Tesla teases robotaxi ride-hailing app ahead of August reveal

Tesla, along with CEO Elon Musk, has revealed new insights into its much-anticipated autonomous ride-hailing service, offering riders the ability to summon supposedly driverless vehicles akin to an Uber experience.

During a first-quarter earnings presentation on April 23, Tesla provided a glimpse into the ride-hailing app’s features, showcasing functionalities such as summoning a vehicle, setting interior car temperature, tracking its location, and selecting music preferences.

Long-Awaited Robotaxi Program

Tesla has long teased the mass rollout of robotaxis, with Musk expressing confidence in launching the service by 2020. However, the program didn’t materialize as anticipated. Originally, Tesla planned to allow owners to rent out their vehicles for rides, generating revenue shared between Tesla and the vehicle owner.

In the latest earnings call, Musk clarified that the program will resemble a blend of Airbnb and Uber models. While Tesla will operate the main fleet, end-users can include their cars in the fleet at their discretion, with the flexibility to decide usage preferences, such as limiting usage to friends and family or specific user ratings.

Musk hinted at an initial fleet size of around 7 million vehicles, potentially scaling up to “tens of millions” in the future. Tesla plans to showcase its purpose-built robotaxi, dubbed “Cybercab,” in August.

Bitcoin Holdings Remain Unchanged

Contrary to recent speculation, Tesla’s latest earnings report reveals that the company has not altered its Bitcoin holdings for the seventh consecutive quarter. Despite observations suggesting a possible increase in Bitcoin holdings, Tesla’s balance sheet indicates no changes, with net digital assets remaining at $184 million.

Tesla shares surged 13% in after-hours trading despite Q1 earnings missing analyst expectations and a notable decline in revenue, which fell 9% to $21.3 billion.