Tesla 2022 年度股东大会

0:12Welcome. Well, I feel welcome. So, well, it's great to see everyone here. Welcome. So, yeah, welcome to giga Texas.

0:53All right. So, let's see. I'll go over kind of recount the year. It's been an amazing year. an amazing year, the Tesla team has done amazing work. And I have to say, one of the things that, it's like what do you enjoy most in life? I really, being able to work with a super talented group

1:20of people and to create great products and manufacture those products and deliver them to people and make people happy from those products is that's one of the best things in life. So, yeah, I'd just like to say what an honor it is who work with such a talented team at Tesla, and that's the reason we've been able to do all these things.

1:49So, yeah, we are aiming to achieve a 2 million vehicle run rate by the end of the year. Yeah. Whoa. Whoa. Whoa. Whoa. This is the best crowd, I mean. Whoa. Whoa. Whoa. Whoa.

2:34Whoa. Whoa. I love you guys too. So anyway, thanks to the hard work of the Tesla team, we've already been able to achieve a one and a half million unit annualized run rate. And depending on how the rest of this year goes, we might get close to, or we'll get approximately at the one and a half million mark and be exiting the year at a two million unit run rate.

3:05And then also worth noting, just recently in the last few weeks, we made our three millionth car. So, you know, it's pretty wild to think like 10 years ago,

3:30where things were, you know, 10 years, August 2012, we'd made 2,500 roadsters, and I think maybe a couple hundred model S's-ish, but less than 3,000 cars. So 10 years ago, we made less than 3,000 cars. And here we stand 10 years later, having made over 3 million. And actually, this is one of the cleanest exponentials I've, you know, it looks like one of those sort of,

4:19business plan presentation things that doesn't actually come true, but you see it in the venture capital business plan situation, but it's actually true. That's the amazing part. And yeah. Yeah. Yeah. Yeah.

4:44Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. So, thank you. So, yeah, it's great here. I love California too to be frank.

5:02I'm gonna be clear. Yeah. Oh, come on. We got great teams in California and we got a great team in China and Shanghai and a great team in Berlin and Germany and Europe. And I know it's interesting to look at the cumulative profitability since inception. approximately tracks to sort of mental pain actually.

5:43It's a psychic damage. We're at Green Cove, approximately correct. But I'm just very proud of the fact that we've actually been able to produce more cash than we have spent and have positive retained earnings and be worth our salt, essentially. And that's a really big deal. It's very hard.

6:14So I mean, this is a big deal and I think it's going to go up from here.

6:35So you can see we obviously had some challenges there in 2017 and then a bit since then our our free cash flow generation has been very good and trending upwards. And this is really before autonomy really kicks in. We have an autonomy to some degree, but solving autonomy will really be an amplification

7:07of free cash flow to a degree that is, you run the numbers and it's like, wow, can it really be that crazy? But it could be that crazy. And, you know, this year I swear.

7:31We got anyone here in the FSD beta program? Sweet. Yeah, no, totally, totally, totally. Okay, well, I thought... I thought you might ask that. So it's 10.13 we've been working on for a while. And actually what sort of happened is we've made some pretty significant architectural improvements.

8:08So it's really going to be more than a 10.12 to 10.13 release. It might not speak too soon. It might qualify for 10.69. So it's got to earn that, obviously. You can't just throw that out, you know. But it's, it's, it's, there's a lot of, a lot of improvements. And especially in complex left turns.

8:41And yeah, we were, we're going to solve Chuck's turn. Yes, yes. 100%. Absolutely. Absolutely. We have a lot of respectful valid criticism. And yeah, so I think we're at roughly 90% success rate with your turn. So we're almost at 100. So it's looking good. And yeah, so I'm hopeful it might be a week next week.

9:18So, yeah, two weeks. It's working well for me. So, yeah. It's in my two teams like working literally seven days a week and making major improvements. And it's really interesting because we're effectively solving an important aspect of artificial intelligence, real world AI, for self-driving, which when you think about it,

10:00it's what's needed to solve self-driving. Because how is the road system designed? It's designed for a biological neural net and eyes. And so naturally the thing that would therefore work, the silicon analog is cameras and silicon neural nets. And so sort of, sort of by accident we're actually solving an important and I think very

10:25useful element of artificial intelligence. And I definitely want people out there, you know, talented people are working on AI to consider working at Tesla because I think we're solving just a very important part of AI and one that can ultimately save millions of lives and prevent tens of millions of serious injuries

10:47by driving just in order of magnitude safer than people. And you know, there used to be a time back in the day where we'd have, yeah, this is super important. So, there used to be a time when we'd have elevator operators. It was normal to have elevator operators and have like a big relay and stuff.

