The Tesla full self driving (FSD) technology under development will soon be able to detect turn signals, hazard lights, ambulance/police lights and hand gestures, according to Elon Musk. The cars will first show drivers the lights on the screen so they can make appropriate decisions, and in the future the cars will recognize the lights themselves.
The functionality will likely play an important role in making full self driving cars practical for use in the real world, as unsupervised full self-driving cars will have to take over all the observations and decision making that human drivers have to do today. The cars will also listen for sirens and alarms (eventually). This will lead to improved safety, and will also be better for ambulances trying to get patients to the hospital with little time.