Tesla (TSLA) Doubles-Down on Self-Driving Technology - TheStreet.com

NEW YORK (TheStreet) --On Wednesday at 12:30 PM EDT Tesla (TSLA) CEO Elon Musk tweeted that an announcement regarding his automotive company would be forthcoming. What the CEO unveiled yesterday was that Tesla would be building Hardware 2 generation self-driving technology into all of its vehicles, even ones scheduled to ship this week.

Hardware 2 generation means "these vehicles will have eight cameras instead of one and a stronger on-board computer, that will allow these vehicles to basically drive level five autonomous, meaning no interaction at all with the steering wheel," CNBC's Phil LeBeau reported during Thursday morning's "Squawk Box."

The goal is to deliver fully autonomous, self-driving cars by the end of next year. However, it will be pricey. Tesla says it will cost $8,000 if consumers want this new self-driving technology built into their vehicle.

On a conference call with reporters last night, Musk was asked why the company couldn't just upgrade the current vehicles' technology, instead of rolling out new software.

"Upgrading Hardware 1 cars with this hardware is not realistic. It would be like giving the car a spinal cord transplant, not wise," the Tesla CEO replied.

Additionally, Musk said that he intends to demonstrate the new and improved self-driving technology between Los Angeles and New York City by the end of next year, LeBeau noted.

"Bottom line is this. You have Tesla essentially doubling down on the idea that it will be able to deliver completely self-driving vehicles by the end of next year. The technology will be there," LeBeau noted.

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