The world’s richest man and CEO of electric vehicle giant Tesla Inc TSLA shared an update on several items for the company Saturday.
What Happened: Tesla CEO Elon Musk was quite active on Twitter Inc TWTR Friday and Saturday, sharing his thoughts on political candidates and a theory about media company Walt Disney Company DIS.
In between those posts, Musk took time to share a couple of updates on Tesla.
“Working on Tesla North American service. Goal is 2/3 of cars receive same-day service, no wait,” Musk tweeted.
Musk also shared an update on Tesla’s FSD Beta.
“FSD Beta 10.12.2 now expanding to 100k cars. 10.13 smooths out intersection control, especially long lefts, and starts to handle roads with no map data at all.”
Related Link: Tesla Q1 Earnings Highlights: Electric Vehicle Maker Hits Record Revenue, Deliveries, Profits, And Margins
Why It’s Important: Tesla ended the first quarter with 673 store and service locations.
As more automotive companies transition to an online sales model instead of a traditional dealership model, there will still be demand for service centers. Tesla sells its vehicles in-person and online, with a huge direct-to-consumer marketplace for online reservations.
An increase in service locations could help boost interest in Tesla vehicles from those who have favored traditional gas-powered vehicles and know that they can get quick service from local dealerships.
Musk has called Tesla’s FSD one of the most important items in the company’s future. Speaking on the updates Saturday, Musk said the last point (handle roads with no map data) is a “big deal.”
“Within a few months, FSD should be able to drive to a GPS point with zero map data.”
Tesla started FSD Beta in 2020 and has been active in increasing the number of testers.
Price Action: Tesla shares were down 9% on Friday, closing at $703.55. Shares of Tesla have traded between $571.22 and $1,243.49 over the last 52-weeks.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.