11:11But you know every now and again you make a mistake and share somebody in half. So I'll be like, okay, then we went to automated elevators and you press the button and you go to your floor and it just works. And that's kind of how it's going to be in the future with cars. And yes.

11:34And then we'll have lots of interesting things to say on AI day at the end of next month. I'll leave that to next month, yeah. So, you know, when we started out here, obviously we were told electric cars were impossible and even if really if you could make an electric car with a couple hundred miles range, then

11:57nobody would buy it anyway because they people just love gasoline cars. So, you know, when we started out, it was dumb to start a car company and then dumb squared to do an electric car company. And we're told, yeah, you're never going to make money, et cetera. And we didn't for a while.

12:15But now we have the highest operating margin in the whole industry. So exactly.

12:32Exactly. It says there's not just the car company. It tells there's many companies in one. And we're as much as a software company as we are a hardware company. And that's really going to be obviously essential for the future. And software, both in the car and obviously with neural net training, but also software in the factory as well.

12:51So you can think of the factory as a giant cybernetic collective. So a factory is just an enormous cybernetic collective of humans and machines and software. And the better the software is, the better that cybernetic collective works. I don't think other OEMs think like that. But that's what it is.

13:16So, you know, there's a lot of talk of competition among electric vehicles, but really, the EVs are electric vehicles taking a market share from gasoline cars. So, yeah. And from a Tesla standpoint, we obviously welcome this and we're very excited to see that the big car companies are embracing electric vehicles.

13:48If you were to rewind their press releases to five years ago, that was not the case. They were not saying nice things about electric vehicles five years ago. But now I believe almost every major car company in the world has embraced electrification and agrees that it is the right path.

14:09And this is really what we set out to do with Tesla. It was not to get maximum market share or anything. It was really to try to get the, to show the auto industry that it was possible to go electric. And that if you made compelling electric cars, people would buy them. And that's what's happened.

14:30And I think that's really profound. So yeah. Also when our competitors advertise for electric vehicles every time they do that, our sales go up. So it's pretty funny. So yeah. But we have open sourced a lot of patents so they can use our patents for free. And so we're helping out.

15:01And I think it's sort of a mutual prosperity thing, and it's good. So yeah. So model Y. You definitely don't want to count chickens until they're hatched, but I think we're tracking to have Model Y be the highest of selling vehicle by revenue this year and the highest by unit volume next year.

15:28There's still a lot of work to do. Like these factories don't just magically work. So I still have a lot of work to do in Berlin and here in Austin to spool up these two giga factories and we've got different supply chains. So there's a host of problems. None of the problems are individually or not difficult but there's like 10,000 of them.

16:05So the rate of production is like how fast can you solve the 10,000 problems essentially. And we're solving pretty fast but a lot of work to do. And we might be able to announce another factory location later this year.

16:42Where should we... Okay, where should we build it? Okay, we've got a lot of Canada's. I'm half Canadian, so maybe I should. Well, I think, you know, ultimately we'll end up building, I don't know, probably at least 10 or 12 gigafactories. And there will be really gigafactories like output, you know, for average output of like

17:22one and a half to two million units per factory, which is enormous. And our Fremont factory in California is already the highest output factory in North America. So, sorry? Well, I think we'll have a friendly competition between Texas, California. Well, Shanghai is hard to be at half to say.

17:59Shanghai is pretty, Shanghai team is just awesome. So, yeah, there. Great team there. So, with respect to, you know, sometimes you get this sort of these bogus attacks of EVs are somehow worse than gasoline cars, which is not true. The average life cycle emissions of an EV are dramatically lower than that of a gasoline

18:26car. I'm kind of telling you things you already know. But every now and again you think surely this nonsense has been put to bed, but it pops up again. But it's obviously electric cars are dramatically lower CO2 lifetime than a gasoline car. So, anyway, that's kind of obvious. Now, this is a thing that I think is super cool.

18:49If you add up all the energy produced over the last 10 years by Tesla solar panels, it is more energy than was used to manufacture all of our cars and charge all of our cars at superchargers and at home. This is like, I mean, the mission of Tesla

19:20is to accelerate sustainability. And I think this is really amazing. More energy produced than was used in making the car or and charging them of billions of miles. And we're going to keep, obviously, increasing our solar activity and vehicles and try to keep these on par. Because the three elements of a sustainable energy future are sustainable energy production, primarily with solar and wind.

19:52and then stationary battery packs to store the sustainable energy because of its wind and solar intermittent and then electric transport. And if you have those three pillars, you have a fully sustainable future. And yeah, so that's, yeah. And obviously, battery packs are very recyclable.

