During his visit to Paris, CEO Elon Musk expressed that Tesla is on the verge of achieving complete autonomy in its vehicles. He emphasized that autonomy plays a pivotal role in the brand’s market value.
Following his statement, Tesla’s shares experienced a surge of almost 2%, reaching $260.54. This marked their highest value in over eight months.
As the most valuable automaker worldwide, Tesla currently holds a market capitalization of approximately $800 billion. However, the company has faced challenges in meeting Musk’s previous goals of attaining full self-driving capability.
Speaking at the VivaTech conference, the billionaire reiterated his belief that autonomy would soon be resolved, a sentiment he has previously shared. Musk emphasized that the primary driver of the company’s value lies in autonomy.
While Tesla refers to its software as “Full Self-Driving,” it acknowledges that it does not render the vehicles autonomous and still requires driver supervision.
Prior to the conference, Musk held a meeting with French President Emmanuel Macron for the second time in a little over a month. French officials are actively seeking to persuade Musk to select France as the location for Tesla’s next Gigafactory in Europe.