Tesla, Inc. 2022 Annual Meeting of Stockholders

welcome um well i feel welcome so well it's great to see everyone here welcome [Applause] um so yeah welcome to gecko texas [Applause] all right so let's see i'll go over kind of recount the year it's been an amazing year the tesla team has done amazing work and i have to say like one of the things that i was like what do you enjoy most in life i really uh being able to work with a super talented group of people and to create great products and manufacture those products and deliver them to people and make people happy from those products is that that's one of the best things in life so [Applause] so yeah i'd just like to say what an honor it is to work with such a talented team at tesla and that's the reason we've been able to do all these things so um yeah we're aiming to achieve a 2 million vehicle run rate by the end of the year [Applause] [Laughter] this is the best crowd i mean [Applause] i mean [Applause] [Laughter] um i love you guys too so uh 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 rates and depending on how the rest this year goes we i think we might get close to or we'll get approximately uh at the one and a half million mark and and be exiting the year at a two million unit run rate and um and then also worth noting uh just recently in the last uh a few weeks we made our three millionth car so you know the it's pretty wild to think like at 10 years ago where things were you know uh 10 years august uh 2012. um we'd uh we'd made 2500 roadsters and i think maybe uh couple hundred model s's ish but less than three thousand cars so ten years ago it made less than than three thousand cars and here we stand ten years later having made over three million [Applause] and actually actually this is one of the cleanest exponentials i've you know it it looks like one of those sort of uh you know business plan presentation things that that doesn't actually come true but you know you see it in the venture capital business plan situation but it's actually true that's the amazing part and yeah [Laughter] yeah we're doing okay on demand so thank you um so yeah it's great here um i love california too to be frank i want to be clear uh you know oh come on um we got great teams in california and uh and and we got a great team in in china and shanghai and a great great team in berlin and germany and europe it's and um i thought it's interesting to look at the uh the cumulative profitability since inception um and this approximately track attracts to uh uh sort of mental pain actually this is psychic damage um that green curve is approximately correct um but uh it it's it's i'm just very proud of the fact that we've actually been able to um to to produce more cash than we have spent um and have positive retained earnings and be worth our salt essentially um and that that's a really big deal it's very hard so i mean this is this is a big deal and i think uh it's gonna go up from here [Applause] so you can see we obviously had uh some challenges there in 2017 um and then uh a bit but since then our free cash flow generation has been been very good and uh trending training upwards and and this is really before uh autonomy really kicks in we've had we have autonomy to some degree but solving autonomy is uh will will really be an amplification of a free cash flow to degree that is you know 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 this year i swear um [Applause] [Music] we got anyone here uh in the fsd beta program [Applause] [Music] sweet yeah no uh totally totally totally okay well i i thought i thought [Applause] all right um i thought you might ask that um so uh because it's 10.13 we've been working on for a while and um and actually what's sort of happened is we've uh we've made some pretty significant uh architectural improvements um so it's really going to be more than a 10.12 to 10.13 release it it might er speak too soon it might qualify for 10.69 so it's got to earn that obviously i can't just throw that out you know but it's it's it's um there's a lot of a lot of improvements um and especially in uh complex uh left turns and yeah we're going to solve chuck's turn yes yes i'm sad absolutely you know we have a lot of respect for valid criticism uh so and uh yeah so um i i i think we're at roughly 90 success rate with with your turn so yeah we're almost at 100. so um so it's looking good and um [Music] yeah so i mean i'm hopeful it might it might be a wheat next week [Laughter] so yeah two weeks so um uh yeah uh it's working well for me um so uh yeah it's anyway teams like working literally seven days a week um and and making uh 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 kind of is what's needed to solve the 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 and so sort of sort of by accident we're actually solving an important i think very useful uh element of artificial intelligence and um 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 um by by driving just an order of magnitude safer than uh than than people um you know there used to be a time back in the day where we'd have yeah this is super important um so i mean 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 but you know every account every now and again you make a mistake and cheer somebody in half so i'd be like okay then we went to automated elevators and you press a button you go to your floor and it just works um and and that's kind of how it's going to be in the future with cars um and yeah so and then we'll have lots of interesting things to say on ai day at the end of next month so i'll leave that to next month yeah so um you know when we started out here um obviously we were talk we were told electric cars were impossible and even if really if you could make a you know an electric car with a couple hundred miles range then nobody would buy it anyway because people just love gasoline cars so um you know when we started out it was it was dumb to start a car company and then dumb square to do an electric car company and we're told you're never going to make money et cetera and we didn't for a while but now we