Well, he also believes the EyeQ4 can achieve L4, which even Mobileye does not:
https://www.mobileye.com/wp-content/uploads/2016/11/Mobileye_EyeQ_Infographic6-002.pdf
And as @Vitold pointed out, EyeQ4 was late. So, maybe Elon learned from Mobileye on product timelines?
That's pure marketing, eyeq4 is fully capable of even L5 self driving, obviously you would need multiple of them or use another processor in addition.
Marketing department says we need to sell newer and more expensive chip as the next best thing. So you adjust each new chip announcement as whats needed.
Look at nvidia drive px announcements, each new chip announcement is whats gonna get the job done, forgetting the fact that they marketed the previous chip to get the job done. The only thing that eyeq5 brings is open compute and probably built-in driving policy by mobileye.
Remember that nvidia drive px x2 announcement they said you would need two for Level 5 and one for Level 4. Now all of a sudden you need the latest and greatest pegasus.
Samething with mobileye, they are already just starting to market eye6 and saying you need eye6 for level 5.
Its a shell game. Hardware is not what solves self driving, software does and eyeq4 has all it needs. obviously you will need to write driving policies and require additional eyeq4s to run it all or another chip.