During the Q1 2022 earnings call, Elon Musk shared some details about Tesla’s new robotaxi vehicle. The new vehicle won’t have a steering wheel or pedals as it will fully utilize Tesla’s full self-driving (FSD) software.
“We’re also working on a new vehicle that I alluded to at the Giga Texas opening, which is a dedicated robotaxi that’s highly optimized for autonomy, meaning it would not have [a] steering wheel or pedals,” Musk said during the latest earnings call.
“And there are a number of innovations around it that I think are quite exciting,” he added. “But it’s trying to achieve the lowest — fully considered — cost-per-mile, cost-per-kilometer, accounting everything. I think it’s gonna be a very powerful product.
Musk estimated that the cost of riding a Tesla robotaxi vehicle would be lower than a subsidized bus ticket. Tesla aims to reach volume production of its dedicated robotaxi vehicle by 2024. The company plans to hold an unveiling event for the new robotaxi vehicle sometime next year.
Musk believes that the robotaxi fleet will significantly drive Tesla’s growth in the future. He isn’t the only one either. For some time now, Ark Invest analysts, including CEO Cathie Wood, have said that Tesla’s robotaxi fleet would increase the company’s value.
Just recently, Ark forecasted that Tesla’s robotaxi fleet could generate $486 billion in annual revenue by 2026. The investment management firm predicts that Tesla’s robotaxi business could contribute 60% of its expected value. Ark expects TSLA stock to be valued at $4,600 by 2026 if Tesla manages to launch its robotaxi fleet.
The robotaxi fleet’s launch will depend on Tesla’s FSD software development. Since the robotaxi vehicle will not have a steering wheel or pedals, FSD will need to be fully refined and ready to take on most roads by the time Tesla launches the product.