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Tesla (TSLA) to Unveil Its Much-Awaited Robotaxi on Aug 8
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Tesla, Inc. (TSLA - Free Report) is poised to reveal its robotaxi on Aug 8, 2024, per Elon Musk’s post on X. The robotaxi reportedly utilizes TSLA’s latest vehicle platform.
During a 2023 event revealing the company’s third Master Plan, Musk hinted at the potential of a Tesla robotaxi, even showcasing a fully concealed vehicle. A few years ago, Musk conjectured that Tesla owners could generate income by sending their autonomous cars for pickups and drop-offs.
Several of Musk’s predictions regarding the actual availability of self-driving vehicles remain overdue.
In April 2019, Tesla planned to start operating its robotaxis by 2020. The car was expected to last for 11 years and drive one million miles, helping the company and car operators earn a profit of $30,000 each year.
In 2015, Elon Musk told Tesla’s shareholders that the cars manufactured by the company will become fully autonomous within three years. In 2016, he suggested that by the end of the following year, sending one of its vehicles on a cross-country drive would not require any human intervention.
Tesla is yet to deliver a technology that can transform its cars into level 3 automated vehicles. The automaker offers advanced driver assistance systems, comprising a standard Autopilot option or a premium Full Self-Driving (“FSD”) option. Notably, the FSD subscription is priced at $199 per month for U.S. customers or alternatively available at a one-time upfront payment of $12,000.
Musk admitted that his track record for predictions can sometimes be significantly off the mark but he eventually gets things done.
In a drive to boost end-of-quarter sales, Musk recently made it necessary for sales and service personnel to install and demonstrate FSD for customers prior to handing over the keys.
Tesla’s premium option still requires drivers to stay attentive all the time and take control of the steering and brake whenever required.
TSLA’s reveal date for a model should not be confused with the date of its commercial release. For example, the EV pioneer unveiled Semi in 2017 but did not commence the deliveries until December 2022.
The company currently carries a Zacks Rank #5 (Strong Sell).
Besides Tesla, Alphabet’s (GOOG - Free Report) autonomous vehicle unit Waymo and General Motors’ (GM - Free Report) subsidiary, Cruise, are working on self-driving ride-sharing services.
Waymo currently operates driverless ride-hailing services in Phoenix, San Francisco and Los Angeles and is ramping up production in Austin, TX. It has signed a multi-year partnership with Uber and will provide its robotaxi to the food delivering company to deliver food in Arizona.
GM Cruise has halted its testing work on its self-driving car following an accident. The company is currently under regulatory scrutiny. While General Motors remains committed to Cruise, it aims to reduce the expenses of its self-driving arm by about $1 billion in 2024.
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Tesla (TSLA) to Unveil Its Much-Awaited Robotaxi on Aug 8
Tesla, Inc. (TSLA - Free Report) is poised to reveal its robotaxi on Aug 8, 2024, per Elon Musk’s post on X. The robotaxi reportedly utilizes TSLA’s latest vehicle platform.
During a 2023 event revealing the company’s third Master Plan, Musk hinted at the potential of a Tesla robotaxi, even showcasing a fully concealed vehicle. A few years ago, Musk conjectured that Tesla owners could generate income by sending their autonomous cars for pickups and drop-offs.
Several of Musk’s predictions regarding the actual availability of self-driving vehicles remain overdue.
In April 2019, Tesla planned to start operating its robotaxis by 2020. The car was expected to last for 11 years and drive one million miles, helping the company and car operators earn a profit of $30,000 each year.
In 2015, Elon Musk told Tesla’s shareholders that the cars manufactured by the company will become fully autonomous within three years. In 2016, he suggested that by the end of the following year, sending one of its vehicles on a cross-country drive would not require any human intervention.
Tesla is yet to deliver a technology that can transform its cars into level 3 automated vehicles. The automaker offers advanced driver assistance systems, comprising a standard Autopilot option or a premium Full Self-Driving (“FSD”) option. Notably, the FSD subscription is priced at $199 per month for U.S. customers or alternatively available at a one-time upfront payment of $12,000.
Musk admitted that his track record for predictions can sometimes be significantly off the mark but he eventually gets things done.
In a drive to boost end-of-quarter sales, Musk recently made it necessary for sales and service personnel to install and demonstrate FSD for customers prior to handing over the keys.
Tesla’s premium option still requires drivers to stay attentive all the time and take control of the steering and brake whenever required.
TSLA’s reveal date for a model should not be confused with the date of its commercial release. For example, the EV pioneer unveiled Semi in 2017 but did not commence the deliveries until December 2022.
The company currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Besides Tesla, Alphabet’s (GOOG - Free Report) autonomous vehicle unit Waymo and General Motors’ (GM - Free Report) subsidiary, Cruise, are working on self-driving ride-sharing services.
Waymo currently operates driverless ride-hailing services in Phoenix, San Francisco and Los Angeles and is ramping up production in Austin, TX. It has signed a multi-year partnership with Uber and will provide its robotaxi to the food delivering company to deliver food in Arizona.
GM Cruise has halted its testing work on its self-driving car following an accident. The company is currently under regulatory scrutiny. While General Motors remains committed to Cruise, it aims to reduce the expenses of its self-driving arm by about $1 billion in 2024.