have the highest operating margin in the whole industry [Applause] exactly um exactly it says there's not just a car company tesla's many companies in one and we're as much as a software company as we are a hardware company so and that's 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 so you can think of the factory as a you know giant cybernetic collective so 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 so you know there's a lot of talk of uh competition among uh like electric vehicles but really uh it's the the evs are electrificals taking a market share from gasoline cars so yeah so the uh and from tesla's standpoint we obviously welcome this and we're very excited to see that uh other the big car companies are embracing electric vehicles uh if you were to rewind their press releases to five years ago that was not the case uh they were you know saying not saying nice things about electric vehicles five to 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 and this is really what we set out to do with tesla um you know it was not to like to cr you know get maximum market share or anything it was really try to get the to show the order industry that it was possible uh to go electric and that if you made compelling electric cars people would buy them and um and and that's that's what's happened and i think that's really profound so yeah um also when when our competitors advertise for electric vehicles every time they do that our sales go up so it's it's pretty funny um so um yeah but but we do we have open sourced all our patents so they can use our patents for free and so we're you know helping out and i think it's sort of a mutual prosperity thing and it's it's good so um yeah so model y um uh you don't you know definitely don't want to count chickens until they're hatched but i think we're tracking to have uh model y be the highest uh selling vehicle by revenue this year and the highest by unit volume next year [Applause] still a lot of work to do uh like these these factories don't just magically work um so uh still a lot of work to do uh in berlin and and here in austin to spool up these two gigafactories um and we've got different supply chains and so it's always there's a host of problems uh none of the problems are individually all that difficult but there's like 10 000 of them so it's the rate of production is like how fast can you solve the 10 000 problems essentially and we're solving pretty fast uh but a lot of work to do and um yeah we might be able to announce another factory location later this year [Applause] [Music] [Applause] wait wait wait wait where should we okay where should we build it [Laughter] [Music] okay we're going to get a lot of candidates uh [Applause] no i'm half ca i'm half canadian so maybe i should you know uh but yeah um well i think you know ultimately we'll end up building i don't know probably at least uh 10 or 12 uh 10 or 12 giga factories uh and they will there will be really gigafactories like output uh you know aiming for output average output of like one and a half to two million units per factory which is enormous so um and the our fremont factory in california is is uh already the highest output factory in north america sorry well i think we'll have a friendly competition um between texas california berlin shanghai is hard to beat i have to say shanghai is a pretty shanghai team is is just awesome so that they're uh yeah anyway great great team there so with respect to you know sometimes you get this sort of you know these bogus attacks of like evs are somehow worse than gasoline cars um which is not true uh the average life cycle emissions of of an eevee are dramatically lower than that of a gasoline car i'm kind of telling you things you already know um but you know every now and again you think surely this nonsense has been put to bed but it it uh it pops up again but it's obviously an electric car is just dramatically lower uh co2 or lifetime than any than a than a gasoline car so anyway that's kind of obvious now this this is the thing that i think is super cool um if 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 i mean this is like and i mean the the the mission of tesla is to accelerate sustainability and the i think this this is really amazing you know um more energy produced than was used in making the car or and charging them all over billions of miles so and we're going to keep obviously increasing our solar activity and uh and vehicles and um 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 and then stationary battery packs to store the the uh the sustainable energy because of its wind and solar intermittent intermittent and then electric transport and if you have those three pillars you have a fully sustainable future and yeah so that's it's yeah and obviously battery packs are various recyclable they are there you can think of it like high grade ore do you want to you know 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 um we are already recycling i should point this out so some people wonder what's happening we're already recycling at over 50 a week in nevada so tesla battery recycling is already uh 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 like quite a long time before the battery actually is no longer useful sometimes 15 years so recycling starts off small but then it becomes very significant long term so it's about some factory footage obviously uh just 50 packs a week yeah so yeah that's what i'm saying like this actually just not that many packs to recycle because there's not the vast majority of them are still in use all right oh yes exactly um that's number three where is that thing so um so mass plan 3 is going to be fundamentally about scaling just looking at the overall problem from a global macro economic standpoint and saying what what are all the things that are needed to achieve a fully sustainable economy because i think a lot of people don't don't know and really like what tonnage of uh lithium of cathode anode separator electrolyte uh electronics what are all the things that are needed that what all things that need to be done in order to