20:22They are, you can think of it like high grade ore. If you want to crunch up a bunch of rocks or crunch up a battery pack, which is like super high grade ore. So it's a no brainer to recycle battery packs. And we are already recycling, I should point this out. Some people wonder what's happening.

20:40We're already recycling at over 50 a week in Nevada. So Tesla battery recycling is already underway, has been underway, and is scaling up. Now cars are lasting quite a long time, so there's not that many batteries to actually recycle because you kind of have to typically wait like 12 years or something.

21:02Quite a long time before the battery actually is no longer useful. It's sometimes 15 years. So recycling starts off small, but then it becomes very significant long term.

21:21Some factory footage, obviously. 50 packs a week. Yeah. So, yeah, that's not a thing like this. Actually, just not that many packs to recycle because there's not the vast majority of them are still in use. Oh yes, exactly, that's what I'm saying. Where is that thing? Ah, so, so Mass Point 3 is gonna be

22:03fundamentally about scaling. Just looking at the overall problem from a global macro economic standpoint and saying, what are all the things that are needed to achieve a fully sustainable economy? Because I think a lot of people don't know. And really, what tonnage of lithium, of cathode, anode, separator, electrolyte, electronics,

22:39what are all the things that need to be done in order to transition to a fully sustainable global economy? Which I think the sooner we do that, the better for the planet. And I think just articulating that and just making it clear that this is absolutely doable and it is being done and we just want it to be done as fast as possible.

23:05I mean, I meet a lot of people out there who have lost hope. No, they think it's too late and they think there's no chance and the earth is doomed. It's not doomed. Yeah. Yeah.

23:35Both can and will be saved. Yeah. So, in addition to battery advancements and electronics advancements in AI, we've also done a lot to simplify the structure of cars to make it easier to manufacture. And one of the things we've done is create the largest castings that have ever been done,

24:07and the very complex castings. And so we're able to take 171 pieces of metal and go from 171 pieces to two. And in the process, make it lighter, stiffer, with better right handling, better noise vibration and harshness, better sealing against water. So it's really better in every way.

24:30And we're going to keep enhancing the casting. So this is a testament to our materials team and to our casting technology. So really rethinking the whole way in which a car is made. And it's a gigantic improvement. We have those points from going from say model S or even even model three.

25:07at about 30% of the robots used for Model 3, a current Model Y. So yeah. We've also improved the layout of the factory. So the factory is sort of a single, well, close to a single monolithic factory with a very straightforward flow. We do a lot in Fremont, but the flow is complex and it's not an easy flow.

25:40So we're really rethinking the factory. And I think the really long-term sustainable advantage of Tesla will be manufacturing. I mentioned this before, but obviously everyone will have electric cars. All manufacturers will have electric cars. And eventually, they'll take longer than they think,

26:03but eventually all cars will be self-driving. And the thing that would be hardest to replicate is Tesla's manufacturing technology. So this is actually very important for a long-term standpoint. When thinking about the competitiveness of companies, especially if the companies are technology companies,

26:38I recommend looking at where the smartest engineers want to work. This is, wherever the smartest engineers want to work, that's gonna be, that technology company is gonna be the one that is likely to succeed. Just like if it's a pro sports team, where are the ace players going? Okay, probably that team will win.

27:02So we put a lot of effort into ensuring that the best engineers in the world want to work at Tesla. And frankly, sometimes Tesla's number one, sometimes SpaceX's number one, So this is just like last year. And we do actually, for those curious, and maybe want to work at either SpaceX or Tesla,

27:21we do allow people to move from one company to the other if they would like. So if you want to spend a better time working on electric vehicles, but a time spent working on rockets, you can, that's cool, we sport that. So, yeah. And we also made a lot of improvement with factory safety.

27:44So I think we believe we now have the best factory safety in the industry. And so we're excited to have very good safety and getting better. So. And a bunch of this is driven by just encouraging people within the factory to submit ideas for safety improvement. And we've passed our goal of three suggestions per employee

28:20in this year. And this really is a game changer for improving safety. And, yeah. You don't have to cop after every slide, unless you really want to, but. But. Good. So we had this a lot of interest in working at Tesla with three million job applications last year. So, sorry? Yeah, it's true.

28:54So, a lot of interest in working at Tesla. Now, some people may occasionally have encountered a supercharger that didn't work, but in general, the uptime of our superchargers is extremely good. And we just try to make it super smooth, and because our superchargers are always connected, the car is always connected. Our feedback loop for fixing a supercharger is very quick.

