Tesla Q1 2025 财报及问答网络直播

Hello, everyone. Well, there's never a dull moment these days. Thanks for sure. Every day is going to be exciting. As some people know, there's been some blowback for the time that I've been spending in government with the Department of Government Efficiency or DOGE. I think the work that we're doing there is actually very important for trying to sprain in the insane deficit that is leading our country, the United States, to destruction. And the DOGE team has made a lot of progress in addressing waste and fraud. The natural blowback from that is those who were receiving the wasteful dollars and the fortunate dollars will try to attack me and DOGE team and anything associated with me. But then I'm really left with two choices. Should we just let the waste and fraud continue? And it was continuing to grow at a really unsustainable pace that was bankrupting the country. Or to fight the waste and fraud and try to get the country back on the right track? And I believe the right thing to do is to just fight the waste and fraud and get the country back on the right track and working together with President Trump and his administration. Because if the ship of America goes down, we all go down with it, including Tesla and everyone else. So, I think this is critical work. Now, the protests that you'll see out there, they're very organized, they're paid for. They're obviously not going to say, admit that the reason that they're protesting is because they're receiving fraudulent money or that they're the recipients of wasteful largesse, but they're going to come up with some other reason. But the real reason for the protests, the actual reason is that those receiving the waste and fraud wish to continue receiving it. That is the real thing that's going on here, obviously. Now that said, I do think there's the large slug of work necessary to get the DOGE team in place and working in the government to get the financial house in order is mostly done. And I think starting probably next month, May, my time allocation to DOGE will drop significantly. I'll have to continue doing it for, I think, probably the remainder of the President's term, just to make sure that the waste and fraud that we stop does not come roaring back, which will do if it has the chance. So, I think I'll continue to spend a day or two per week on government matters for as long as the President would like me to do so and as long as it is useful. But starting next month, I'll be allocating probably more of my time to Tesla and now that the major work of establishing the Department of Government Efficiency is done. So, at Tesla, we've gone through many, many crises over the years and actually been through many near-death experiences. We were probably on the ragged edge of death at least on maybe a dozen times. It's been so many times. This is not one of those times. We're not on the ragged edge of death, not even close. But there are some challenges, and I expect that this year will be, there will probably be some unexpected bumps this year. But I remain extremely optimistic about the future of the company. The future of the company is fundamentally based on large-scale autonomous cars and large-scale, large volume, vast numbers of autonomous humanoid robots. So the value of a company that makes truly useful autonomous humanoid robots and autonomous useful vehicles at scale at low cost, which is what Tesla is going to do, is staggering. I continue to believe that Tesla, with excellent execution, will be the most valuable company in the world by far. But that's an important if, we must execute well. But if we do execute well, I think Tesla will be the most valuable company in the world by far. It may be as valuable as the next five companies combined. But there'll be a few bumps along the road before that happens. I said I think on the last earnings call that we'll start to see the prosperity of autonomy take effect in a material way around the middle of next year. We expect to have these … be selling fully autonomous rides in June in Austin, as we've been saying for now several months. So that's continued, but the real question from financial standpoint is when does it really become material and affect bottom line of the company and start to be a fundamental part of the … When does it move the financial needle in a significant way? That's probably around the middle of next year, second half of next year. And then once it does start to move the financial needle in a significant way, it will really go exponential from there. So that's, I'd encourage people to look beyond some sort of bumps and bundles of each road immediately ahead of us. Lift your gaze to the bright shining sort of down the hill, I don't know, some Reagan-esque imagery. And that's where we're headed and not too distant future like I said. Kind of next year or two. So, let's see. With respect to supply chain risk, something that Tesla has been working on for several years is to localize supply chains. This actually makes sense from a cost standpoint and from a logistics risk standpoint, is to have the supply chains be at least located on the continent in which the car is built. So we are, I think the least company, the least affected car company with respect to tariffs, at least in most respects. I mean, it remains to be seen. Now, tariffs are still tough on a company when margins are still low. But we do have localized supply chains in North America, Europe, and China. So that puts us in a stronger position than any of our competitors. And