|Friday, April 18, 2014
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Tesla Motors Inc (NASDAQ:TSLA) & Google Inc (NASDAQ:GOOG): Competition of Building Self Driving Car 

According to Elon Musk, CEO of Tesla Motors Inc (NASDAQ:TSLA), robot cars that are going to replace human divers will be ready for the road within three years. These predictions have symbolized an ambitious new era in tech industry. Musk said in comments confirmed by a Tesla spokesperson that the self-driving car would be developed in-house using Tesla’s own technology and not relaying another company.

Musk said in an interview with the Financial Times newspaper that fully self-ruling cars would take longer time to develop. Currently, Tesla’s online job board is offering a post for an Advanced Driver Assistance Systems Controls Engineer, who will be responsible for helping Tesla (TSLA)’s effort to pioneer fully automated driving.

Legal and safety issues must be kept in mind before driver-less cars are allowed on the road along with technical obstacles. Buyers can only be attracted for purchasing a car that drives itself if its safety has been proved through real world experience. Analysts and other car makers say that it will take 10 to 15 years before self-driving cars become a reality. But now Musk’s three-year timeline is more ambitious towards this development.

Currently, European Union laws call for drivers to control their cars at all times. It is unclear whether the car insurance industry has any plan for such cars until the technology is proven right, although driver-less cars are programmed to obey traffic laws and would be free from human error and has features that could appeal to insurers. Google Inc (NASDAQ:GOOG) has equipped several cars with radar-like equipment that lets them navigate roads in California and Nevada. Google did not make any statement about the status of its driverless car program.

Germany’s Daimler AG (USA) (OTCMKTS:DDAIF) and Japan’s Nissan Motor Co., Ltd. (ADR) (OTCMKTS:NSANY) have both said they are looking forward for selling self-driving cars by the end of  decade. Daimler already made an attempt in this field by introducing traffic jam assistance in its top-line S-Class Mercedes, which can maintain distance to other cars in stop-and-go situations.

Tesla Motors Inc (NASDAQ:TSLA) shares were up 0.58% to $167.19 in premarket. Google Inc (NASDAQ:GOOG) shares were down -0.02% to $ 885.97 in premarket.
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About the author: Andy Chadwick

Journalist Andy Chadwick is the lead writer for eFinanceHub stocks section. He also writes for Greater New York, devoted to the New York area. Andy received his M.S. in magazine journalism from The Columbia Graduate School of Journalism in 2005. He graduated Magna Cum Laude from Boston University with a B.A. in history and comparative social policy in 2004. Contact Andy via email at AChadwick@eFInanceHub.com.

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