10 AI Stocks to Watch Now

4. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 126

Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives. On February 27, Reuters reported that the company has applied for a permit typically associated with chauffeur-operated services, according to California regulators. The move marks the first phase of a series of regulatory approvals that Tesla needs to eventually launch its promised robotaxi service. Currently, the automaker holds the approval to test autonomous vehicles with a safety driver in California. However, it does not have a permit for driverless testing or operations from the state’s Department of Motor Vehicles.

The permit is required to apply for a driverless taxi service in the state. The company has already applied for a transportation charter-party carrier permit from the California Public Utilities Commission (CPUC) in November, authorizing it to own and control a fleet of vehicles. The permit, according to CPUC, is a pre-requisite to receiving authorization to operate an autonomous ride-hailing service. However, the current application doesn’t allow the company to offer any autonomous vehicle rides to the public “in any capacity.”