29:19And obviously we keep upgrading the supercharger capability. We're now at version three. We'll start rolling out version four, I don't know, maybe next year. So the superchargers get better and better. You know, you notice that, yeah, actually I don't want to give away way that to...

29:37Let's just say that there's some cool stuff happening on the supercharging front. So... Alaska, yes. All right. We're basically doubling our supercharging count every year. So if there isn't a supercharger in some place that you think is important, it probably will be there soon.

30:07We've also made a lot of progress on safety, so our cars are already the safest in the industry, so we have the lowest probability of entry of any cars ever tested by the US government, and we update this in real time. So because our cars are connected, this is a big difference.

30:30All the other cars with rare exception are not connected. So the manufacturers don't really know what happened in a crash. But in the case of Tesla, we are able to look at crashes and see how can we improve the safety, look at the crashes, improve the crash structure. Also, we improve how the seat belts tension and how the airbags deploy.

30:59So in these updates, if we figure out, oh, there's a slightly better way to deploy the the airbags to improve the safety in a crash, we'll actually do an over-the-air update to improve the way that the airbags deploy or the way that the seat belt pretensions. And we're now starting to include our Tesla autopilot AI to be able to see if a crash is

31:22about to occur. And if it sees that a crash is about to occur with 99 plus percent probability, then it will activate the seat belt pretentioners and deploy the airbags as opposed to what the vast majority of cars do is the vast majority of cars are only able to deploy airbags when the crash

31:42is happening. And so that makes the airbag deployment a lot more violent, but if you can anticipate the crash, the airbag deployment can be much better than just impact. So, thank you. We'll see FST beta grow very rapidly. And this is definitely going to go very exponential in miles driven.

32:16So we're now at over 40 million miles. And I suspect by this year we'll be, I don't know, well over 100 million miles. And we're still tracking very much to have widespread deployment of FSD beta this year in North America. So I'm, I should say, if basically FSD beta will be available to anyone who requests it

32:50by the end of this year. So AIDI Part 2, I think people are blown away, but that's the end of next month. So believe that, it's going to be a lot of cool stuff. I'm surprised that people, or at least analysts out there, are not really understanding the importance of the optimist robot.

33:29My guess is optimists will be more valuable than the car long term. In fact, it will, I think, turn the whole notion of what's an economy on its head. It's the point of which you have no shortage of labor. An economy is GDP per capita. If you don't have a capital constraint, then the economy can be arbitrarily huge.

34:00So it's sort of crazy. Anyway, thank you for voting. So your vote matters and it's great to have direct contact with individual shareholders. And thank you for voting to support our proposals.

34:29So the next decade, I wonder how many cars we'll have in 10 years.

34:4510 years ago we had less than 3,000 cars. Now we've made 300 million.

35:01I say 100 million is pretty doable. So, I'd be surprised if it's not over 100 million in 10 years. And then many other products, some of which you've heard about, some of which you have not. So, yeah, bled it out. All right. So, we've got some questions from the internet that were voted to the top.

35:38So I'll answer these questions and then we'll take just questions from the audience. And so one of the questions is how does Tesla intend to utilize cash in the coming years? Will we increase CapEx? I guess you can read the question. Share buybacks, dividends, or acquisitions? Well, it's interesting.

35:58Tesla has actually done very few acquisitions. Apart from the Solar City acquisition, it was the only really big acquisition we did, and the next largest would be Tesla, Gromen. But it's actually used a remarkably small amount of its equity to do acquisitions compared to other companies.

36:16The vast majority of our growth, basically 90% of our growth, has been organic, which I think is actually a really good thing. But if we do see interesting companies, we will acquire them, but it's quite rare for us to acquire a company. But we are interested in companies that are very good at manufacturing automation, software,

36:44AI, manufacturing technology in general, that kind of thing. We certainly will increase CAPEX. We are actually spending CAPEX money and R&D money as fast as we can do so without wasting it. is not a constraint. If we try to spend it any faster, we'll just be wasting money. So we're cranking hard on CapEx and R&D.

37:17Depending on what our future cash flow looks like, I think a sort of share buyback is possible. I wouldn't want to commit to that. But well, let's just make sure that there's not some forced majeure event somewhere. I think we want to make sure we have plenty of capital and that future cash flow is looking very solid and the world is relatively stable

37:47and then I think share about buyback is on the table. So how many factories are necessary

38:00to achieve 20 million vehicles, I think probably roughly a dozen. So we're aiming for one and a half to two million units per factory. Now our factory in California, we're just running out of room, so it's hard to get more than maybe 700 or 800,000 vehicles a year out of there. But most places will be aiming for one and a half to two.