undoubtedly, I'm going to get a lot of questions about tariffs, and I just want to emphasize that the tariff decision is entirely up to the President of the United States. I will weigh in with my advice with the President, which he will listen to my advice, but then it's up to him, of course, to make his decision. I've been on the record many times saying that I believe lower tariffs are generally a good idea for prosperity, but this decision is fundamentally up to the elected representative of the people being the President of the United States. So I'll continue to advocate for lower tariffs rather than higher tariffs, but that's all I can do. Now let me walk you through why I'm so excited about the future of Tesla. So, first of all, autonomy. The team and I are laser focused on bringing robotaxi to Austin in June. Unsupervised autonomy will first be solved for the Model Y in Austin. And then … Actually you should parse out the terms robotic taxi or robotaxi and just generally like what's the Cybercab because we've got a product called the Cybercab and then any Tesla which could be an S3 extra wide that is autonomous is a robotic taxi or robotaxi. It's very confusing. So the vast majority of the Tesla fleet that we've made is capable of being a robotaxi or robotic taxi. Once we can make the whole system work where you can have paid rides fully autonomously with no one in the car in one city, that is a very scalable thing for us to go broadly within whatever jurisdiction allows us to operate. So, because what we're solving for is a general solution to autonomy, not a city specific solution for autonomy, once we make it work in a few cities, we can basically make it work in all cities in that legal jurisdiction. Once we can make it based to work in a few cities in America, we can make it work anywhere in America. Once we can make it work in a few cities in China, we can make it work anywhere in China, likewise in Europe, limited only by regulatory approvals. So, this is the advantage of having a generalized solution using artificial intelligence and an AI chip that Tesla designed specifically for this purpose as opposed to very expensive sensors and high precision maps of a particular neighborhood where that neighborhood may change or often changes and then the car stops working. So, we have a general solution instead of a specific solution. Then, with regards to Optimus, we're making good progress in Optimus. We expect to have thousands of Optimus robots working in Tesla factories by the end of this year, 10 years forward. And we expect to scale Optimus up faster than any product, I think, in history, to get to millions of units per year as soon as possible. I think I feel confident in getting to a million units per year in less than five years, maybe four years. So, by 2030, I feel confident in predicting a million Optimus units per year. It might be 2029. Let's see with respect to energy, energy business is doing very well. The Megapack enables utility companies to output far more total energy than would otherwise be the case. When you think of the energy capability of a grid, it's much more than, say, total energy output per year. If the powerplants could operate at peak power for all 24 hours, as opposed to being at half power, sometimes a quarter power at night, then you could double the energy output of existing power plants. But in order to do that, you need to buffer the energy, so that you can charge up something like a battery pack at night and then discharge into the grid during the day. So, this is a massive unlock on total energy output of any given grid over the course of a year. And utility companies are beginning to realize this and are buying in our Megapacks at scale. So, at this point, a gigawatt class battery is quite a common thing. We have many orders and offer for gigawatt and beyond batteries. And we expect the stationary energy storage business to scale ultimately to terawatts per year. So very, very good numbers. Now, Q1, first quarters of a year are usually pretty tricky. Because it's usually the worst quarter of the year because people don't want to go buy a car in the middle of winter during a blizzard. So we picked Q1 as a good quarter to do a cutover to the new version of the Model Y and we changed production of the world's bestselling cars with … Remember the Model Y is the bestselling car of any kind on earth with a 1.1 billion unit per year output of a single model. And we did this changeover at the same time in factories all across the world. So congratulations to the Tesla team on an amazing job in pulling off what is a very difficult transition. So yeah, it's really very impressive work. So, yeah. In conclusion, while there are many near-term headwinds for us and the border industry, the future for Tesla is brighter than ever. The value of the company is delivering sustainable abundance with our affordable AI powered robots. I like this phrase, sustainable abundance for all. If you say, like, what's the ideal future that you can imagine? That's what you'd want. You'd want abundance for all in a way that's sustainable. It's good for the environment. Basically, this is the happy future. If you say what's the happiest future you can imagine. One which is that would be a future where there's sustainable abundance for all. Closest thing to heaven we can get on Earth, basically. So, thank you again to the Tesla team for all their efforts of the challenging time. I look forward to continuing to lead the team to great success in the future.

