The company has partnered with Google, Apple, Volvo, Nissan and Ford to develop autonomous vehicles, which will eventually be used in public transportation.
But the cars will still be driven by human drivers.
The company is working on a fleet of cars with a combined price tag of $2 billion and says the cost will drop significantly with a $1 billion investment.
In an interview with Bloomberg, CEO Rob Lloyd said that the car will be cheaper than other electric vehicles that cost about the same.
But, Lloyd said, it will also be more powerful and have better battery life.
The new vehicles will have “a range of about 500 miles on a single charge, compared to the current range of a Tesla Model S or Nissan Leaf,” he said.
The car will also feature a six-cylinder, 2.5-liter engine that Lloyd said will deliver about 50 miles per charge.
It will have a maximum range of up to 1,000 miles, and the car can go as far as 3,000 feet (1,000 meters) in a full charge.
The cars will also have a number of advanced features, including GPS, lane-keeping, a front-facing camera and a six speakers that Lloyd described as the most powerful in the world.
Lloyd said it will take about two months for the car to reach full autonomous capability.
Lloyd said the new cars will be able to travel up to 40 miles (64 kilometers) on a charge and be able drive in the rain, snow, fog and rain, and in other types of weather.
“The idea is to have the cars be autonomous by design, but the driver will still need to be in the car,” he added.