Tesla Motors, Inc. TSLA announced that it has released a software update to enable vehicles to park themselves without the help of a driver. Tesla’s updated Version 7.1 software further improves upon self-driving technology. This software update increases the range of Autopilot functionality in addition to marking the launch of the Summon function.
Through Tesla's smartphone app, consumers can instruct the Model S or Model X to open the garage doors, and park itself. Similarly, customers can summon the vehicle to come out of the garage. Further, Summon enables the vehicle to park smoothly where space is limited.
The updated software imposes a new speed limit to Tesla's semi-autonomous Autopilot mode and adds other facilities too. The vehicle automatically slows down when approaching a curve and maintains lane even if the lane markings are not properly visible. This software will be available in 60,000 vehicles, including Model S sedans produced after Sep 2014 and the new Model X SUV.
Tesla’s 7.1 software version offers the Beta stage of the Summon function. In this stage, the automaker expects customers to get acquainted with the function on their private property before using it elsewhere. Over a span of 2 years, Tesla plans to develop vehicles which will travel autonomously across the country and also charge on their own, along the way. This new software update therefore marks the electric vehicle manufacturer’s next step toward autonomous vehicle development.
Last year, Tesla launched its Version 7.0 software, which added a range of new Autopilot active safety and convenience features. This offered better security and confidence to drivers, offering them an enjoyable highway ride.
Tesla currently carries a Zacks Rank #4 (Sell). Some better-ranked automobile stocks include Lear Corp. LEA, American Axle & Manufacturing Holdings Inc. AXL and Autoliv, Inc. ALV, all carrying a Zacks Rank #2 (Buy).
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