The expense is bringing it in from China right now.

Sure. Well, just … we must just [inaudible 00:28:23] by the … disambiguate the Cybercab from Robotaxi once again. Because the Teslas that will be fully autonomous in June, in Austin, probably Model Ys, so that's currently on track to be able to do paid rides, fully autonomously, in Austin in June, and then to be in any other cities in the US by the end of this year. It's difficult to predict the exact ramp week by week or month by month, except that it will ramp up very quickly. So it's going to be like basically an S-curve where it's very difficult to predict the intermediate slope of the S-curve, but you kind of know where the S-curve is going end up, which is the vast majority of the Tesla fleet being autonomous. So that's why I feel confident in predicting large-scale autonomy around the middle of next year, certainly the second half of next year, meaning I predict that there'll be millions of Teslas operating fully autonomously in the second half of next year. It does seem increasingly likely that there will be a localized parameter set perhaps sort of … especially for places that have, say, very snowy weather. Like say if you're in the Northeast or something, like there's … you can think of it, it's kind of a human. You could be a very good driver in California, but are you going to be also a good driver in a blizzard in Manhattan? You're not going to be as good. So there is actually some value in … you can still drive, but your probability of an accident is higher. So it is increasingly obvious that there's some value to having a localized set of parameters for different regions and localities. But the output [inaudible 00:31:23] the [inaudible 00:31:23] category, it's not the required category. Again, really the car is just very much like the human. It's digital neural nets and cameras, and humans operate with biological neural nets and eyes. And so the same strengths and weaknesses will be present. Or a digital neural net and cameras versus a biological neural net and eyes. Ashok, if you'd like to elaborate on that.

I mean very basic terms. If we're sitting at an accident every 10,000 miles, well then you have to drive 10,000 miles, on average, before you get an accident or an intervention. So it's like, "Okay." We must be really … people must be very wigged out by the sheer number of Teslas doing circuits in Austin right now. We're like … it's going to look pretty bizarre.

Yeah, there's just always a convoy of Teslas going, just going all over to Austin in circles. But I just can't emphasize this enough. In order to figure out long tail things, if it's one in 10,000, let's say it's one in 20,000 miles, or one in 30, the average person drives 10,000 miles in a year. So now try to compress that test cycle into a matter of a few months, that means you need a lot of cars during a lot of driving in order to compress that, or just do in a matter of a month what would normally take someone a year.

Oh, yeah, those videos are amazing.

Frankly, I think the Chinese consumer might be the most demanding consumer, and actually the customers in China are awesome. They have a lot of fun with the cars. I saw one guy take a Tesla, autonomous, on a narrow dirt road across a mountain. And I'm like, "[inaudible 00:35:54] a very brave person." And the Tesla's driving along on a road with no barriers where, if it makes a mistake, he's going to plunge to his doom. But it worked.

Yeah, yeah. We should ask that question too. Speaker 1 : Yeah, we have our first big builds coming at the end of this quarter within Q2, and then, in the coming months, we start to large scale installation of all the equipment in Giga Texas with still on schedule for production next year.

It's in the Giga [inaudible 00:36:43].

Yeah. Yeah. Speaker 1 : It's happening and people don't know. It's just happening upstairs and along the long lines while we're still building the Model Ys and Cybertrucks every day.

Yeah. It's worth noting that the Tesla Gigafactory in Austin is three times the size of the Pentagon. Speaker 1 : Including the garden.

Yeah, including the ground zero garden. So because of the Pentagon, like this building used to look big. Not anymore.