38:33So it doesn't cite. Although we are aiming for giant monolithic buildings. Savatruck pricing, it was unveiled in 2019 and the reservation was $99. So you know, things have a lot has changed since then. So the specs and the pricing will be different. I, you know, I sort of give a little bit of bad news, but I think there's no way to sort

39:14of have haven't anticipated quite the inflation that we've seen and the various issues. But what I can say is that the Cybertruck will be one hell of a product and it's going to be like a damn fine machine. So I'm not tracking to be in production middle of next year from this factory.

39:41So we're installing, we're going to be installing the production equipment, tooling and all, starting the next couple months, we'll begin the installation. So aiming to be in volume production in the middle of next year. Now what could possibly go wrong in answering this question?

40:06Oh man. All right, so I should just pass. Well, let me just say that I hope for peace and respect. Fair enough.

41:02Yeah. Yeah, good advice. So we're deploying superchargers wherever we see the greatest need. Now sometimes the greatest need is in some place that is extremely difficult to get permits. Like the getting a permit in Malibu was nuts. Like the next level that took years. And so some places are hard to get permits and some places are easier.

41:43But we are aiming to just generally analyze the supercharger usage every day and we prioritize our supercharger locations according to where we see the greatest need. With respect? Sorry, why? Well, you know, maybe we should do an online poll for where is it? Where should we put superchargers?

42:06Yeah. That's good. Okay, we'll do that. So with respect to amenities with superchargers, I think we'll do a couple of just fun things. Like we're going to do a really fun supercharger location in LA. And the general vision is to have something that's like a futuristic kind of like diner,

42:33sort of like, I don't know, Blade Runner meets Greece, meets Jetsons. Yeah. Yeah, something cool. different, but with some style, and where you can get some great food. And we're planning to have these big screens at the Supercharge location, and the screens will be aiming to show the 100 greatest movie clips of all time.

43:03So you can have a Teethberger and a charger car and watch some cool stuff on the screen. And it'll be open to others who are not, you know, you can come to the restaurant even if you don't own a Tesla. But it'll be like a little gem, I think, there in LA. And then depending on how that goes, we'll, you know, we might roll that out to a few other places.

43:27We will try to do interesting, fun things that are not necessarily economically sensible, but they're cool. So 4680, this is not an easy one to answer.

43:51We are making a decent number every week and I think we will be in high volume production by the end of this year. It's always difficult to predict. This is because a lot of new technology, what's the slope of the S-curve on-ramp? And except that I'm confident we will get to the high production

44:15rate, but it's probably the end of this year before we get confidently to a high production rate. But this does not affect our vehicle output. We actually have enough battery cell supply from suppliers to make one and a half million cars this year. So it's not a constraint on output, but it will be important for next year.

44:45And a new mass plan is not yet ready. I don't know, maybe I aim to get it done this month. But like I said, it's going to be just looking at the big picture. What does it take to make Earth fully self-sustaining from an energy standpoint? And yeah, just map it out and say this is what needs to be done.

45:09Tesla will try to be as useful as possible in this regard. And hopefully, lots of other companies can join in and help accelerate the sustainable energy revolution. With peak inflation behind us. So the inflation question is interesting, because we do get a fair bit of insight into where prices of things are going over time.

45:42Because when you're making millions of cars, you have to purchase commodities many months in advance of when they're needed. So you need to tell, because it's a very long supply chain with a tremendous amount of inertia. So we sort of have some insight into where prices are headed

46:04over time. And the interesting thing that we're seeing now is that most of our commodities, most of the things that go into a Tesla, not all, but I don't know, more than half, the prices are trending down in six months, six months from now. Now this could change, obviously, but the trend is down, which suggests that we are past peak inflation.

46:30Now making macroeconomic prognostications is a recipe for disaster. But my guess is that we're past peak inflation and that we will have a recession. I think it will be a relatively mild recession. Sort of just guess in here. This is total speculation. But I guess it's a mild recession for, I don't know,

47:0518 months or something like that. It would be my best guess right now. We don't have fundamental capital misallocations in the US as we have had in the past, like leading up to 2008, where we were building primary housing units at twice the rate of household formation, which obviously doesn't make sense.

47:29And a lot of companies that were over-levered. The leverage or debt that companies have right now is relatively low. So yeah, I would say probably mild moderate recession, maybe 18 months-ish. And I think inflation is going to drop rapidly. That's my guess. I don't know what do you guys think.

47:59Exactly. It's not about right? Okay, great. All right, cool. Yeah, the Tesla robot essentially changing the economy, like how can we base an economy on automation AI with the full self driving that's being implemented. You're going to have a full fleet of vehicles that can drive themselves, you know, how these robots that can go into your vehicle and place things.

