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Tesla to Create an Uber-like Ride-Sharing Service

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author photo by Lindsay Martell November 2016

Uber and Lyft better watch their backs: Tesla is zooming into the ride-sharing arena.

On its website, the electric carmaker announced a plan to roll out a ride-services program, with details to be released next year. We first heard about the plan over the summer, in a disclaimer about the self-driving functionality on new Model S vehicles.

New Network

On Wednesday, CEO Elon Musk said his company is building new vehicles with the fundamental hardware to create fully autonomous cars, although the software is not yet ready. "Please note that using a self-driving Tesla for car-sharing and ride-hailing for friends and family is fine, but doing so for revenue purposes will only be permissible on the Tesla Network, details of which will be released next year," read the disclaimer.

As reported by Reuters, no other details have been disclosed.

Automakers are rapidly investing in ride-sharing services, hoping to cash in on the hefty revenue from both selling vehicles and providing on-demand ride-hailing capabilities, while snagging a piece of the industry dominated so far by Uber.

Cashing In

As of June, according to Reuters, venture capitalists and corporate investors had poured about $28 billion into the ride-services sector over the past decade. General Motors made headlines earlier this year with news of a $500-million investment in Lyft.

In his "Master Plan, Part Deux," crafted in July, Musk outlined a plan in which a Tesla owner could add a car to a shared Tesla fleet using an app. This capability would allow the car to actually generate income when the primary driver isn't using it, thereby lowering the cost of ownership.

Musk explained that in places where car ownership is lower, his company would operate its own fleet.

Looks like the ride-sharing space is filling up.

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Tesla to Create an Uber-like Ride-Sharing Service - Autotrader