In April, at a special event at Tesla's Palo Alto, California headquarters called Tesla Autonomy Investor Day, Tesla CEO Elon Musk announced that Tesla vehicles are using a new custom-designed processor to power its Autopilot full self-driving (FSD) system. At the time Musk said that no chip was available that had the processing power and power constraints that Tesla required, so the automaker built its own from scratch. Now the technical details of the new chip have been revealed for the first time. At the Hot Chips conference in San Francisco on Tuesday, Tesla's VP of hardware engineering Pete Bannon revealed of the details of the chipset that will power Tesla's future Autopilot, full self-driving (FSD) system. Bannon said that the new AI-powered chip is 21 times faster that the Nvidia chip it's replacing and only 80% of the cost.