48:23Will you be moving to a rental model or how we base a Tesla model on selling cars whenever these cars are fully automated, you can drive wherever they would like, and hopefully would be applicable to having multiple people use the vehicle instead of just one person. Yeah, so it's interesting to think about an autonomous car because when you drive around, look at how many cars are parked.

48:51Like they're just parking lots full of cars everywhere because cars need a driver, And so most of the time they're doing nothing. Typically a passenger car is going to be like 12 hours a week or something like that of usage. After autonomous, maybe it can get to 50 or 60 hours of usage.

49:14Then that's sort of four or fivefold improvements in the utility of a car. But the interesting thing is that the car still costs the same. So in that scenario, at least for some period of time, the effect of gross margin on an autonomous car is kind of boggles the mind. So in terms of how the cause be operated,

49:47I mean I think it would be, you'd have the option of owning a car, using a car just occasionally when you need it, like an auto Uber or something like that. And there would be people, and then an owner of a car could decide that they want to use their car or they want to add or subtract it to the fleet.

50:12So I think it would end up being some kind of combination of like Airbnb and Uber or something like that. So sometimes you can go all the way from owning it to renting it sometimes to renting it a lot to completely renting it. But the utility of the car will just be mind-blowingly great.

50:35And then, like I said, optimists will really bring the future to now. So, yeah, maybe. Maybe you could rent optimists out hourly. I mean, assuming we get all these things, we do all these things, I think probably Tesla will be the most valuable company in the world. You know, we all know how the media treats you.

51:20So well. Yeah. So I don't have a question for you today. I just want to say on behalf of my six-year-old at home, Kyler Scott, that's watching right now, who thinks you're awesome as well, thank you for making the world a better place. Thank you.

52:07Love you guys. I mean, I just like to say, thank you for helping make it happen. Because without you, without the early adopters of electric vehicles and sort of full self-driving, Tesla would not be where it is today. So thank you for your support. What a presentation. Thank you, Tesla team.

52:32It's an honor to be a stockholder. Elon, I brought you the final checkpoint for SpaceX and Mini Moon. Maybe little X can play with it. My name is David Guaharda. I'm a former Bronzewill resident. My first suggestion is to add a new string mode option where the driver can select lazy

52:48mode and have the software accommodate between comfort, standard and sport modes depending on the speed the car is going. This will increase handling and safety. Second, when disengaging out of pilot with the wheel, the accelerator stays on. Please fix it. Last one. Weeks ago, talking to Mr. San Patil at Starbase, I told him that the teams should add a tab

53:12in the SpaceX website and disclose what type of skills and preparation are going to be needed from us to accomplish the greatest adventure ever, ever in human history going to Mars. All right, well, thanks for the suggestions. Those are good suggestions. Thank you. All right. Sure. Hi, so I do actually have a question, but one thing that I want to ask is like,

53:41People ask you all the questions. What do you think people miss and should be excited way more about? And what do you think people are fretting way too much about and shouldn't be worried at all? Yeah, that's actually a good point. I think actually the questions and ideas posed by retail

54:08investors, like small retail investors, like I think many of you in the audience, are actually the most insightful. And I find it remarkable that essentially amateur, normal everyday people actually understand Tesla better than the analysts. I mean, how much you must see this is.

54:27It's like, and I mean, I think really say, well, what's the point of a company is to create useful products and services. The company should not exist in and of itself. It exists. It's a group of people gathered together to make products and services. And if those products and services are great, it's a valuable and useful company.

54:55And if they're not, it's not. And so really, to understand a company, you must use its products. And if you think the products are great, then the company's great. That's it. That's how it is. And so I think ironically, a lot of the people that sort of professional analysts don't drive Teslas.

55:13So like, well, okay, you know, maybe you should. Yeah, cool. I mean, we aim to make Tesla the most amount of fun you can have in a car, you know? So. Thank you. Thank you. Thank you. Yeah, so let's see. So I think that there are a lot of really good and it's high flight is that I see on the internet,

55:39Twitter and whatnot. And oh, yeah, Twitter. So, yeah, so let's see.

56:02I think sometimes people fret a bit too much about short-term things that which are clearly just bumps in the road type of thing where there might be a supplier shortage or some shut down in some part of the world. But really those things are clearly just one off items and don't really matter for the long term. The trend, like looking at the cumulative

56:38of output and cumulative miles driven. And you can see that cumulative output is a very clean exponential. And so I guess sometimes people fret a little bit too much about this quarter or that quarter. But if you're a shareholder, a company is really like the net present value of future cash flows.

