The richest man in the world and CEO of an electric vehicle giant Tesla Inc. TSLA shared an update on several items for the company on 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 on the media Walt Disney Company SAY.
Between these messages, Musk took the time to share some updates on Tesla.
“Working on Tesla’s North American service. The goal is for 2/3 of cars to receive same day service, no waiting,” Musk tweeted.
Musk also shared an update on Tesla’s FSD beta.
“FSD Beta 10.12.2 now expands to 100,000 cars. 10.13 softens intersection control, especially long lefts, and starts handling roads without any map data.
Related Link: Tesla Q1 Earnings Highlights: Electric Vehicle Maker Achieves Record Revenues, Deliveries, Profits and Margins
Why it matters: Tesla ended the first quarter with 673 sales and service locations.
As more automotive companies transition to an online sales model instead of a traditional dealership model, there will always be a demand for service centers. Tesla sells its vehicles in person and online, with a huge direct-to-consumer market for online reservations.
An increase in service outlets could help spur interest in Tesla vehicles from those who have favored traditional gas-powered vehicles and know they can get fast service from local dealerships.
Musk called Tesla’s FSD one of the most important things for the company’s future. Speaking on the updates on Saturday, Musk said the last point (managing roads without map data) is a “big deal”.
“Within a few months, FSD should be able to get to a GPS point without any map data.”
Tesla launched FSD Beta in 2020 and actively increased the number of testers.
Price Action: Shares of Tesla were down 9% on Friday, closing at $703.55. Tesla shares have traded between $571.22 and $1,243.49 over the past 52 weeks.