Tesla 'Very Close' to Level 5 Autonomous Driving Technology, Elon Musk Says

Elon Musk with a Tesla Model S

He stated, "I'm extremely confident that level 5 or essentially complete autonomy will happen and I think will happen very quickly".

U.S. electric vehicle maker Tesla is "very close" to achieving complete autonomous driving technology, CEO Elon Musk said on Thursday, referring to the capability to navigate roads without any driver input.

"I continue being confident that we will have the simple operation for degree 5 autonomy finish this yr".

Tesla company is approaching the next-level driving technologies. alowing vehicles to move without human interference whatsoever, i.e. without the driver.

Tesla founder Elon Musk said Thursday that the world's recently crowned most valuable auto company could achieve a fully autonomous vehicle by the end of 2020.

Tesla already enables partial autonomy for its cars, but analysts say the road to full autonomy faces considerable legal and regulatory hurdles, not to mention getting consumers to feel comfortable entrusting their cars with full control.

The surge in the shares of Tesla Inc (NASDAQ: TSLA) is likely to bring a $1.8 billion payday for the company's CEO Elon Musk who managed to achieve another market capitalization milestone.

Elon Musk with a Tesla Model S

The California-based automaker now builds cars with an Autopilot driver-assistance system.

Some customers, however, have reported malfunctions with the technology. The technology at the time was suspected in four fatal accidents.

National Transportation Safety Board investigators said Banner turned on the Autopilot feature about 10 seconds prior to the crash, and the Autopilot did not execute any evasive maneuvers to avoid the collision.

Industry data showed Tesla sold not exactly 15,000 China-made Model 3 sedans last month.

Driven by a surprise increase in auto deliveries, Tesla's shares have increased over 40% in the past seven sessions, increasing market capitalization for the company to $259 billion. More important for Musk's personal finances, Tesla's six-month average market capitalisation has reached a record $138 billion (roughly Rs. 10.34 lakh crores).

The fact that the company also manufactures its own cars gives it a significant edge over its competitors such as Uber and Google's Waymo, which have to work with other vehicle manufacturers leading to significant delays.

Tesla became the world's second-most valuable automaker in January, when it surpassed Volkswagen AG.

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