EV - Tesla Cars Will Not Be Approved as Fully Self Driving This Year Musk Says

October, 21 2022 01:39 PM Eaton Vance Corporation

Tesla Inc ( NASDAQ:TSLA )

Tesla Inc’s ( NASDAQ:TSLA ) advanced driver assistant software will not gain regulatory approval in 2022, Chief Executive Elon Musk said, signaling that the company is not yet able to satisfy authorities that its cars can be driven without someone behind the wheel.

The Silicon Valley automaker sells a $15,000 software add-on called “Full Self-Driving” (FSD) which enables its vehicles to change lanes and park autonomously. That complements its standard “Autopilot” feature, which enables cars to steer, accelerate and brake within their lanes without driver intervention.

However, Tesla says the cars still need to be driven with human oversight. A highly autonomous vehicle would require regulatory approval in California, for example.

On a call on Wednesday to discuss quarterly results, Musk said he expects to release an upgraded FSD software at the end of the year, adding that while its cars are not ready to have no one behind the wheel, drivers would rarely have to touch the controls.

“The car will be able to take you from your home to your work, your friend’s house, and the grocery store without you touching the wheel,” he said.

“It’s a separate matter as to whether will it have regulatory approval. It won’t have regulatory approval at that time,” he added.

Musk also said Tesla hopes to provide an update to FSD in 2023 to show regulators that the technology is much safer than the average human driver.

Regulatory Scrutiny

“Musk is opening the possibility Tesla will have a more difficult path to approval for FSD given heightened NHTSA (N...

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Company Name:	Eaton Vance Corporation
Stock Symbol:	EV
Market:	NYSE