Tesla Inc. (NASDAQ:TSLA) is reportedly working on a new software update that will include parental controls, in a bid to enhance safety and security. The update, rumored to be version 2024.26, will introduce features such as a "Night Curfew" and speed limiters.

What Happened: The "Night Curfew" feature is expected to alert parents via the Tesla app if their car is driven past a certain time. Additionally, parents will be able to set maximum speed limits and limit acceleration, according to Not a Tesla App and Tessie, websites that track Tesla software changes.

The update, which is said to have been released to employees on Wednesday, will also include a PIN-based system for enabling these features.

These controls are designed to help parents enforce curfews and monitor their teenagers' driving habits. They will also allow parents to set a maximum speed limit and reduce acceleration, similar to the existing "Valet Mode" option. Other features will prevent drivers from disabling speed limits and collision warnings, or automatic emergency braking.

The update is also expected to be beneficial for Tesla owners who rent out their vehicles or lend them to others. The new features will add to the existing Tesla-specific features, such as Sentry mode, which starts streaming a recording on the app if the vehicle is hit.

Tesla did not immediately respond to Benzinga's request for comment.

Why It Matters: This move by Tesla to introduce parental controls aligns with CEO Elon Musk's emphasis on safety. Musk has consistently reiterated that safety is the priority as the company scales the abilities of its full self-driving (FSD) driver assistance technology towards autonomous driving.

On the financial side, Tesla's shares have been on a winning streak as investors begin to factor in potential fundamental improvement. A fund manager recently suggested that for institutional investors to attach value to Tesla's artificial intelligence efforts, the company should begin to break out AI as a "separate" line with relevant metrics in their financial statements.

Young drivers are notably vulnerable to accidents overall. In 2020, accidents were the primary cause of unintentional deaths among individuals aged 15 to 24, as reported by the National Highway Traffic Safety Administration (NHTSA). In 2021, NHTSA data revealed that 2,116 drivers aged 15 to 20 lost their lives in car accidents, with approximately 203,256 sustaining injuries from crashes that year.

Price Action: Tesla Inc.'s stock closed at $252.94 on Monday, up 0.56% for the day. In after-hours trading, the stock dipped slightly to $252.71. Year to date, Tesla's stock has increased by $4.52, representing a 1.82% gain, according to data from Benzinga Pro.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote