Tesla Shares Soar on Reports of Federal Framework for Self-Driving Vehicles
A Major Boost for Autonomous Technology
Tesla’s stock surged nearly 5% on Monday after reports emerged that President-elect Donald Trump’s transition team is prioritizing a federal framework to regulate self-driving vehicles. This development could be a significant win for Tesla, which has been at the forefront of autonomous technology.
Musk’s Close Ties to Trump Pay Off
Elon Musk, Tesla’s CEO, has been a vocal supporter of Trump’s presidential campaign. Their close relationship is expected to yield benefits for Tesla, particularly in the realm of self-driving vehicles. Musk was recently appointed to lead the Department of Government Efficiency, a new agency tasked with streamlining government bureaucracy and reducing wasteful expenditures.
A Federal Framework for Self-Driving Vehicles
The proposed federal framework would provide a much-needed regulatory structure for self-driving vehicles. This would enable companies like Tesla to accelerate their development and deployment of autonomous technology. Tesla has been promising fully self-driving vehicles for years, but has yet to deliver a car capable of driving autonomously without human supervision.
Tesla’s Long-Term Vision: Robotaxis
Tesla’s ultimate goal is to produce a fleet of robotaxis, autonomous vehicles that can transport people without human intervention. While Google’s Waymo venture has already launched self-driving cars on public roads, Tesla is close behind. Musk recently unveiled the Cybercab, a $30,000 two-seater vehicle with no steering wheels or pedals.
Next Steps for Tesla
Musk expects Tesla to have “unsupervised” Full Self-Driving technology up and running in Texas and California next year. This would mark a significant milestone for the company, which has been working towards fully autonomous vehicles for years.
Trump’s Transition Team Seeks Policy Leaders
Trump’s transition team is reportedly seeking policy leaders to develop a federal regulatory framework for self-driving vehicles. This includes Emil Michael, a former Uber executive, and Republican Reps. Sam Graves of Missouri and Garret Graves of Louisiana. The team is tasked with creating a comprehensive framework that balances innovation with safety and regulatory concerns.
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