Tesla shared a slew of important announcements at the 2023 Annual Meeting of Shareholders in Giga Austin that will have a significant impact on the company going forward.
- The meeting will take place in two parts: the vote of the shareholders and a presentation by Elon Musk.
- Honored to welcome all new investors and long-time investors.
- Third year of holding the meeting at Giga Austin.
- 5,000 cars per week – production tripled after one year.
- Cybertruck prepares to pull out of Giga Austin.
- 2022 was a banner year, with shipments up 40% year-over-year.
- The first Investor Day was held in Texas earlier this year.
- Tesla is in its strongest position ever.
- The global supercharging grid was 100% renewable by 2022.
- “The fact that this company is so much more than its key person is what the industry should see.”
- “Call on Tesla shareholders to address child labor in its supply chains.”
- All agenda items were approved by Tesla shareholders, adding co-founder JB Straubel to the board.
- “I just wanna say I love you guys.”
- Tesla Master Plan Part 3 has been backed up with physical and realistic data.
- There is a path to a fully sustainable global economy – we are on that path and we are accelerating that path.
- It will take less energy to have a sustainable economy.
- Most batteries are iron-based, not cobalt-based. Nickel batteries use some cobalt, while smartphones consume 100%. Musk will ensure that no child labor is used.
- The production rate of lithium-ion batteries is critical to the transition to sustainability.
- Comments were that Tesla’s analysis/assumptions are generally accurate: 240 TWh storage, 0.2% land area required, $10 trillion manufacturing investment.
- Emissions from electric vehicles are much better over time than an internal combustion/petrol vehicle.
- Eventually, electric vehicles will cost less to manufacture than a gasoline-powered vehicle.
- Tesla has created 127,855 jobs over the past decade.
- 3.6 million applications at Tesla: the two most wanted companies alongside SpaceX.
- The next-generation transmission unit reduces silicon carbide by 75%, requires 50% less factory space, uses no rare earth elements, and has an all-inclusive manufacturing cost of $1,000.
- The 48v low voltage architecture for the car will change for the first time in a hundred years from 12v, requiring a quarter less copper and lasting the life of the car.
- The full self-driving beta has increased to 200 million miles.
- A final element of the system: the planning/control system must become a neural network.
- Complete self-driving will be much better than a person, 10x over time.
- The software update that launches fully autonomous driving will launch “the largest increase in asset value in history.”
- So few people realize the value or believe that fully autonomous driving is real.
- Tesla is the world’s largest maker of electric vehicles, with the highest margin of any automaker in the world.
- Competitors make electric vehicles at a loss, while Tesla does so profitably: large-scale manufacturing is incredibly difficult.
- Free cash flow increased to $7.6 billion.
- Interest rates have a significant impact on vehicle affordability.
- Next year will be difficult, as Tesla is not immune to the global economic environment.
- The global economy should recover in twelve months, and then Tesla will be in an extremely strong position.
- Tesla writes all of its software for the company in-house, which almost no company does.
- The Model Y is expected to be the best-selling car in the world in 2023.
- Tesla has the safest cars in the world, with improved emergency braking and airbag deployment via over-the-air updates.
- All Tesla vehicles have automatic cabin overheat protection: never in the automaker’s history has a child or pet died in a Tesla.
- Highest NCAP safety scores: 98% on Tesla Model Y, which is obviously not good enough – Tesla wants to achieve 100%.
- The total cost of ownership of a Model 3 is comparable to that of a Toyota Corolla.
- Compressor availability is 99.95%.
- Megapack is already more competitive than a gas plant.
- Tesla’s energy storage growth is even faster than the automotive side.
- Gigafactory Nevada adds Tesla Semi production line and 4680 battery cell production.
- Ramping up of 40 GWh megapack production in California, 40 GWh construction in China: almost infinite demand, both expected to increase to 500 GWh.
- Lithium refinery: capacity of 60 GWh/year, from the end of 2023.
- Gigafactory Mexico will manufacture Tesla’s next-generation vehicle, laying the foundation for 20 million vehicles per year.
- The Cybertruck delivery event will take place later this year: difficult to manufacture, Tesla had to invent new manufacturing techniques to build a vehicle based on an exoskeleton.
- Deliveries will begin later this year, and the product is better than expected.
- No time to announce Tesla’s next product: two novelties that are going to be very exciting, with new innovative manufacturing techniques.
- These two new products alone are expected to speculatively sell 5 million units per year, combined.
- The humanoid robot Optimus is making significant progress.
- All actuators and motors are Tesla designed: there were no suitable off-the-shelf components.
- The Full Self-Driving artificial intelligence software is transferable to a humanoid robot: same Full Self-Driving computer as the car.
- Optimus demand could total 10 to 20 billion units, well beyond cars.
- Tesla’s long-term value will be Optimus.
Questions and answers
- There are no plans to build a motorhome, although Cybertruck could be converted into a motorhome with accessories: potential for third parties and startups.
- Tesla will add an earnings call addendum for a 30-minute Optimus podcast, according to an investor suggestion.
- Powerwall needs a switch that disconnects people from utilities for uninterrupted power – PG&E allowed it in California.
- “Party in Cabo?” Who me ?
- Twitter is in a stable place and Musk is ready to step down as CEO.
- Musk’s time engagement on Twitter will be relatively low over the next few months as he grows more optimistic about the future.
- Funding depends on what the banks are willing to do, and a large majority of Tesla’s $100 billion in sales goes to the banks.
- The economy is cyclical: good times follow bad times.
- Don’t look at the markets for the next twelve months: if there is a drop, buy the drop.
- The net present value of future cash flows will be incredible in Musk’s view.
- A lot of people still think Tesla vehicles are super expensive.
- Tesla will test the ad and see how it goes.
- Entertainment applications are becoming increasingly important with fully autonomous driving.
- Ability to play any game on Steam on Model S and Model X.
- Elon will do an interview on Full Self-Driving.
- Refining lithium or battery is difficult because it requires purity.
- Manufacturing and design of the next-generation Roadster should be complete this year, and then hopefully begin production next year.
- Roadster will have a SpaceX options package.
- The goal is for Tesla Insurance to roll out in the US and internationally: there should be a standard, but there’s a lot of paperwork involved.
- Full self-driving could boost Tesla’s automotive margins to 80%, and revenue will increase significantly.
- Tesla Energy will remain at 25%-30% margin.
- 4680 aspires to be the best battery cell on Earth, with a path to higher density and lower cost.
- “This is not the case.” regarding the resignation of Elon Musk as CEO of Tesla.
- A quarter of a million Cybertrucks built per year, maybe 500,000.
- It will be difficult to make the cost of the Cybertruck affordable due to its craftsmanship and novelty.
- Tesla works with local schools to nurture factory talent.
- Optimus is just starting out, so he will do menial or repetitive tasks.
- “Going to the moon is the hardest part.”
- Tesla will likely add Track Mode to the Model X Plaid.
- Carpooling will not be relevant in the world of fully autonomous driving.
- Reach the final stages of fully autonomous driving, without any intervention to navigate to random locations in Austin.
- Full self-driving could arrive this year.
- Other automakers constantly adjust prices, but it’s not easy since there are no dealer or manufacturer discounts.
- The industry is moving from price above MSRP in 2022 to price below MSRP this year.
- Full self-driving will be smooth as silk, making it much smoother and more precise than a human driver.
- “I can’t say enough about the depth of full autonomous driving – it’s not a feature, it’s as deep as electrification.”
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