Tesla Motors Inc (NASDAQ:TSLA)’s CEO Elon Musk has told Stephen Colbert why he and his company decided to open up their patents to their rivals.
The explanation was made by the Tesla Motors Inc (NASDAQ:TSLA) CEO in an interview with Colbert For Colbert Nation in which he also discussed his other ventures such as things he is doing at Space Exploration Technologies Corporation and a soon-to-come feature for Tesla cars.
Asked by Colbert why the recent move by Tesla Motors Inc (NASDAQ:TSLA) to open its patent trove to competitors, Musk used an analogy to explain his decision.
“I’m not sure what the right analogy [is]exactly, but I sort of view it like this. If we are on a ship together and there are some holes in the ship and we are bailing water out and we have a great design for a bucket, even if we are bailing out [water]way better than anybody else, we should probably share the bucket design because we are all going to sink [if we keep it to ourselves],” he said.
Drawing applause from the audience, the Tesla Motors Inc (NASDAQ:TSLA) CEO then went on to discuss other things with Colbert such as whether he is working on a personal jet pack for people to use.
Meanwhile, at the start of the interview, Musk revealed a new feature for his company’s cars. He said that in the near future, when the company’s latest software rolls out to owners of vehicles it made, those owners will be able to name their cars.
Talking about an advance software for Tesla Motors Inc (NASDAQ:TSLA) cars which he already is testing personally, Musk said that he has in fact named his car. Watch the video below.