Elon Musk says Tesla cars not ready for approval as fully self-driving this year
Tesla reported increases in revenue, profit for the third quarter
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Tesla CEO Elon Musk said Wednesday that its advanced driver assistant software won't be granted regulatory approval this year.
Completely autonomous vehicles would require regulatory approval.
The automaker sells a $15,000 software add-on called "Full Self-Driving" that allows vehicles to change lanes and park autonomously, in addition to the "Autopilot" feature.
"The car will be able to take you from your home to your work, your friend's house, the grocery store without you touching the wheel," Musk said in a post-earnings call.
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk speaks in Los Angeles, California, U.S., June 13, 2019. (REUTERS/Mike Blake/File Photo / Reuters Photos)
"It's a separate matter as to will it have regulatory approval. It won't have regulatory approval at that time," he added.
Tesla hopes to provide an update to Full Self-Driving in 2023 and Musk has said that the function will eventually become the "most important source of profitability for Tesla" despite National Highway Traffic Safety Administration investigations into deadly crashes involving Tesla vehicles.
A logo of Tesla Motors on an electric car model is seen outside a showroom in New York June 28, 2010. (REUTERS/Shannon Stapleton/File Photo / Reuters Photos)
The carmaker reported increases in revenue and profit for the third quarter.
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The company said it had about $21.45 billion in total quarterly revenue, up 26.8% from the second quarter and 55% from last year's third quarter.
FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing an image of Tesla Model 3 car during an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. (REUTERS/Aly Song//File Photo / Reuters Photos)
Its profits, meanwhile, were $3.3 billion, a significant increase from the $1.6 billion reported during the same three-month period in 2021.
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Telsa's revenue came in lower than the $21.96 billion estimate from Refinitiv.
FOX Business' Aislinn Murphy and Reuters contributed to this report.