"Elon Musk told Tesla investors that Full Self-Driving will be a "shock wave" that changes transportation. Vaibhav Taneja, Tesla's CFO, said during Wednesday's earnings call that while the company had made "decent progress" in boosting adoption of its Full Self-Driving (FSD) software, only a fraction of Tesla drivers were paying for the service. "Total paid FSD customer base is still small, around 12% of our current fleet," Taneja told investors."
"Tesla also reported that revenue from Full Self-Driving in the third quarter decreased compared to the same period last year, when the company raked in $326 million. Across the entire business, Tesla reported record revenue of $28.1 billion for the quarter. The EV giant said the "lower one-time FSD revenue recognition" was due to Tesla releasing additional features last year, such as Actually Smart Summon (ASS) and a Cybertruck-specific version."
Vaibhav Taneja, Tesla's CFO, reported that the total paid Full Self-Driving customer base is about 12% of Tesla's current fleet. Full Self-Driving revenue in the third quarter fell compared with the same period last year, when Tesla earned $326 million from FSD. Tesla attributed the lower one-time FSD revenue recognition to releasing additional features last year, including Actually Smart Summon and a Cybertruck-specific version. Full Self-Driving is offered for $8,000 or $99 per month and requires owner supervision. Elon Musk said FSD will boost vehicle sales and help make Tesla the world's most valuable company. Driving FSD subscriptions is important to Musk and is tied to his proposed $1 trillion pay package with subscriber goals.
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