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The Danger Of Deeper OPEC+ Cuts

The Danger Of Deeper OPEC+ Cuts

Oil prices jumped as OPEC…

Morgan Stanley: Tesla Stock Could Hit $500

Morgan Stanley: Tesla Stock Could Hit $500

Tesla’s share price could soar…

Musk Makes Bold Promise On Robotaxis

Musk Fremont

Tesla’s chief executive Elon Musk expects the electric vehicle (EV) maker to have robotaxis as early as next year, the manager said at the Tesla Autonomy Investor Day on Monday.

“I feel very confident predicting autonomous robotaxis for Tesla next year,” Musk said at the presentation in Palo Alto, California.

“Not in all jurisdictions, because we won’t have regulatory approval everywhere, but I am confident we will have at least regulatory approval somewhere, literally next year,” he said.

Tesla plans a ride-sharing app of robotaxis where any customer will be able to add or remove their vehicle to the so-called ‘Tesla Network.’

“So I expect this to operate like a combination of maybe the Uber and Airbnb model,” Musk said, adding that Tesla would take 25-30 percent of the revenue.

In places where there aren’t enough shared Tesla cars, the company will have “dedicated Tesla vehicles,” he added.

Tesla said on Monday that “All Tesla cars being built today have the hardware necessary for full self-driving.” The EV maker also touted its new Full Self-Driving Chip which “is capable of processing up to 2300 frames per second”—an improvement of 21 times over previous generation hardware.

Musk, however, admitted to the audience and investors that sometimes he isn’t on time with delivering on his promises.

“Sometimes I am not on time, but I get it done,” Musk said, as carried by CNBC, which recalls that in the past, Musk has missed some timeframes that he himself had announced for Tesla regarding the launch of new products or vehicles.

Tesla will draw additional investor and analyst attention later this week when it reports Q1 figures in the afternoon on April 24.

Tesla itself, as well as analysts, expect a loss for the quarter, after vehicle deliveries in Q1 slumped by 31 percent from the previous quarter, ending well below analyst estimates.

By Tsvetana Paraskova for Oilprice.com

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