Tesla hints on introducing self-driving cars this year

Tesla CEO Elon Musk recently shared his belief that a full self-driving car project may come to fruition this year due to significant progress made with the full self-driving initiative. In an interview with CNBC Africa, Musk discussed the potential of the Tesla autopilot self-driving hardware suite and the implications of autonomous vehicles on the market. Musk highlighted the value of a fully autonomous car, estimating it to be potentially five times more valuable than a traditional autonomous car. He explained that the utility of a passenger car typically amounts to around 10-12 hours a week, factoring in commuting time and occasional long trips. Additionally, significant costs are associated with parking, whether it be garage fees, parking spaces, or mall parking tickets. Musk envisioned a future where autonomous vehicles function like 'autonomous Ubers,' significantly increasing their utility to potentially 50 hours a week. This shift in usage would generate substantial revenue opportunities for Tesla. Musk delved into the business model of autonomous vehicles, outlining a revenue-sharing concept where Tesla would earn a portion of the robotaxi revenue generated by its vehicles. He revealed that Tesla cars purchased by customers would be exclusive to the Tesla network, enabling the company to capitalize on the increased usage of autonomous vehicles. With the potential of generating two to three times the original sale value of the car in robotaxi revenue, Musk emphasized the significant financial benefits of this model. The CEO also referenced financial analyst Kathy Woods' analysis on the impact of full autonomy on Tesla's business, highlighting the transformative nature of this development. When questioned about the progress towards achieving full autonomy, Musk expressed optimism, indicating that the milestone may be reached this year. He shared successful test results in Austin and San Francisco, where Tesla cars were able to drive for several days without human intervention, even navigating complex urban environments successfully. Musk's confidence in the autonomous capabilities of Tesla vehicles and the progress made so far hint at a potential breakthrough in full self-driving technology in the near future.