57:00And so one quarter is not really a big deal. I think if you see people panicking, then instead of saying, oh man, my stock's gone down. This is a buying opportunity. Yeah. Hi, Elon. Thanks for the meeting. I became a Marine because I want to help protect your future based on Mars.

57:29My friends and I are trained, and we support the mission. Would you be open to this idea? Yeah. Space Marines, absolutely. Hi, Elon. A lot of Tesla's products today focus on electrical energy for sustainable future. Do you foresee Tesla perhaps exploring thermal energy sustainable products other than HVAC?

58:01Like say, for example, in this Giger factory, taking the residual heat from the Giger presses and applying them to see the drying up in your paint line. Yeah, I think getting dual use of like, dual use of like, if you use electricity to do something and then it generates heat and

58:19then you transporting that heat elsewhere with the factory, it's probably a good idea to do that actually. It is a, sort of I would say a future optimization, but it is probably something worth doing in the factory and it is something we do in the car. So in the car we carefully manage the electrical and the thermal energy and so like one of the ways

58:40that we achieve a long range in cold weather is by both charging the pack and heating the pack. And then the pack acts as both an electrical and a thermal reservoir to achieve long range even in very cold climates. And so we're constantly, within the car, shuttling heat back and forth

59:01between motor dryer electronics pack and the cabin volume. So that same concept should be applied to a factory, I agree. Elon wassup, and my name is Justin. Some know me as SMD capital on Twitter. I had the number one voted question last earnings about scaling to extreme size. I have another big question I think a lot of people would want to know.

59:32In regards to when would Tesla launch their first pilot city for the Tesla network, the Robotaxy business? Well, you see, I think it's actually going to be probably much more widespread than that, because Tezla is developing a general solution for self-driving, and it's not really specific

59:59to one city or location. Now, there's different regulatory requirements in various cities and states, so some locations will offer regulatory approval sooner than others. But we are aiming for a general solution. And in fact, if you created a randomly generated, alternate Earth, our system would still work.

1:00:30Like literally, you know, like you had some sort of computer generated Earth that, you know, the same rules as current Earth. Our system is sufficiently generalized that it would work in a computer-generated alternate Earth. So, yeah. So anyway.

1:00:55So, I'm Gary Black, managing partner of the Future of Fund, Tesla's our largest position.

1:01:10It's probably the thing we worry about most. It's not PR, but it's succession. So, you know, key man risk is a big thing. How does the board think about your succession? And especially when you have, you know, a judge is going to decide in a couple months whether or not you have to take over Twitter?

1:01:31How would you split your time? Well, I think Tesla is definitely gathering a lot momentum and we have a very exciting product roadmap that will last a long time. So now obviously execution against that roadmap is difficult because these are not simple products, they're not copies of what anyone else is doing, they're new things.

1:02:02So, but I intend to stay with Tesla as long as I can be useful. And, you know, I can be most useful, I think, on the product design and manufacturing. So, basically factory design, product design, and sort of manufacturing optimization. So, and we do have a very talented team here.

1:02:30So I think Telser would continue to do very well even if I was kidnapped by aliens. Or went back to my home planet maybe. So yeah, I think it's a good question. And to be frank, I don't have an easy answer. Open to ideas. I'm definitely working as hard as I can. And I'm very excited about the future of the company.

1:03:07And I think it's got a very bright future, even without me. So I'm not leaving, so to be clear. So I obviously have to be a little careful about what I say with about Twitter because, you know, this is like lawsuit and stuff. So sometimes people get bent out of shape. But I do use Twitter a lot.

1:03:42So it's not like I would, unlike randomly going around wanting to acquire companies or something. I'm not a hedge fund or private equity firm or something. So in fact, the only two publicly traded securities I own are Tesla and Twitter. it. So, and I think in the case of Twitter, since I use it a lot, I share myself in the

1:04:07foot a lot, you know, take my grave, et cetera. But, you know, I think it's, I do understand the product quite well, so I think I've got a good sense of where to point the engineering team Twitter to make it radically better. And I do sort of have a grander vision for what I thought X.com or X corporation could

1:04:43have been back in the day. It's a pretty grand vision. And obviously that could be started from scratch. And I think Twitter would help accelerate that by three to five years. So it's kind of like something I thought would be quite useful for a long time. I know what to do. Don't have to have Twitter for that, but it's probably at least a three-year accelerant.

