The cars of the future won't have steering wheels. They won't need them; they will drive themselves.
That's the bet, at least. And self-driving technology is already here, in the form of driver-assist software. Car companies have yet to perfect and roll out true self-driving technology, however. Current software -- like Tesla's FSD -- has some limitations, mainly requiring the driver's constant supervision.
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An offshoot of self-driving technology is that, once it has been perfected and approved by regulators, it will lead the way toward an industry-wide revolution in the form of a major expansion of self-driving taxis.
The robotaxi business is one that Ark Invest thinks could be worth $10 trillion by 2030, though the sector is currently in its infancy. And though Ark has tapped Tesla to be the company with the most potential to take advantage of a blossoming robotaxi business, (TSLA) -) has yet to do it. Other companies, however, already have robotaxis on the road.
Google (GOOGL) -) has a self-driving division called Waymo which offers limited service in San Francisco. And General Motors (GM) -) has its own self-driving division called Cruise, which, like its competitor, also provides limited service in San Francisco.
GM's Cruise said Aug. 3 that, in a big milestone for the sector, it had signed a labor union agreement with two local San Francisco chapters representing electrical workers and janitors. This, according to Reuters, is the first union agreement for the nascent robotaxi industry. The dozens of workers GM will employ as a result of the agreement will be responsible for constructing and staffing Cruise's charging stations.
More Tesla:
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Cruise and Waymo both are looking to expand their presence, even as California officials are concerned over several incidents with the robotaxis. The city will hold a vote Aug. 10 that will determine whether the companies can continue testing their self-driving taxis in San Francisco.
Tesla, meanwhile, doesn't have a robotaxi on the roads yet. But Musk said that is coming soon, and when it does, it will be revolutionary.
"Our future dedicated robotaxi products we think have quasi-infinite demand," Musk said. "The way we're gonna manufacture the robotaxi is also itself a revolution."
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