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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

19 mins ago - Politics & Policy

Trump leaves White House for the final time

President Trump took off on Marine One at 8:17 a.m on Wednesday morning, departing the White House for the last time, en route to Florida.

The big picture: Trump's final hours will be marked by snubbing his successor and granting pardons to many of his allies who have been swept up in corruption scandals.

Inauguration Day dashboard

Screenshot: Fox News

President Trump has left the White House en route to a farewell event at Andrews Air Force Base, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.