SAN FRANCISCO: Electric vehicle company Tesla's CEO Elon Musk has predicted that the company's robotaxi will be like Uber and Airbnb combined.

During the company's annual shareholders meeting, Musk stated that the system is not being designed with a launch city in mind, the way competitors have approached the concept, reports Fox Business.

When the electric vehicle company's Full Self-Driving (FSD) is fully operational, Musk said Tesla owners will have the choice of using it themselves or adding their cars to the robotaxi fleet to earn money when they do not need them.

"I think it would end up being some kind of combination of like Airbnb and Uber," the tech billionaire was quoted as saying.

"Look at how many cars are parked. There are parking lots full of cars everywhere. Because cars need a driver, so most of the time they're doing nothing," he added.

The tech billionaire mentioned that regulatory hurdles will limit where it can be deployed but is confident that the FSD system that will enable it will live up to its name one day.

He estimated that a typical vehicle added to the system would see its usage jump from 12 hours a week to 60 hours a week and become a revenue generator.

"The interesting thing is, the car still costs the same," Musk added.

The term "robotaxi" implies that a vehicle can provide a taxi service without a driver at the wheel.

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