1:05:18And I think it's something that will be very useful to the world. How's it going, Elon? My name is Arane, and with the projected release of the RoboTaxi

1:05:34coming in the years ahead, would it be looked at as the boring company, would it be used to get regulation for full self-driving and would it be a good venue for the RoboTaxi? Also my little brother Zane says hi, owns all Tassaha wheels. Okay, cool. I said hi to him back. So yeah, the boring company is making good progress actually.

1:06:02And for the longest time, I'd give a talk somewhere and people say, what are opportunities you know about? I was like, tunnels! And they'd be like, for five years I said, if somebody could just do a tunneling company, we can solve traffic and we can have also very high speed transport between cities.

1:06:21Because while I'm a fan of trains, and I like high-speed trains, they do intersect the, you know, go through towns and neighborhoods and chop people's property in half and they're very loud. So, but I want to be clear, I'm pro-train, one of those train people, you know. I take every opportunity to go on interesting trains.

1:06:43So, but if you have a sort of a much simplified version of the Hyperloop, it's really just Tesla's in a tunnel that's depressurized, you can go between cities super fast and without disrupting the stuff above ground. So that's kind of the vision for the boring company is to make roads 3D and have sort of

1:07:10an arbitrary number of layers of roads. And I think you can solve essentially any traffic problem in any city if you go 3D with tunnels, so multiple areas of tunnels going from connecting the city. And you can also turn a lot of the streets into parks because you won't need to have

1:07:36cars in the doors, you won't need parking. So I think, Warren Company, I think is capable of much more transformation than it may seem. And we actually have an operational tunnel in Vegas right now. So yeah, if you go to Vegas, go to a resorts world and you can hop in the tunnel and go

1:07:56to the convention center and you're like, yeah, and you can paint those. Exactly. I'm doing what I can to support those. But yeah, I think Ford Company is going to do some pretty interesting things in the years to come. So let's see. Good afternoon, Elon. I think many people share my experience.

1:08:21I gave you, or at least Tesla, my complete family's legacy because I believed in it. And thank you for you and your company outperforming. I think you saved a lot of us. Thank you. OK. So my question is this. Commercial aircraft have something called ACAS where aircraft relate telemetry of their position between one another to a permanent collision.

1:08:45Yeah, sometimes too much telemetry. Yeah. Thank you. So, taking this to a higher level, do you see Tesla's communicating with one another, with one another, and Dojo turning into some kind of ultimate air traffic control for Tesla supply chains and Robotaxy, thank you. Actually, that's an interesting idea, I haven't thought about that.

1:09:05I mean, right now I'll go with Dojo, is just to be really good at video training. So, we actually already have, I think, the maybe the fourth, and maybe approaching the third, most powerful computing center in the world for AI training. Yeah, they might be through it at this point, which obviously uses just an enormous number of GPUs and stuff, so our first goal with Ojos

1:09:33to make it competitive and be more effective at neural net training than a whole bunch of GPUs. And it might get their soon-ish. And then of course it can be used for many other neural net training tasks. It's a fundamentally, it's a computer design from the ground up to be optimized for neural net training, which really no computer has, that's never been done before.

1:10:03And yeah, so, and then maybe it'll do traffic control. I haven't really thought of that. The the Tesla is probably there will be some merits to communicating for for Tesla to communicate to each other But that won't be needed for full self-driving at all and for long for a long time the

1:10:26The vast majority of cars on the road will be manually driven so the value of Tesla to Tesla communication is is not that high except for perhaps communicating traffic issues or accidents, potholes, things that may be helpful to road closures and that kind of thing. So it's like you're getting real time. A Tesla head of view is seeing a

1:10:51road closure and you get that real time updated to your car so you don't get stuck in the road closure situation. That's the kind of stuff that I think we definitely are working on right now. All right. All right. We have one last question and it's yours. Thank you very much. Hello, Elon. Hey. Simply, I would just like to say thank you for everything you've

1:11:13done for Earth and the community and everything you've done. I have one question, and aside from working for Tesla, being a shareholder or purchasing a Tesla, how can the masses help push your vision. All right, well I think just generally encouraging sustainable energy and being supportive of

1:11:34that I think is really helpful. So I say you're doing great so far. You know like I said without your support tells the wouldn't be where it is. So as people like yourself and everyone in this room and out there and the three million people who have bought our cars and the millions who have gotten solar. That all really helps

1:12:03make the world a better place for the future. I'd like to convey a message of optimism about the future. If we work really hard to accelerate sustainable energy, sustainable transport, The future will be good, you know, and I think, just make sure people know that. Like, and I'm not suggesting complacency at all.

1:12:30I'm literally saying, if we work hard towards a sustainable future, we will achieve it. And the future was bright. So, all right. All right, thanks guys, thank you. Thank you.