transition to a fully sustainable global economy which i think you know the sooner we do that the better for the planet and i think just articulating that and and just making it clear that this is absolutely doable and it it is being done and we just want it to be done as fast as possible because i think a lot of times i mean i meet a lot of people out there who who have lost hope you know they think they think it's too late and they think there's there's no chance and the earth is doomed it's like it's not doomed okay it's yeah [Applause] yeah earth can and will be saved [Music] [Applause] so in addition to battery advancements and 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 uh create the the largest castings uh that have ever been done and they're very complex castings and so we're able to take a 171 pieces of metal and go from 171 pieces to two and in the process make it lighter uh stiffer uh with better ride handling better noise vibration harshness uh better sealing against uh water uh so it's really better in every way and yeah so [Applause] so and we're going to keep enhancing the the casting so this is a testament to our materials team and to our with a lot of casting technology so really rethinking the whole way in which a car is made and it's a yeah it's a gigantic improvement we have at this point from going from say model s or even even model three we're at about thirty percent of the robots used for model three from a current model y now [Applause] we've also improved the uh layout of the factory so the factory is sort of a sort of a single m well close to a single monolithic factory uh with a very straightforward flow um fremont we do a lot in fremont but the flow is complex and and and uh it's not not an easy flow so we're really rethinking the factory um and i think if the the like 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 it will probably take longer than they think but eventually all cars will be self-driving and the thing that will be hardest to replicate is tesla's manufacturing technology so this is actually very important for from a long-term standpoint [Applause] you know when thinking about the competitiveness of companies especially if the companies are technology companies i recommend looking at where the smartest engineers want to work this is wherever the the smartest engineers want to work that's going to be that that technology company is going to be the one that is likely to succeed um just like if it's a pro sports team where are the ace players going okay probably that team will win um so we put a lot of effort into ensuring that the best engineers in the world want to work at uh at tesla and frank sometimes tesla tesla's number one sometimes space section one but um this is just like like last year um but uh and we do actually for those curious and maybe want to work at either spacex or tesla we do allow people to uh 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 at a time spending working on rockets you can that's cool we support that so yeah and we've also made a lot of improvement with uh factory safety so we i think we believe we now have the the best factory safety in the industry and um uh so we're yeah we're excited to have uh you know 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 of three suggestions per employee in this year and this this really is a game changer for improving safety so and [Applause] don't you don't have to clap after every slide unless you really want to but um [Applause] so we we there's a lot of interest in working at tesla with three million job applications uh last year so sorry yeah it's true so a lot of interest in working at tesla uh now some people may occasionally have encountered a supercharger that didn't work um but in general the uptime of our superchargers is extremely good and we just try to make it super smooth and the because our superchargers are always connected like the car is always connected our feedback loop for uh fixing a supercharger is very quick um and 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 um so they're just the superchargers get better and better and um you know who knows that yeah actually i want to give away the yeah but let's just say that there's some there's some cool stuff happening on the supercharging front so uh alaska yes um all right we we're we're basically doubling our supercharged account every year so if there isn't a supercharger in some place that you think is important it probably will be there soon so we've also made a lot of progress on uh safety so our cars are already the uh the safest in the industry so we have the lowest probability of injury of any cars ever tested by the us government and we update this in real time so we because our cars are connected this is a big difference um all the other cars with rare exception are not connected so 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 and uh you know look at the crashes and prove that the the the the crash structure uh also we uh improve how the seat belts tension and how the airbags deploy so in these updates if we figure out oh there's a slightly better way to deploy 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 pre-tensions and we're now starting to include our tesla autopilot ai to be able to see if a crash is about to occur and if it if it sees that the crash is about to occur with 99 plus percent probability then it will activate this the seat belt pre-tensioners and deploy the airbags as opposed to that what the vast majority of cars do is the the only the vascular cars are only able to deploy airbags when the crash is happening and so that's uh that makes the airbag deployment a lot more violent but if you can anticipate the crash the airbag deployment can be um much better than uh than just impact so [Applause] uh we're also seeing fsd beta grow very rapidly and this this is definitely going to go very exponential in miles driven so we're now at over 40 million miles and i suspect by this year we'll be i know well over 100 million miles so and we're still tracking very much to have uh uh widespread deployment of fsd beta this year