But before the end of this year. Not necessarily … let's say, within the US … we do want to test … at Tesla, we're absolutely hardcore about safety. We go to great lengths to make the safest car in the world, and have the lowest accidents per mile, and fewest lives lost, so we want to be very careful. And we want autonomy to be definitively safer than manual driving. So it's not enough that it'd just be as safe, it needs to be meaningfully safer than if it's cars manually driven. And we want to confirm that there's not something … we just want to be cautious with the roll-out. We don't want to jump in at the deep end with an army. But that said, I think we should be able to have it work in several studies, later this year, for personal use. The acid test being you should be able to … can you go to sleep in your car and wake [inaudible 00:38:46] your destination? And I am confident that will be available in many cities in the US by the end of this year.

Well, okay. The issue with Waymo's cars is it costs way more money. [inaudible 00:40:38] But that is the issue. The cars are very expensive, made in low volume. Teslas are, I don't know, probably cost a quarter, 20% [inaudible 00:40:54] a quarter what a Waymo costs, and made in very high volume. So, ironically, we are the ones that made the bet that a pure AI solution with cameras, and what do you have, the car actually will listen for sirens and that kind thing, is the right move. And Waymo decided that an expensive sensor suite is the way to go even though Google's very good at AI. It's ironic. And it is worth noting that Tesla's built an incredible AI software team and AI hardware chip design team. Prospect nothing. We didn't acquire anyone. We just built it. So yeah, it's really … I mean, I don't see anyone being able to compete with Tesla at present. I'm sure that'll change eventually, but at least as far as I'm aware, Tesla will have, I don't know, 99% market share or something ridiculous. That ninety-something percent, at least, I don't know, something might change, but if we have millions of cars deployed next year, and unless others have millions of cars deployed … unless we're blocked by regulatory situations, it won't be long. I mean, in a few years we'll have 10 million autonomous cars on the roads and counting.

Yeah.

Way more money.

With the software update, it will become autonomous. To be clear, the Model Ys that we're talking about being autonomous in Austin in June are the Model Ys we make currently. There's no change to it.

The car that they have.

Yeah. Speaker 1 : [inaudible 00:43:39] through the tunnel, the Model Ys. Everything.

Right. Exactly. It is being put to … it's doing useful work, fully autonomously, at the factories. As Ashok was mentioning, the cars driving themselves from end of line to where they're supposed to be picked up by a truck to be taken to a customer.

… Customer, and I'm confident also that, later this year, the first Model Y will drive itself all the way to the customer. From our factory in Boston and our one in… Here in Fremont, California, I'm confident that, from both factories, we'll be able to drive directly to a customer from a factory.

Yeah. Literally goes from the end of line and drives itself to your house. Speaker 2 : It's important to note, in the factories, we don't have dedicated lanes or anything. People are coming in and out every day, trucks delivering supplies, parts, construction. For the-

And people can film it. By the way, you can see this from the road. It's not covered. Speaker 2 : Exactly.

In these videos, people will take videos online and anyone who wants to go see it can just drive past our Fremont factory and see the autonomous cars- Speaker 2 : [inaudible 00:44:55].

… driving themselves. Yeah, and they drive themselves and they put themselves in the exact right spot to be picked up. Speaker 2 : Yeah, the logistics yard is right there in the open. We don't move it again to another lane.

But they go to a specific spot. Find a spot. Speaker 2 : Yeah.

Yeah, that's just a routine everyday thing now.

Yeah. Although the line won't be obviously, at this rate-

… initially, this is a revolutionary production system. I'm not sure what the right word is. Unboxing sounds like something… Like when you get your phone.

Yeah, you have a pleasant experience when you take your phone out of the box, which, of course, is nice, but this is much more revolutionary than that. This is a profound re-imagining of how to make cars in the first place. No car is made like this anywhere in the world. The factory is the product as much as the car is the product. It's really just the first principles approach to manufacturing that will ultimately allow us, I think, to… I'm trying to think. I'm confident, ultimately, it'll allow us to achieve a cycle time, meaning a unit every five seconds or less, off a single line. Speaker 2 : And we want to incorporate some of these for testing into our existing production lines as well to [inaudible 00:47:49] Cybertruck already.

