Electric Vehicle (EV) maker Tesla, Inc. (TSLA) released its Full Self Driving (FSD) Beta program to selected drivers based on their Safety Scores. Shares closed up 2.8% at $774.39 on September 24.
The much-awaited driver-assist system is loaded on the vehicles upon request and comes in before the rollout of FSD Beta 10.1 as part of software update 2021.32.22. (See Tesla stock charts on TipRanks)
Tesla has highlighted the importance of safety when using the advanced driver-assist system and has approved the program for cautious drivers who have passed the Safety Score eligibility criteria.
Additionally, Tesla makes the owners agree to certain terms and conditions before releasing the software and also ensures that owners “consent to the collection and review of ongoing VIN-associated vehicle driving data” while using the new program. Moreover, the drivers are required to be alert while using FSD mode and keep their hands on the wheel to take immediate and appropriate actions whenever required.
To add to that, Tesla has warned that the advanced driver-assisted system could be revoked at any time should drivers abuse the system or not adhere to the guidelines.
The company goes on to state that the FSD Beta system only enables advanced driver-assist capabilities such as navigating inner-city roads and does not make the vehicles autonomous.
Recently, Wedbush analyst Daniel Ives maintained a Buy rating on the stock with a price target of $1,000, implying 29.1% upside potential to current levels.
Ives said, “Competition is increasing from all angles in this EV arms race which has been an overhang over Tesla and the overall sector, however, this is just the start of an EV transformation that will change the auto industry for the coming decades with Tesla leading the charge.”
The analyst goes on to state that the green tidal wave is set to create a $5 trillion market over the next decade. He believes that Tesla will be one of the biggest beneficiaries of this market over the years.
Overall, the stock has a Hold consensus rating based on 12 Buys, 7 Holds, and 7 Sells. The average Tesla price target of $690.59 implies 10.8% downside potential to current levels. Shares have gained 83.8% over the past year.
Related News:
Darden Shares Set a New Record High on Stellar Q1 Results
Salesforce Impresses at Investor Day; Shares Hit a New High
Vail Resorts Sinks on Mixed Q4 Results
