On June 16, Tesla CEO Elon Musk said in an interview this week that whether the self-driving problem can be solved directly determines whether Tesla is worth more or less. Almost worthless.
Like other stocks on the market lately, Tesla shares have taken a hit. Tesla shares have fallen more than other stocks in the market since Musk announced his takeover of personal social media Twitter. Musk’s sale of Tesla stock to finance the acquisition of Twitter has affected many Tesla investors.
Although Tesla has struggled in the market over the past few months, it remains one of the most valuable companies in the world, currently worth nearly $700 billion.
Musk spoke about Tesla’s progress in software development in an interview this week. “The absolute focus is on solving the full self-driving problem,” he said. “That’s critical. It’s really going to determine whether Tesla is worth a lot or nothing.”
Musk said that if Tesla doesn’t solve the self-driving problem, the company’s value will be almost zero. Although Tesla has delayed its original plan to achieve full self-driving several times, Musk has always believed that the company will solve the problem of self-driving.
Tesla is currently developing self-driving technology through the Full Self-Driving (FSD) beta testing program.
Tesla has been selling FSD kits for up to $12,000 that include some advanced driver-assistance features.The company promises that with a future software update, fully autonomous driving capabilities will eventually be possible.
Recently, Musk announced that 1 million people will be enrolled in the FSD Beta test program by the end of this year, but FSD Beta is not a fully autonomous driving system, requiring drivers to monitor the system at all times and be ready to take over control of the vehicle at any time.
Right now, many are beginning to wonder if Tesla will be able to deliver on its promise of full self-driving. There is a growing belief that Tesla needs to upgrade its hardware to enable a true self-driving system through a software update.
If Tesla can achieve full self-driving capabilities on all cars it has produced since 2016, as promised, it will be worth hundreds of billions of dollars to Tesla owners and make every vehicle currently produced The value of the car has increased significantly.
On the other hand, is Tesla worth “essentially zero” if it doesn’t get there? Others might argue that Tesla is already a very profitable business selling only human-driven electric cars. But Musk is right in saying that achieving full self-driving is something he himself promised.
Full Self-Driving is a promise Tesla has to deliver, as the company has been selling FSD to customers with promises. If Tesla fails to deliver on those promises, or keeps delaying, the price could be high.
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