This is something I've been thinking about for a long time and I've been thinking about this for a long time. It's not a crazy thing. A car every five seconds may sound like it's coming out like bullets, but actually it's coming out at walking speed. Speaker 2 : It's like a meter a second.

A meter a second. We're still far away from caring about the aerodynamic drag of the manufacturing line because you're still at three miles an hour type of thing. Every five seconds sounds crazy, but it's three miles an hour we're talking about. Yeah, you can run away from it basically. But that's still by far the fastest line on earth. It's half… I don't know. What's the [inaudible 00:48:51] line? I don't know if it's about- Speaker 2 : Shanghai phase two.

And that's us? Speaker 2 : 33 seconds. Yes.

We're the fastest, right? Speaker 2 : I would think so.

We think we're the fastest at 33 seconds in our Shanghai factory, but this would be six times faster or seven times faster, more advanced. It'll be slower than that at first. But the point is that, when you fully optimize the design, an operation of the next generation factory that we're building right now, a five-second cycle time or less is… The design is capable of it. When you go through a radical new architecture, you go from being in A… I'd say Shanghai, in particular, is an A+ on a moderately… An advanced, but still… Speaker 2 : Traditional?

Traditional car production system. They're really doing about as good as possible to do within a conventional scenario. Trying to get much below 30 seconds is extremely difficult, but if not… And you start getting into impossible… Where you have to be faster than a human could possibly move. Then the autonomous line, it really just needs to be robots moving really fast and that's where it gets us up five seconds. But we'll start off with getting a C… Instead of an A getting a C in a new architecture, but then the potential is there over time to move that up to an A+ within an A+ architecture.

Yeah. In fact, there's no more vertically integrated car company than Tesla. We're the most vertically integrated car company since Henry Ford back in the day, when they were mining iron and stuff and growing rubber trees. We're not growing rubber trees and mining iron yet, but we have built a lithium refinery in South Texas and it's, I think, the biggest lithium refinery outside of China, I think. Is that right? Speaker 3 : Yeah. Speaker 4 : I think so. Speaker 3 : [inaudible 00:52:38].

But it's output potential would be the biggest lithium refinery outside… And we've got space to expand it if we need to build more, right? And then we've got the cathode refinery in Austin next to the Gigafactory. We've got to figure out what to do about the anode. That's an ongoing subject of discussion. The best of all possible worlds would be figuring out how to have no anode. Best part being no part. That's the dream of the lithium batteries to the anode. Not have an anode. But either way, we better have the anode, the cathode, and the lithium and the electrolytes and the separator to make a cell. But there's no other car company that is built in lithium refineries and cathode refineries. We're ridiculously vertically integrated and that's our best position to protect against supply chain disruptions. [inaudible 00:53:45], do you want to talk about progress in the front? Speaker 4 : Yeah. Certainly for our in-house cells, we've multi-sourced every component and we have every part coming from at least two different countries of origin, which is… We started this… The supply chain team and the engineering team worked together on this for the last couple of years to put that together. It's not something we did in a couple of months. This is years of work. We're in a good position to take advantage of that. And the insourcing of lithium and cathode, they're the two most critical parts of the battery that's run in that backyard. And we've total insulated from…

Oil. It needs to be an operation. Speaker 4 : It needs to be an operation. That's the right way to-

We also make our own cells, by the way. Cell production… If you make the anode, the cathode, the lithium, the electrolyte separator, the can, and then you got to put all that together in the cell factory. And there are entire companies that all they do is produce cells, but they don't do the other stuff. They don't refine lithium or the cathode. Our cell production is going quite well and I think we're… We're currently the lowest cost per kilowatt-hour Speaker 4 : Yeah. For all cells we purchased in North America.

Yeah. Speaker 4 : The lowest cost to us, I think.

