Tesla ride-hailing service

Tesla says it will introduce a ride-hailing service with no humans driving the vehicles.

CEO Elon Musk and others detailed the company's plans to have self-driving vehicles operational by next year at an event for investors, Monday.

Musk says Tesla's self-driving software is storing images and learning at an exponential rate. He's confident Tesla will get regulatory approval for the service sometime next year as well.

Tesla would allow owners to use their smart phones to put their cars into the ride-hailing service while they're not being used. The company would take 25% to 30% of the fare.

Musk says Tesla would provide vehicles in areas where not enough people share their cars.

The electric automaker expects to have full self-driving cars in which humans won't have to touch the steering wheel around the second quarter of next year.

Musk tells investors that the company's system of high speed computers, software and neural network object detection and depth recognition will allow human drivers to check out. He expects to get regulatory approval for the system toward the end of 2020.

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