In 2023, Tesla wants to launch a self-driving technology that could set the company on the path to achieving full driving autonomy.
According to Tesla CEO Elon Musk, the leading EV maker could launch its fully self-driving technology in 2023. Musk said Tesla’s anticipated autonomous driving technology would generate significant profits to balance some of its margin pressure. The Texas-based electric vehicle maker is currently bearing the brunt of aggressive price cuts on Tesla cars in the US, Europe and China.
This is the fourth year in a row that Musk has promised that Tesla will achieve self-driving. Although the company failed to meet these expectations in previous years, its CEO thinks, “we will do it this year”.
CEO offers insight into projected Tesla 2023 self-driving technology
Speaking on the conference call, Musk explained that the Tesla self-driving technology proposed for 2023 is not fully autonomous. According to him, vehicles equipped with this technology would still require driver supervision. Musk’s disclosure may be due to existing technology applying legal and regulatory scrutiny in light of the accident. Nonetheless, the outspoken chief executive still believes Tesla is on the right track toward achieving total driving autonomy. as oysters Keep This:
“The test version of Tesla’s Full Self-Driving (FSD) technology software will be two steps forward, one step back between releases, but the trend towards full autonomy towards full self-driving is very clear.”
Furthermore, Musk doubled down on the potential value that autonomous technology would yield for Tesla. According to him, if self-driving pans out in 2023, Tesla has a very unique strategic advantage.
Tesla Chief Financial Officer Zachary Kirkhorn touched on the impact of the price cuts and other related developments on the company, saying:
“Automotive margins in the first quarter were not only hurt by price cuts, but also by increased deferred revenue for FSD Software. This deferral should be recognized once some software catches up.
The EV company charges up to $15,000 for its FSD software and late last year replaced some of the technology’s built-in features in its cars. These changes included the removal of ultrasonic sensors from the Tesla Model Y and 3 electric vehicles, and the suspension of the ‘Smart Summon’ and ‘Auto Park’ features. Buyers can expect more from Tesla than an actual full self-driving release in 2023.
Tesla Q1 2023 Earnings
tomorrow tesla Posted Its first quarter earnings report reveals a substantial year-on-year (YoY) decline. The company’s quarterly margin came in lower than expected, primarily due to aggressive price-cutting for the Model S, X, Y and 3. Tesla also identified “lower utilization of new factories” and increased production costs as reasons for its Q1 decline. decline in earnings.
However, the company’s revenue and earnings per share (EPS) for the quarter were in line with analysts’ estimates. For the first three months of 2023, Tesla projects revenue of $23.33 billion, compared to the consensus estimate of $23.21 billion. In addition, the EV manufacturing giant also reported adjusted EPS of 85 cents, versus the 85 cents that analysts were expecting.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip crypto stories down to the basics so that anyone anywhere can understand without a lot of background knowledge. When he is not delving deep into crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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