We have the lowest cost per kilowatt-hour, all things considered. The Tesla cell is the most competitive sell for a kilowatt-hour put into a car. If it's a Tesla cell, it's lower cost than if it's a supplier sell. Speaker 4 : And the plan this year is to really build off that base. Getting to lowest cost is… It's the hardest challenge for so many batteries. It's relatively easy to build a flashy product that does one thing well, to build something at high volume and low cost is super difficult and we're using that as base to then build off and add performance in different areas for new products coming out.

Yeah.

Yeah, Tesla is not immune to the macro demand for cars. When there is economic uncertainty, people generally want to pause on doing a major capital purchase like a car. But as far as absent macro issues, we don't see any reduction in demand. Speaker 2 : Correct. That's where we continue to focus on affordability and it's a fundamental focus there.

I just want to emphasize, Optimus is still very much a development program. It's not a large volume production. That's why this year we will make a few. We do expect to make thousands of Optimus robots, but most of that production is going be at the end of the year. Almost everything in Optimus is new. There's not an existing supply chain for the motors, gearboxes, electronics, actuators, really almost anything in the Optimus, apart from the Tesla AI computer, which is the same as one in the car. When you have a new complex manufactured product, it'll move as fast as the slowest and least lucky component in the entire thing. And as a first-order approximation, there's 10,000 unique things. That's why anyone here who tells you they can predict, with precision, the production ramp of a truly new product doesn't know what they're talking about. It is literally impossible. You go through this series of constraints where this part's a limiting factor, now that part's a limiting factor, now this part's a limiting factor, and multiply that by 1000, basically. And then the rate of the production ramp is decided by how quickly you can solve each of those problems. Now, Optimus was affected by the magnet issue from China because the Optimus actuators in the arm do use permanent magnets. Now, Tesla as a whole does not need to use permanent magnets, but when something is volume constrained, like an arm of the robot, then you want to try to make the motors as small as possible, so we just did the design in permanent magnets for those motors, and those were affected by the supply chain, by basically China requiring an export license to send out anywhere with magnets. We're working through that with China. Hopefully we'll get a license to use the rare earth magnets. China wants some assurances that these are not used for military purposes, which obviously they're not, they're just going into a humanoid robot. It's not a weapon system, but that is an example of a real challenge there. I'm confident we'll overcome these issues and we'll, by the end of this year, have thousands of Optimus robots.

Yeah.

Yeah. The reality is that, in the future, most people are not going to buy cars. One could say, look, if you want to continue with your phone metaphor, you can remember the days of the flip phones, when there was

A hundred different flip phone designs. And the mistake that manufacturers made was to try to make many different variants of a flip phone, which was a mistake. They should have made the iPhone. So because obviously everyone's going to want a smartphone. But in the beginning when the iPhone came out, I was like, "Wow, I can't believe these guys are not reacting as though this is death." But they didn't, they kept making different variants of flip phones. Nokia, I think at one point was the most valuable company in the world, or close to it, but they kept making flip phones, trying to find another market niche. Maybe somebody wants a phone of a different style, maybe this different color, or whatever it is. Nope, they just want a super intelligent phone that can do everything. Just one. I said this many years ago. In the future, in the not too distant future, buying a gasoline car that is not autonomous will be like riding a horse while using a flip phone. Some people still do it, but it's rare. Speaker 5 : Great. Thank you. The next question comes from Emmanuel Rosner at Wolfe. Emmanuel, please unmute yourself.

Yeah, go ahead Joshua.

Yeah, really we just work through a long tail of unusual interventions. And these are really very rare. As I was saying earlier, you can have an intervention every 10,000 miles. I mean, that's a lot of driving you've got to do to even find one case within Athens.

Anyway, it's only a couple months away, so you can just see for yourself in a couple months in Austin. Speaker 5 : Great. Our next question comes from Edison at Deutsche Bank. Edison, please unmute yourself.

We have to see how things settle out. I don't know yet. Some things we're doing as we already talked about, which is that we've already taken tremendous steps to localize our supply chain. We're more localized than any other manufacturer, and we have a lot of things underway to increase the localization, to reduce supply chain risk associated with geopolitical uncertainty. Did you have followup, Edison?