in north america so i'm yeah so i should say if basically fsd beta will be available to anyone who requests it um by the end of this year so [Applause] so ai day part two i think people were blown away uh but that's at the end of next month so believe that it should accept it's there's going to be a lot of cool stuff so um the now i'm sort of surprised that you know people or just like analysts out there are not really understanding the importance of the optimus robot my guess is optimus will be more valuable than the car than long term and in fact it will i think turn the whole notion of what's an economy on its head um you know the point at which you have uh no shortage of labor you know economy is gdp per capita if you do not have a capital constraint then what the economy just is can be arbitrarily huge so yeah it's sort of crazy anyway thank you for voting so your vote matters and and it's great to have direct contact with uh individual shareholders and thank you for for voting to support our proposals [Applause] so the next the next decade um huh i wonder how many cars we'll have in 10 years 10 years ago we had less than 3 000 cars now we've made 3 million 300 million i say 100 million is pretty doable so i'd be surprised if i'd be surprised if it's not over 100 million in 10 years um and then many other products some of which you've heard about some of which you have not so [Applause] not blurted out all right so uh we've got some uh questions from the internet that were voted to the top so i'll answer these questions and then we'll take just quite questions from the audience and uh so one of the questions is how does tesla intend to utilize cash in the in the coming years uh will we increase cap edge capex well i guess you can read the question uh share buybacks dividends or acquisitions um well it's interesting like tesla has actually done very few acquisitions apart from the solar city acquisition was the only really uh big acquisition we did and the next largest would be tesla groman um but it's tesla's actually used a remarkably small amount of equity to do acquisitions compared to other companies the vast majority of our growth basically 90 of our growth has been organic which i think is actually a really good thing um but if we do see interesting companies uh we you know 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 ai manufacturing technology in general that kind of thing we certainly will increase capex we are actually spending uh cap we're spending capex money and r d money um as fast as we can do so without wasting it so this is not a constraint if we try to spend it any faster we'd just be wasting money so we're we're cranking hard on on capex and r d um depending on what our future cash flow looks like uh i think a sort of sheriff buyback is is possible i wouldn't want to commit to that but uh well you know let's just make sure uh you know that there's not some force majira event somewhere um you know we think we want to make sure we we have plenty of capital that and that future cash flow is looking very solid and the world is relatively stable and then i think uh sure about buyback is is on the table yeah [Applause] so how many factories are necessary to achieve 20 million vehicles i think probably roughly a dozen so we're aiming for uh one and a half to two million units per factory um now our factory in california we're just running out of room so it's it's hard to get um more than maybe [Music] seven hundred or eight or seven or eight hundred thousand vehicles a year out of there um but most most places will be aiming for one and a half to two so a dozen sites although we are aiming for giant monolithic buildings uh uh cyber truck pricing uh it was unveiled in 2019 and the and and the reservation was 99 so you know things have a lot has changed since then uh so so the specs and the pricing will be different i you know hate to sort of give a little bit of bad news but i think there's there's no way to sort of have haven't anticipated quite the inflation that we've seen and the various issues um but what i can say is that the cyber truck will be one hell of a product and it's gonna be like a damn fine machine so yeah [Applause] and we are tracking to be in production um middle of next year from this factory so that we're installing we're going to be installing the production equipment tooling and all uh starting the next couple months we'll begin the uh the installation so aiming to be in volume production middle next year so [Applause] now what could possibly go wrong in answering this question oh man all right so uh i should just pass uh well let me just say that uh uh you know i hope for peace and respect [Applause] fair enough [Applause] yeah uh yeah good advice uh so we're trying to we're deploying supercharges 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 not the next level that took years um and uh so some places are hard to get permits uh and some places are easier um but we are aiming to just generally we analyze the supercharger usage uh every day and and we prioritize uh supercharged locations according to where we see the greatest need um with respect sorry where well you know maybe we should do an online poll for where is it where should we put superchargers yeah um yeah let's go okay we'll do that um so i mean with respect to amenities uh with supercharges i think um we'll do a couple of just fun fun things like we're gonna do a really fun supercharger location in la and the general vision is to have something that's like a futuristic uh kind of like diner sort of like i don't know uh blade runner meets grease meets jetsons yeah uh you know something cool different and but with some style and and uh where you can you know get you know uh some great food and um the one in l.a we're planning to have like these big screens at the supercharged location and the screens will be aiming to show like the 100 greatest movie clips of all time and so you can like you know have a cheeseburger and uh charge your car and watch some cool stuff on the screen um and uh it'll be open to others who are not you know you can come to