Tesla Inc. (NASDAQ:TSLA) and SpaceX CEO Elon Musk updated his 2020 forecast regarding the future of electric and fully autonomous vehicles.

What Happened: On Friday, Musk responded to a video about his 2020 prediction on the future of electric and fully autonomous cars.

In the video, Musk can be seen predicting that by 2040, all cars produced will be electric and fully autonomous.

"As it is right now only a couple of percent of new car production is electric and at least right now no new car production is fully autonomous. But 20 years from now, probably essentially 100% electric, 100% fully autonomous," he said back then.

Responding to the video, Musk revised his prediction, suggesting that around 99% of cars produced by 2040 will be electric and fully autonomous, rather than 100% as he had previously stated.

He said, "Easy prediction. All is a strong word, but ~99% is probably right."

Why It Matters: Earlier this year in March, Musk estimated that it will take at least a decade before most cars on the road are self-driving.

He acknowledged that concerns about self-driving technology are valid but suggested that these issues can be addressed over the next ten years.

The following month, he reiterated that Tesla would be "happy" to license its full self-driving (FSD) technology to other car companies, but no automaker seemed interested at the time.

Later in April, Musk hinted that Florida could be the first U.S. state where Tesla introduces driverless FSD, citing the state's relatively easier laws regulating autonomous vehicles.

Meanwhile, industry experts have highlighted infrastructure as a significant hurdle to wider EV adoption.

Erin Keating, executive analyst at Cox Automotive, noted that EV sales are surpassing traditional vehicle sales, with a 7% increase in July and an 11.3% year-over-year rise.

Despite this growth, Keating highlighted the ongoing issue of inadequate charging infrastructure. Many potential EV buyers, especially those in apartments or without home garages, struggle with limited access to charging stations.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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