Tesla held an event with shareholders to discuss their autonomous driving technology two days before their first-quarter earnings disclosure.

A new neural network chip which Tesla built from the ground up specifically for self-driving cars was announced.

Elon Musk confirmed that all Tesla vehicles already have the necessary technology for self-driving and that all is needed is a software fix. Musk stated that using LiDAR technology for autonomous driving was ‘a fool’s errand’ as it was expensive and unnecessary.

Tesla aims to have completely self-driving vehicles by the end of this year, and robo-taxis on the road in 2020. In another two years, Tesla hopes to manufacture cars that won’t have a steering wheel or pedals at all.


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