the restaurant if even if you don't own a tesla but it'll be like a like a little gem i think there in in la and and then depending on how that goes we'll you know we might roll that out to a few other places we'll try to interesting fun things that are not necessarily economically sensible but they're cool so uh 4680 um the this is a this is not an easy one to answer um we are making a decent number every week um and i think we'll 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 uh you know the the high production rate but it's probably uh end of this year before we get confidently to a high production rate but but this does not affect our vehicle output we actually have uh enough supply from enough battery cell supply from suppliers to make one and a half million cars this year so it's not a constraint on output uh it but it is it will be important for next year and uh new mass plan is not not yet ready um i don't know maybe aim to get it done this month but like i said it's going to be just uh 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 this is what needs to be done tesla will try to be as useful as possible in this regard and and hopefully lots of other companies can join in and and help accelerate the sustainable energy revolution [Applause] with peak inflation behind us so the inflation question is is interesting because we we do get a fair bit of insight into where prices of things are going over time um because when you're making millions of cars you have to purchase commodities many months in advance of when they're needed like so you need to tell because it's a very long supply chain with a tremendous amount of inertia so we we sort of have some insight into where prices are headed over 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 this could change obviously but but the trend is down which suggests that uh we are past peak inflation now making macroeconomic uh prognostications is uh a recipe for disaster but my guess is that we are past peak inflation and that we will see we will have a recession i think it will be a relatively mild recession sort of but i'm just guessing here this is total speculation um but i would guess it's a it's a you know mild recession for i don't know 18 months or something like that um it would be my best guess right now um we don't have fundamental capital misallocations in the in the us as we have had in the past like in leading up to 2008 where we were building primary housing units at twice the rate of of household formation which obviously doesn't make sense um and there were a lot of companies were over levered the the leverage or or debt that companies have right now is relatively low so yeah i would say probably you know mild moderate recession maybe 18 months ish and and i think we i think inflation is going to drop rapidly that's my guess i don't know what do you guys think it's like sound 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'll have these robots they can go and get into your vehicle and place things will you be moving to a rental model or how will you base a tesla model on selling cars whenever these cars are fully automated 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 you know when you drive around look at you look at how many cars are parked like they're just parking lots full of cars everywhere because cars need a driver and so most of the time they're doing nothing you know typically a passenger car is going to be like 12 hours a week or something like that of usage um if it's autonomous maybe it can get to 50 or 60 hours of usage and that's sort of you know four or five time four four or five fold improvement 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 the effective gross margin on an autonomous car is kind of boggles the mind um so and in terms of how the cars will be operated i mean i think it would be you know just um you'd have the option of of owning a car uh using a car just occasionally when you need it like an auto uber or something like that um 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 um so i think it would end up being some kind of combination of like airbnb and uber or something like that you know so sometimes you you know you can go all the way from owning it to renting it sometimes to renting it a lot to completely renting it but the but the the utility of the car will just be mind-blowingly great and then like i said optimus will will really bring the future to now so yeah maybe maybe maybe you could rent optimus hourly um 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 elon hi um we all know how the media treats you um so well yeah so i don't have a question for you today um 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 thank you well i love you guys too i i i just like to say thank thank you for helping make it happen um yeah because with it without without the 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 [Applause] water presentation thank you tesla team it's an honor to be a stockholder elon i brought you the final checkpoint for spacex a mini moon maybe little x can play with it my name is david guajardo i'm a former bronzeville resident my first suggestion is to add a new string mode option where the driver can select lazy mode and have the software accommodate between comfort standard and sword modes depending on the speed the car is going this will increase handling and safety second when the when disengaging autopilot with the wheel the accelerator stays on please fix it last one weeks ago talking to mr san patel at starbase i told him that the team should add a tab in 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 those are good suggestions thank you all right uh sure hi so i do actually have a question but one thing that i want to okay to ask is like people 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 threatened way too much about and shouldn't be worried at all yeah that's actually that's a good point um you know i think actually the the questions uh and ideas posed by uh retail investors like small retail investors like i think many of you in the audience are actually the most