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Tesla Update Helps Owners Park, Restricts Autopilot on Residential Streets

This update features several major changes to the company’s Autopilot system.

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Elon Musk says the new update also gives drivers the Summon feature, which allows drivers to place their vehicles in spots while they are not inside the auto.

In addition, Mr. Musk said in a call with reporters Sunday that in the span of 24 to 36 months, he felt it was likely that Tesla would be able to expand the summon capability “coast to coast”, as in a person could have their vehicle drive itself from Los Angeles to NY, stopping at charging stations to get electricity on its own and continuing along the route.

That being said, Musk does admit that his outlook is admittedly optimistic and that Tesla cars would need to be outfitted with more sensors for such a feat to be accomplished, as opposed to a mere software upgrade which is what they did for autopilot mode.

Musk made a bold prediction: In as little as two years, Tesla drivers could theoretically will be able to “summon” their cars “from across the country”. GM said last week it will invest US$500 million in Lyft Inc and work with the ride- sharing company to develop a network of self-driving cars.

“I don’t believe I’m being too optimistic”, he added.

A Tesla vehicle “Model S” sits in a dealership in Berlin, Germany, November 18, 2015.

Tesla says the system is helpful for tight parking spots, but cautions that it should only be used on private property since it can’t detect every potential obstacle.

The company’s expertise in software has allowed it to add the hands-free functionality – and to correct any glitches – through a software update, but critics have suggested the company should have delayed Autopilot until it was ideal. The download, for instance, programs the auto to recognize upcoming curves and slow the vehicle down into the curve as a human would.

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Tesla’s software update comes on the heels of the 2016 Consumer Electronics Show which wrapped up over the weekend in Las Vegas where autonomous driving and advanced in-car software were two of the hottest topics amoung automakers at the show.

Analysts Set Tesla Motors Inc (NASDAQ:TSLA) Target Price at $291.99