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Tesla (TSLA) stock went down as it has become known that a full self-driving feature will add an extra $1,000 to the car prices. TSLA is 0.49% down.
Tesla Inc (NASDAQ: TSLA) stock price was down in the pre-market today. This tendency continued as teh market opened as well. Sources say that this is occurring as Tesla is set to increase the cost of its self-driving option.
As at the time of writing, Tesla (TSLA) stock price was $809.62, which means that the price is falling by 0.49%.
Tesla is the undisputed leader in autonomous driving technology. Its technology has produced fewer deaths than most of the other competitors. Self-driving as an activity has been under intense research by most of the technology giants. This is one of the few test-cases where the technology works on a commercial scale.
Many startups have been looking for full autonomous technology which could be the next big thing in the auto industry.
Tesla (TSLA) Stock Price Goes Down as Cost of Self-Driving Goes Up
Elon Musk revealed the news about the new Tesla pricing in his tweet.
Tesla Full Self-Driving option cost rises by ~$1000 worldwide on July 1st. Order a Tesla online in less than 2 minutes at https://t.co/qJm9uPBCX5
— Elon Musk (@elonmusk) May 18, 2020
The Tesla self-driving option is currently priced at $7,000. This price is expected to continue to rise. it will be added to the basic cost of the model of the car being ordered. Elon has indicated that the technology is worth more than $100,000. The $1,000 price increase is set to start on July 1st.
Musk has also indicated that the price is set to increase over time.
Full Self-Driving Is Limited
Full Self-Driving as it is called isn’t fully autonomous. It comes with a lot of improvements over other self-driving technologies. Parallel parking, automatic lane changes are some of the advanced features of the self-driving option.
The technology also features a “summon” feature. The feature automatically moves and parks the car. Traffic lights recognition and stop sign control are a part of some upgrades that are expected to occur soon. While there are several regulatory hurdles to clear for full self-driving capability, Tesla has been able to increase its homegrown technology base.
Musk has been involved in disagreements with Alameda county officials over the opening of his Fremont factory. It negatively influenced the Tesla stock price.
Tesla came under the investigator’s scrutiny in 2018 after a driver was involved in an accident. The driver was killed while using autopilot. Further investigations revealed that the driver was playing a video game as the crash occurred.
Though Tesla’s self-driving technology has been certified fit for use, it still has many limitations. The operations of the technology require drivers to hold their steering wheels while the current self-driving technology is active.
As improvements occur in the self-driving sector, we shall see autonomous driving become a normal activity. For now, though, Tesla has many milestones to achieve before making that dream a reality.
On Coinspeaker, you can check out other transportation news as well.