insightful um and it's i find it remarkable that um you know essentially amateur or like normal everyday people actually understand tesla better than the analysts i mean how much you must see this as like that's like and and i mean i think like you know to really say like well like what's what's the what's the point of a company is the point of a company is to create useful products and services you know a company is not it should not exist in and of itself it exists it's 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 and 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 it's well the company is great that's it that that's how it is um and so i i think ironically a lot of the people people that sort of professional analysts don't drive teslas so like well okay you know maybe you should yeah cool i mean i mean we aim to make tesla the most amount of fun you can have in a car you know so um yeah so let's see so i think that there are a lot of really good and insightful ideas um that that i see on the internet on twitter and whatnot and um oh yeah twitter [Applause] so yeah so let's see i think sometimes people fret a bit too much about short-term things that which are clearly just um you know just bumps in the road type of thing uh where there might be a supplier shortage or you know some shut down in some part of the world but but really those things are you know are clearly just kind of one-off items that don't really matter for the long-term um the the sort of the you know the the trend if you like looking at the sort of cumulative output and cumulative miles driven um and you can see that that cumulative output is a very clean exponential um and it's so you know so i guess sometimes people fret a little bit too much about this quarter or that quarter but um you know if you're a shareholder a company is really like the net present value of future cash flows and so what is a you know one quarter is not really a big deal um i think if you see people panicking then instead of you're saying oh man my stock's gone down it's a buying opportunity hi elon thanks for the meeting i became a marine because i want to help protect your future base on mars my friends and i are trained and we're we support the mission would you be open to this idea yeah space marines absolutely [Applause] 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 like say for example in this gigger factory taking the residual heat from the giga presses and applying them to say the drying ovens in your paint line um yeah i think getting dual use of like if you use electricity to do something and then it generates heat and then you transporting that heat elsewhere within the factory it's it's probably a good idea to to do that actually um it it is a a sort of i would say a future optimization but 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 that we achieve a long range in cold weather is by both charging the pack and heating the pack and then the pack acts as a 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 uh heat back and forth between motor drive motor power electronics pack and the cabin volume so that same concept should be applied to a factory i agree elon what's up and my name is justin some know me as smd capital on twitter um i've 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 in regards to when would tesla launch their first pilot city for the tesla network the robo taxi business um well you see i think it's actually going to be probably um much more widespread than that because tesla is is developing a general solution for self-driving and it's not really specific to one city or location now there's different regulatory requirements in in various cities and states so some locations will offer regulatory approval sooner than others but um but we are aiming for a general solution um and um in fact if if you if you created a sort of a a randomly generated alternate earth our system would still work like literally you know like you had some sort of computer generated earth that you know obeyed roughly the same rules as current earth our system is sufficiently generalized that it would work in a a computer-generated alternate earth so yeah so anyway so [Applause] so um i'm gary black managing partner of the future fund tesla's our largest position probably the thing we worry about most it's not not pr but it's uh 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 how would you split your time um well i think tesla is definitely gathering a lot of momentum and we have a very exciting product roadmap that will last a long time so now obviously execution against that roadmap is is difficult because these are not simple products they're not copies of what anyone else is doing they're new things so [Music] 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 also basically factory design product design um and uh sort of manufacturing optimization so um and we do have a very talented team here so i think uh i think tesla you know would continue to do very well even if uh i was kidnapped by aliens or went back to my home planet maybe [Laughter] but so yeah um but no i think it's it's a good question and to be frank i don't have us an easy answer uh open to ideas uh that uh you know i'm definitely working as hard as i can and um and i'm very excited about the future of the company and uh you know i think it's it's got it's got a very very bright future uh even without me um so i'm not leaving so uh to be clear um so [Applause] you know i also have to be a little careful about what i say with about twitter because uh you know this is like lawsuit and stuff so sometimes people get bent out of shape but i i do use twitter a lot so it's not like i'm like randomly going around wanting to acquire companies or something i'm not like a hedge fund i'm not a hedge fund or a private equity firm or something so um in fact the only two uh publicly traded securities i own on tesla and twitter that's it so um and i think in the case of twitter since i use it a lot shoot myself in the foot 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 of where where to point the engineering team