Economy

Tesla climbs after telling employees it's planning to boost vehicle production (TSLA)

Tesla climbs after telling employees it's planning to boost vehicle production (TSLA)

A copy of the email was seen by Bloomberg, and a Tesla spokeswoman didn't immediately reply to a voicemail or an email seeking comment. Currently, Musk estimates that there are approximately half a million Teslas on the road that would be able to be retrofitted to the new FSD chips, which is more than we expected.

Elon Musk has made big promises about the new chip, which he claims has enough power to eventually allow for fully self-driving cars, if and when the software catches up. If you paid for the full Self-Driving package ($6,000), Elon Musk says Tesla will "most likely" be ready to upgrade your model with the new, more powerful self-driving chip for free by the end of the year.

Tesla's high-powered in-house-designed "Full Self-Driving" chip has been in production for a while now, and it's been fitted as standard to new Teslas since early 2019.

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Once Tesla figures out how to align the FSD software with the promise of a fully autonomous vehicle, the latter option would likely generate much more profit for the company in the long run than selling its cars to consumers. The option now gives you access to Tesla's Navigate on Autopilot feature, which is capable of guiding you from "on-ramp to off-ramp" on highways, meaning it can suggest lane-changes, navigate highway interchanges, and can proactively take exits.

Last year, it was believed that the name Full Self-Driving will cause "too much confusion" and is understandable. In spite of the criticism however, the option soon returned in February.