Elon Musk Makes Tesla Into Knight Rider

By Chris Lange Updated Mar 19, 3:12PM EDT · Published Mar 19, 2:10PM EDT

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Elon Musk, CEO of Tesla Motors Inc. (NASDAQ: TSLA) and real-life Tony Stark, announced the next step in development for the electric car in his most recent software update. The idea behind this software update for the Model S sedan is that it will add more safety features, as well as some other neat features to draw in more customers.

The first feature on the list is meant to end “range anxiety” for Tesla owners, which is the equivalent to the fear of running out of gas with no gas stations near you. The software update finds the nearest charging stations and automatically works them into a route if the car is low on charge. A fully charged battery in a Model S allows for travel up to 270 miles. For scale, there are currently over 400 charging stations in the United States, compared to over 125,000 gas stations.

Other safety features include automatic emergency braking and blind spot detection.

Looking even farther ahead, Musk said that the next update will include automatic steering. He also took a very sci-fi perspective as a believer that this is the wave of the future and that manually driven cars will be outlawed eventually.

Another feature that was teased in the software update was the ability for the car to auto-summon. In simpler terms, the car would be a valet for itself on private property. Musk has already said that his cars can park themselves in test videos from this last fall, so this feature does not seem that far of a stretch.

What is really interesting about the software update is that it is done entirely wirelessly, though the air.

It is no doubt that these cars are leading the way for a more technologically integrated driving experience.

ALSO READ: Is the Most Bearish Call for Tesla by Merrill Lynch Finally Making Sense?

These cars might have all the bells and whistles but they still need to hit their sales. Tesla predicted for the 2015 full year that it would sell 55,000 vehicles in a letter to its shareholders, after it only sold just over 31,000 in 2014.

Based on Tesla forecasts, it should sell well below 12,000 cars worldwide this quarter. About 9,500 will be delivered in the first quarter, according to his forecast. Musk said the level will depend on Asia and Europe.

Tesla shares did not react well to the presentation and were down over 1% Thursday at $197.99. The stock has a consensus analyst price target of $267.38 and a 52-week trading range of $177.22 to $291.42.

About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.