uh twitter to make it radically better um and um i i do i i do sort of have a well like a grander vision for what i thought x.com or x corporation could have been back in the day um it's a pretty pretty grand vision and now obviously that could be started from scratch or but 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 i don't don't have to have twitter for that but it would it's like i said it's probably at least a three-year accelerant and i think it's something that will be very useful to the world how's it going elon my name is ronnie and with the projected release of the robot taxi coming in the years ahead would it be looked at as a the boring company would it be used to get regulation for full self-driving and would it be a good venue for the robo taxi also my little brother zane says hi owns all tesla hot wheels okay cool well i say hi to him back so yeah boring company is making good progress actually and you know for the longest time people like i'd give a talk somewhere and people say what what are opportunities you know about i was like tunnels and they'd be like for five years i said if if somebody could just do a tunneling company we can solve traffic and we can have also very high speed transport between cities because while i i'm a fan of trains and i like high-speed trains they do they do intersect the you know go through towns and neighborhoods and chop people's property in half and they're very loud so um but i want to be clear i'm pro-trained sometimes the trained people you know um i take every opportunity to drive to go on interesting trains um so but 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 uh you can go between cities super fast um and without disrupting the stuff above ground so that's kind of the vision for the boring company is to make make roads 3d and have sort of an arbitrary uh an arbitrary number of layers of roads um and i think you can solve essentially any traffic problem in any city if you go 3d with uh with with tunnels so multiple layers of tunnels going from you know connecting the city and you can also turn a lot of the streets into parks because you won't need them any you won't need to have cars indoors you won't need parking so i think one 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 uh go to resorts world and you can hop in the tunnel and and go to the convention center and like yeah and you can paint doge exactly i'm doing what i can to support those so um so but yeah i think i think foreign companies going to do some pretty interesting things in the years to come so let's see uh good afternoon elon um i think many people share my experience i gave you and 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 okay so my question is this uh commercial aircraft have something called a cast where aircraft relay telemetry of their position between one another to a permanent collision yeah sometimes too much telemetry 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 robo taxi thank you actually that's an interesting idea i haven't thought about that um i mean right now our goal with dojo is just to be really good at video training um so we actually already have i think the maybe the fourth and maybe approaching the third uh 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 um so our first goal with with dojo is to make it competitive and and be be more effective at neural net training than a whole bunch of gpus um and uh we might you know might get there soonish um and then of course it can be used for many other uh neural net training tasks um it's it's a fundamentally it's a computer designed from the ground up to be optimized for neural net training which which really no computer has no that's never been done before um and yeah so and then maybe it'll do some traffic control i haven't really thought of that um the the tesla's probably there will be some merits to communicating ford foretells us to communicate to each other but but that won't be needed for full self-driving at all and for long for a long time the the vast majority of cars on the road will be manually driven so the the value of tesla to tesla communication is is not that high except for perhaps communicating uh traffic issues uh or you know accidents potholes uh things that may be helpful to the road closures and that kind of thing so it's like you're getting real time a tesla ahead of you has got seen a road closure and you get that real time updated to your car so you don't get stuck in the road closure um that's that's the kind of stuff that i think we we definitely what we are we are working on right now so all right all right we have one last question um and it's yours thank you very much hello elon simply i would just like to say thank you for everything you've done 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 um you know encouraging sustainable energy uh and being supportive of that i think is is really helpful um so uh but i i say you're doing great so far so uh you know like i said without your support we tells it wouldn't be where it is so it's people like yourself and everyone in this room and out there and the three million people who have bought our cars uh and the millions who have gotten solar and uh you know that's all that all really helps uh you know make the world a better better place for the future um and and i'd say like it definitely like i'd like to sort of convey a message of of optimism about the future um and like if we if we work you know really hard to accelerate sustainable energy sustainable transport uh the future will be good you know it's and and i think just just make sure people know that like and i i'm not suggesting complacency at all uh i'm literally saying if we work hard towards a sustainable future we will achieve it um and and the future was bright so thank you very much thank you all right thanks guys thank you thank you [Music]

Channel: Tesla

Views: 626,564

Keywords: tesla, model s, model x, model 3, powerwall, electric car, elon musk, ludicrous, battery, Cypertruck, cybrtrk, tsla, ev

Id: 49e7LrxS3FQ

Length: 73min 4sec (4384 seconds)

Published: Thu Aug 04 2022