursday hosted a demonstration of its Roadster 2.0, an all-electric sports car featuring the company's impressive technology. Musk, Tesla's (TSLA) CEO, has repeatedly said over the years that the vehicle would be capable of some level of flight, whether that be "hops" or levitation.

Tesla appears to have made that a reality. At its event in Texas, the company showed a Roadster performing a few aerial feats, including leaping over several other Tesla vehicles. A Roadster also drove up a ramp upside-down, flipped in midair and used rocket thrusters designed by Musk's SpaceX (SPCX) to achieve a soft landing on the ground.

"So today marks the day that we build the first world's best flying car and the last best driver's car," Lars Moravy, Tesla's vice president of vehicle engineering, said at the event. Tesla has said the Roadster will be its last vehicle designed without autonomous driving in mind.

The Roadster was first unveiled alongside Tesla's new Semi truck in November 2017, with production scheduled for 2020. But the company repeatedly delayed the vehicle, with Musk outlining several new targets and timelines that were missed.

In 2026 alone, a demo was pushed back multiple times, most recently from an Oct. 1 debut, with Tesla citing "high winds." The new Roadster will go into production in 2028, Musk said on Thursday.

"The long wait has been real, patience has been tested, but the interest in what they're planning to deliver hasn't gone away," Ken Kaczmarek, a longtime Tesla investor, told MarketWatch ahead of the event. He said he placed a reservation for the Roadster the month it was first revealed.

Kaczmarek called the sports car "absolutely gorgeous," and said that after learning about the Roadster's planned performance, he didn't care if it ran on gas, electricity or "fairy dust." His reaction, he added, was that "it's impressive - shut up and take my money."

The new Roadster has been described by Tesla and Musk as likely one of the most powerful cars ever made. Musk has said the reimagined version of Tesla's first-ever electric vehicle could have a top speed above 250 miles an hour and drive 620 miles on a single charge. On Thursday, Tesla said the Roadster was able to accelerate from a standstill to 60 miles an hour in less than a second.

That performance is due in part to small cold-gas thrusters from SpaceX placed on the rear of the Roadster. Tesla on Thursday said it would offer a few versions of the vehicle with the thrusters: a one-seater, invite-only "rocket" edition that Tesla said can "fly," as well as a limited "thrust" version that can fit two people.

Heading into the event, Kaczmarek told MarketWatch that he thought the Roadster would reveal a "real synergy" between Tesla and SpaceX.

Some analysts expect SpaceX and Tesla to merge in the future, although the timing of that isn't obvious. Barclays analyst Dan Levy said in a client note that the merger could be announced before Tesla's annual meeting, likely to be held in December.

Tesla shares are down nearly 20% so far this year, making them the worst performer among the "Magnificent Seven" group of major technology stocks, according to FactSet data. Tesla is the only Magnificent Seven stock in the red for 2026.

It's unclear whether the Roadster will be able to help turn things around for the stock. CFRA analyst Garrett Nelson told MarketWatch last month that he was skeptical the Roadster "will do much" to enthuse investors, and the car isn't expected to be a major financial driver.

The Roadster demo "was an engineering flex with no commercial value beyond embarrassing traditional car makers," Gene Munster, managing partner at Deepwater Asset Management, wrote on X.

The Roadster is what analysts have referred to as a "halo car," or a showcase of the company's engineering prowess. Just a few thousand cars are expected to be sold each year, with initial deliveries likely going to the people who began reserving their spot in line close to nine years ago.

In 2017, Tesla said it would sell 1,000 special "Founders Series" models, each of which required buyers to put down a total $250,000 to lock in their reservations. It also took reservations for regular Roadsters, each of which had a starting price of $200,000 and required a $50,000 deposit.

Last month, the company reopened reservations, asking for an initial $5,000 payment and another $45,000 to be paid within 10 days. It's still unclear how much Tesla will ultimately ask for the Roadster or how much optional features could cost buyers - some of whom decided not to stick around and find out.

Several people have asked Tesla to refund their years-old reservations, including OpenAI CEO and Musk rival Sam Altman. Others, instead went to Texas for Thursday's event.

"There is only 1 place I want to be on 10.15. Can't wait to be a human witness to prove the Roadster demonstration isn't [superintelligence]," Brian Roberts, a general partner at the venture-capital firm Andreessen Horowitz , wrote on X ahead of the event. Roberts posted a photo of a Roadster reservation confirmation email, dated Nov. 30, 2017.

-William Gavin