Yeah. We're still debating the exact number to start off on day one, but it's like, I don't know, maybe 10 or 20 vehicles of day one. And watch it carefully, then scale it up rapidly after that. So we want to make sure that we're paying very close attention the first time this happens. But yeah, you'll be able to, end of June or July, just go to Austin and order a Tesla Truck, autonomous drive. Speaker 5 : Great. The next question comes from George at Canaccord.

Yeah, I mean we do need to give people more time to… A key break point is can you read your text messages or not?

Can you write a text message or not? Because obviously people are doing this, by the way, with unautonomous drives all the time. And if you just go for a drive down the highway and you'll see people texting while driving, doing 80 mph.

Yeah. Putting on makeup, doing their hair, with the mirror down, and texting, and driving, at 80 mph. This is a common occurrence. So people eating lunch, you name it, shaving. So anyway, but right now the car is very insistent that you pay attention to the road, which reduces the value somewhat, because it's very rigorous about you paying attention to the road. And we will gradually lighten up on that, with every few weeks or every month, we'll relax that a little bit, so you can be more and more able to do things you want to do and not have the car demand your [inaudible 01:15:05] attention. So that value, it'll really be profound when you can basically do whatever you want, including sleep. And then that $99 is going to seem like the best $99 you've ever spent in your life. Speaker 5 : Great. And George, did you have a follow up?

Actually it does not blind the camera. We use an approach which is direct photon count. So when you see a processed image, so the image that goes from the silicon photon counter, that then goes through a digital signal processor or image signal processor. That's normally what happens. And then the image that you see looks all washed out because if you point the camera at the sun, the post-processing of the photon counting washes things out, it actually adds noise. So quite a big breakthrough that we made some time ago was to go with direct photon counting and bypass the image signal processor. And then you can drive pretty much straight at the sun, and you can also see in what appears to be the blackest of night. And then here in fog, we can see as well as people can, probably better. But in fact, I'd say probably slightly better than people, than the average person, anyway. And, yeah.

Yeah.

Yeah.

Well, at the risk of stating the obvious, I'm one of many advisors to the president, I'm not the president. But I've made my opinion clear to the president, and other people made their opinion clear to the president. He talks to many people and he makes his decision. And I'm hopeful that the President will observe whether my predictions are more accurate than the predictions of others, and perhaps weigh my advice differently in the future, which we'll see. But I'm an advocate of predictable tariff structures, and generally I'm an advocate for pre-trade and lower tariffs. Now one does need to take a look at if some country is doing something predatory with tariffs or if a government is providing extreme financial support for a particular industry, then you have to do something to counteract that. But I think that that's on a case by case basis, strategically. But the president is the elected representative of the people and is fully within his rights to do what he would like to do.

Well, I think you know the answer on the drones. I mean, a friend of mine, Naval, posted on X, I reposted it, I think a prophetic statement, which is, "Any country that cannot manufacture its own drones is doomed to be the vassal state of any country that can." And America cannot currently manufacture its own drones. But that's [inaudible 01:24:10] fortunately. So China I believe manufactures about 70% of all drones. And if you look at the total supply chain, almost 100% of drones have a supply chain dependency on China. So China is in a very strong position, and here in America, and we need to shift more of our people and resources to manufacturing, because this is… And I have a lot of respect for China, because I think China is amazing actually, but the United States should not have such a severe dependency on China for drones and be unable to make them, unless China gives us the parts, which is currently the situation. With respect to humanoid robots, I don't think there's any company in any country that can match Tesla. Tesla and SpaceX are number one. Now I am a little concerned that on the leaderboard, ranks two through 10 will be Chinese companies, but I'm confident that rank one will be Tesla. Speaker 5 : Great. Well, I think that's unfortunately all the time we have for today. We appreciate all your questions and look forward to talking to you next quarter. Thank you very much and goodbye.