Tesla recently unveiled its new Cybercab, known as a robotaxi, at a studio in Hollywood, according to the Associated Press.
The AI-powered vehicles don't have steering wheels or pedals, as they don't need humans to drive them. They make use of autonomous "'Full Self-Driving" technology developed by the company and made available nearly a decade ago. However, concerns exist about its reliability, as the AP explained, and the technology requires human supervision.
As for the robotaxi, Tesla CEO Elon Musk said at the event, per the AP: "We'll move from supervised Full Self-Driving to unsupervised Full Self-Driving, where you can fall asleep and wake up at your destination. It's going to be a glorious future."
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"Tonight's event showed that they're ready to take that step forward," added Morningstar Research equity strategist Seth Goldstein in regard to the unsupervised FSD tech.
These advancements are exciting news for the electric vehicle industry. EV adoption is growing globally as people become more aware of the monetary savings associated with vehicles. For example, a 2020 Consumer Reports study estimated that EV drivers spend around 60% less on fuel costs than drivers of gasoline-powered cars, per the Natural Resources Defense Council.
EV prices are also falling, making them much more affordable for the average person. There are tax breaks and incentives available to help people purchase qualified new or used EVs across the U.S. as well, so making use of these could save you money on your next car.
Moreover, EVs are much better for the environment as they don't emit dirty pollution from their tailpipes like gas-powered cars. There have been some concerns regarding the development of these cars — and in particular, the mining for elements used in the batteries used in EVs.
Mining for these materials takes a toll on the environment, but the process is still cleaner than harvesting billions of tons of dirty fuels.
According to the AP, the new robotaxis are expected to cost under $30,000 and become available in 2026. Tesla also announced plans to roll out its FSD technology to other models, including its Model 3 and Model Y vehicles, in Texas and California as early as next year.
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