Investors appeared unmoved by the chip announcement but shares rose slightly in after-hour trading following the announcement of the robotaxis.
April 22 - Musk predicts that "probably two years from now we'll make a vehicle with no steering wheels or pedals".
However, he cautioned, that the cars won't be 'in all jurisdictions, because we won't have regulatory approval everywhere, but I am confident we will have at least regulatory approval somewhere, literally next year'.
Waymo rolled out a ride-hailing service using self-driving vehicles late previous year in the Phoenix area, but it only available to a small pool of passengers who were previously enrolled in a test program.
"The fundamental utility of the vehicle increases by a factor of five" with a rideshare system, he said.
Tesla on Monday unveiled computer hardware for "full self-driving" capabilities as part of its strategy to bring autonomous cars to the mainstream. However, NVIDIA was quick to point out that Tesla was playing fast and loose with the numbers during its presentation.
Pictured is a mock-up of a Tesla with no steering wheel.
The claims came at a Tesla event hosted in Palo Alto, where ElonMusk waxed lyrical about the technology being developed at Tesla.
Tesla Network is Elon Musk's vision of a ride-sharing service operated by the electric auto company.
"Self-driving cars-which are key to new levels of safety, efficiency, and convenience-are the future of the industry".
All this being said, Musk's tall predictions come right before its quarterly earnings report, which is expected to be below expectations as the company has had a disappointing few months of auto sales.
"We will have more than one million robotaxis on the road", Musk said.
FILE PHOTO: Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019.
Tesla would take 25 percent to 30 percent of the profits earned per trip. NVIDIA has partnered with other auto manufacturers to develop its products, but they are not incorporated in production vehicles the way Tesla's FSD has been yet.
The robotaxi network will have a similar business model to Uber or Airbnb where Tesla owners can add their self-driving vehicles through a ride-sharing app.
Chief executive Elon Musk said the new custom-designed chip, which he called the best available, was a significant milestone in self-driving.
April 22 - Musk says it is "financially insane to buy something other than a Tesla" today because Tesla is the only company to have a full self-driving suite of hardware. 'All you have to do is update the software'.
"Next year for sure, we will have over 1 million robo-taxis on the road", he said.
Additionally, Tesla believes it can undercut the competition, estimating that the service will cost riders about 18 cents per mile, compared to rivals which cost about $2 to $3 per mile.
These statements from Consumer Reports and PAVE come shortly after Elon Musk's comments at an investors conference this week, in which the CEO stated that he thinks it would be "crazy" to buy any vehicle but a Tesla: "The fundamental message that consumers should be taking today, it is financially insane to buy anything other than a Tesla".