TSLA stock was trading at $236.39 as of 12:22 PM EDT.
As part of a strategy to replace ultrasonic sensors with sole cameras for its safety and driver-assistance functions, Tesla (NASDAQ:TSLA) has announced that it will start removing them from its cars this month. The Texas-based corporation will do away with ultrasonic sensors from the Model 3 and Model Y over the next few months, with the Model S and Model X following suit the following year.
Currently, the front and rear bumpers of Tesla (NASDAQ:TSLA) automobiles are equipped with 12 ultrasonic sensors. The principal applications for short-range sound sensors are in parking and the detection of nearby objects. The electric car behemoth will spend less on production and chip costs as a result of choice to exclusively utilize cameras.
Elon Musk, the firm’s CEO, has claimed that Tesla can achieve complete autonomy using only cameras. The company has fallen short of several of the more challenging autonomous goals.
In addition, Tesla’s Autopilot system has come under increasing regulatory, judicial, and public criticism.
TSLA stock outlook
Early Wednesday trading saw a 1.91% decline in Tesla (TSLA) shares as investors assessed whether Elon Musk could have to sell TSLA stock to fund the transaction. Tesla stock (NASDAQ:TSLA) has dropped over 20% in less than 20 days. There are a number of reasons for this, but a recent catalyst has given the plunge more velocity as of 10:34 a.m. ET today, the stock is down 5.4% at its morning lows.
The news that Tesla CEO Elon Musk has changed his mind and now plans to go through with his bid to acquire Twitter for his original offer price of $54.20 per share caused today’s decline. Although Musk has been attempting to back out of the agreement in court, he now plans to spend the whole $44 billion that he initially offered. The element that probably has Tesla shareholders on edge right now is that. However, it shouldn’t be the only thing that worries you.
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