Musk unveils the Model Y at Tesla's design studio in Hawthorne, Calif., in March. Photo: Jae C. Hong/AP

Amid skepticism, Tesla CEO Elon Musk today will unveil a plan to bring full autonomy to his electric cars, making them truly driverless vehicles, AP reports.

Be smart: Musk's description of Tesla's controls as "Full Self-Driving" has alarmed some observers who think it will give owners a false sense of security and create potentially lethal situations in conditions that the autonomous cars can't handle.

  • Driving the news: The technology Musk claims will make that quantum leap is scheduled to be shown off to Tesla investors at 2 p.m. ET at the company's HQ in Palo Alto, Calif.

Musk indicated in a recent interview that Teslas should be able to navigate congested highways and city streets without a human by next year.

  • "My guess as to when we would think it is safe for somebody to essentially fall asleep and wake up at their destination? Probably towards the end of next year," Musk said in February in an ARK Invest podcast. (CNBC)

The big picture: More than 60 companies in the U.S. alone are developing autonomous vehicles.

  • Some of them are aiming to have their fully autonomous cars begin carrying passengers in small geographic areas as early as this year.
  • Many experts don't believe they'll be in widespread use for a decade or more.
  • Steven E. Shladover, a retired UC Berkeley engineer who has been researching autonomous driving for 45 years, said of Musk's announcement: "It's all hype ... The technology does not exist to do what he is claiming."

Go deeper: Building trust in automated vehicles is a two-way street

Go deeper

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James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

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Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

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The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

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Illustration: Sarah Grillo/Axios

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Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).