Tesla to Move Into Driverless Car Business

24/7 Wall St.

tesla-model-s-blueTesla Motors Inc. (NASDAQ: TSLA) CEO Elon Musk told reporters in Japan that his company has started feverish work on self-driving cars. He really does not have any choice. One or another global car manufacturer seems to announce plans for a driverless car every day. Among the most recent was General Motors Co.’s (NYSE: GM) CEO Mary Barra, who said the number one U.S. car company will launch a nearly driverless Cadillac.

Musk has started to run out of tricks. The world’s largest manufacturers are in the midst of releasing all-electric cars to compete with Tesla. Most have failed to release a vehicle that is truly “all electric.” BMW’s heavily promoted i8 is an example. Unfortunately for the German car company, it has to admit the i8 is not a pure breed:

BMW TwinPower Turbo 3-cylinder 228-hp engine with high-precision direct injection; combines eDrive 129-hp electric motor. Total power output…

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