Elon Musk is not one for quiet statements or milquetoast announcements. You can always count on Musk to push forward some new, sci-fiesque idea, and this time (unlike the Hyperloop), his plan may be closer to reality.
The billionaire founder and CEO of electric car company Tesla announced on Monday that the company will be launching a driverless taxi service by 2020.
How It’ll Work: The system will work as a sort of pool - add your car to the network, be able to summon any other car thanks to ride-hailing
But the timing? As other carmakers are pushing back self-driving timelines, Musk says he’s very confident that Tesla’s robotaxis will be operational next year, claiming that Tesla’s today already have all the tools for self-driving.
The Law Hasn’t Caught Up: Don’t forget that the regulatory environment for self-driving cars is still very much up in the air, so whether or not Musk’s big ideas pay off will depend a lot on the mood of the US Congress.
Wut We Think: Musk’s pronouncements always have to be taken with a grain of salt - Just think of the hyperloop, or the Boring Company, or a Mars colony. If you look at the stats - showing shares down 20% year-to-date and weak Q1 sales - then it’s clear that the market is souring on Musk’s pie in the sky ideas, and given his mixed track record, it may be worth watching - but from a respectful distance.
If you like this analysis and would like to receive future updates - Please, follow me on TradingView!
If you follow me, I guarantee you will receive timely updates to this trading strategy in the future, including all new trading signals.
If you agree, please, Like this Idea - This would be the best feedback and encouragement for me!
To your trading success,
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Consequently, any person acting on it does so entirely at their own risk.