Tesla’s chief executive officer Elon Musk said that by the middle of next year, 1 million Teslas will be on the road that are fully capable of driving themselves. During an hours-long investor day presentation focused on autonomy, Musk said customers will be able to put their cars onto a shared network of robotaxis, which will be able to get around without a human inside.
“The fundamental message that consumers should be taking today is that it’s financially insane to buy anything other than a Tesla,” Musk said Monday at Tesla’s headquarters in Palo Alto, California. “It will be like owning a horse in three years.”The catch for Tesla investors is that all this is going to be costly in the near term. When asked how much autonomous technology is costing Tesla, Musk responded: “It’s basically our entire expense structure.
“Between now and when the robotaxis are fully deployed throughout the world, the sensible thing for us is to maximize the number of autonomous units made and drive the company toward cash-flow neutral,” Musk said. “Once the robotaxi fleet is active, I would expect to be extremely cash-flow positive.”
When one analyst told Musk that it sounded like Tesla was making a massive balance-sheet commitment to autonomy and asked about the company’s financing strategy, the CEO dropped a hint that a fund raise may be in the offing.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Wednesday April 17: Five Things You Need to Know to Start Your DayTrump’s trade negotiations stir alarm, US stocks rise, Indonesia goes to the polls. Here are some of the things people in markets are talking about.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Credit Suisse Seeks to Seize Nigerian Oil Trader’s Three London HomesCredit Suisse Group AG has already taken Nigerian oil trader Igho Sanomi’s private jet. Now it’s coming for his London apartments.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: OPEC Gambles With Success of Production Cuts as $80 Oil LoomsAfter managing to revive oil prices through production cutbacks, OPEC now risks squandering its victory again by letting crude surge too high.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Apple Puts Need for 5G Ahead of Legal Fight in Qualcomm DealApple Inc. put its flagship product, the iPhone, ahead of distaste for the way Qualcomm Inc. does business in settling a bitter, two-year legal dispute with the chipmaker.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: ANALYSIS: This Commodities Rally Has Legs, Thanks to China:Iron ore’s glory days seem to be back. But can it last? Commodities analyst David Fickling thinks it can.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Activists Push South Africa Pension Funds Over Climate CostsPension funds in South Africa have a legal obligation to account for the financial effects of climate change on their investments, according to two groups lobbying money managers to pay closer attention to the issue.
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: A good cop-bad cop approach to the world’s, and South Africa’s, economic growthThe world economy is at a crossroads, with the IMF warning of a synchronised downturn this year but pointing to a 2020 turnaround if policymakers get it right. However, it will take more than playing the good cop to get there, for South Africa in particular. Policymakers will also need to play the bad cop if they want to gear countries for the deeper structural changes underway and too important to be ignored.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Why Does Trump Want to Turn America Japanese?As officials from the US and Japan meet this week to begin hashing out a bilateral free-trade pact, author Michael Schuman asks why U.S. President Donald Trump seems to be preferring policies would essentially emulate those that underpinned not just Japan’s rise but its subsequent fall.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Analysis: Belt & Road’ Will Help World; China, Not So MuchThe global economic development initiative that China calls “One Belt, One Road” is considered one of Beijing’s major instruments in its geopolitical battle. But academic Tyler Cowen argues it’s unlikely to do much to boost Chinese power as it helps most of the world.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tiffany Training Africans to Cut Locally Sourced DiamondsTiffany & Co. has been expanding its workforce in sub-Saharan Africa -- a region of almost one billion people where the jewelry giant doesn’t have a single store.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Tuesday, April 16: Five Things You Need to Know to Start Your DayFire engulfs the historic Notre Dame Cathedral in Paris. Bank earnings weigh on stocks. And the Bank of Japan’s ETF buying is called into question. Here are some of the things people in markets are talking about.
Source: dailymaverick - 🏆 3. / 84 Read more »