During the first quarter of the 2022 earnings conference call, Elon Musk shared some details about Tesla’s new Robotaxi (autonomous taxi) vehicle. The new car won’t have a steering wheel or pedals, as it will be driven entirely using Tesla’s Full Self-Driving (FSD) software.
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“We’re also developing a new vehicle, which I mentioned at the opening of Tesla’s GigaTexas, a specialized robotaxi that’s highly optimized for autonomous driving, which means It won’t have a steering wheel or pedals,” Musk said on the latest earnings call.
Musk added: “There’s a lot of innovation around it that I think is pretty exciting. It’s trying to get the lowest cost per kilometer, and I think it’s going to be a very strong product.”
Moreover, Musk estimates that a ride in a self-driving taxi will cost less than a subsidized bus ticket. Tesla aims to have mass production of its purpose-built self-driving taxis by 2024.
The company plans to unveil the new self-driving taxi sometime next year. Musk believes that a fleet of self-driving taxis will give Tesla a big boost in the future. Ark Investment Management recently predicted that Tesla’s self-driving taxi fleet could generate $48.6 billion in annual revenue by 2026.
Furthermore, Tesla’s self-driving taxi business could contribute 60% of its expected value. If Tesla successfully launches its fleet of self-driving taxis, Tesla stock will be worth $4,600 by 2026.
The rollout of the Robo-taxi fleet will depend on Tesla’s FSD software development, which will need to be fully refined since the Robo-taxi will have no steering wheels and pedals.
