Tesla CEO Elon Musk announced a significant $10 billion investment in AI to enhance the technology in the company’s vehicles this year. The investment will focus on training and inference AI, particularly to improve self-driving technology and robotaxis.
Musk, who also founded SpaceX, emphasized the significance of this investment in a recent post on ‘X.’ He stated that such a financial commitment is essential for any company that aims to remain competitive in the auto industry. According to Musk, “any company not spending at this level, and doing so efficiently, cannot compete.”
Even Ark Invest CEO Cathie Wood also described Tesla as the largest AI project in the world, run by Elon Musk. She projects Tesla’s effort in developing autonomous taxi platforms that are expected to own the AI market with the potential of generating revenues between $8 and $10 trillion by the year 2030.
This is expected to advance the technology of self-driving cars and AI integration in the automobile industry. This will also set a record high for competitors, defining a new day of competitive intensification in AI development in the field of automotive technology.
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