Elon Musk is betting Tesla’s future on autonomy. So far, its customers aren’t fully buying it. Vaibhav Taneja, Tesla’s CFO, said during Wednesday’s earnings call that while the company had made “decent progress” in boosting adoption of its Full Self-Driving (FSD) software, only a fraction of Tesla drivers were paying for the service. “Total paid FSD customer base is still small, around 12% of our current fleet,” Taneja told investors.
Tesla also reported that revenue from Full Self-Driving in the third quarter decreased compared to the same period last year, when the company raked in $326 million. Across the entire business, Tesla reported record revenue of $28.1 billion for the quarter.
Self-driving
The software has also gotten Tesla into hot water in the US. Earlier this month, the US auto regulator launched a federal investigation into FSD after reports surfaced that Tesla vehicles with the technology enabled had been running red lights and steering into traffic.
“I think people just don’t quite appreciate the degree to which this will take off. Honestly, it’s going to be like a shock wave,” said Musk.
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