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Tesla - 2023 Annual Shareholder Meeting

Tesla

Transcript

AI Content

Transcript

AI Content

Elon Musk 00:00:17 - 00:00:36

Good afternoon, everyone. Good afternoon everyone, and welcome to Tesla's 2023 annual shareholder meeting in Austin, Texas. My name is Martin Vieka. I'm vice president of Investor relations, and I will be the chair of today's meeting.

Elon Musk 00:00:57 - 00:01:47

I know that many of you won a lottery to come for the first time to a Tesla shareholder meeting. You'll probably notice that unlike many other shareholder meetings of other companies, this one tends to be a bit more fun. So hope you enjoy that. But the last thing I really wanted to say is that just thank you so much for all your support over the years. We really feel like you're part of our mission, part of our story, and it's something we truly, truly value. So thank you so much for that. There will be two parts of today's meeting. First, the formal part of the meeting, where we will cover items that stockholders have been asked to vote on, as well as any other matters that are properly presented.

Elon Musk 00:01:48 - 00:02:20

And after the voting, I will introduce Tesla's cofounder and CEO and techno, Kink Elon Musk, who will give a presentation about Tesla's year in review. But at this time, I'd like to thank the members of the Tesla team and the board who are here with us here today. Representative from Pricewaterhouse Coopers, Tesla's independent auditor, present with us as well. But before we begin, I'd like to introduce you to Tesla's chair, Robin Denholm, who would like to say a few words.

Guest 1 00:02:27 - 00:03:34

I'm a little bit shorter, so hello everyone. On behalf of the board, I am really honored to welcome you all here today to the 2023 annual shareholder meeting. It's wonderful for me to see everyone in the room today and also the many investors that have joined us today via the virtual livestream. It's our third straight year of having the annual meeting here in Austin. At the first meeting, the factory was still in the early stages of development, with equipment being installed and commissioned. During the 2022 meeting, production had started to ramp as we produced about 1600 vehicles that week. And now, less than a year later, we have more than tripled the amount, having achieved production of 5000 cars in a single week. A huge congratulation to the Texas team.

Guest 1 00:03:34 - 00:05:02

And on top of that, we are getting ready to roll out our first cyber trucks. This exponential trajectory of the gigafactory here in Texas is a reflection of Tesla as a whole. In 2022 was another record breaking year for us, with deliveries growing by 40% year over year. And that trend has continued. In the first quarter of 2023, we would not be able to achieve this growth without the dedication of our amazing employees. I've been fortunate enough over the years to actually travel to many of our locations, all of the gigafactories around the world, and I can tell you that I've witnessed firsthand how our exceptional employees in our global talent across the world has together achieved our mission, or furthered our mission, of accelerating the world's transition to sustainable energy. Huge round of applause, please. This year here in Texas, we also had our very first investor day, where we introduced our company leaders from design to engineering, to supply chain manufacturing, energy and charging.

Guest 1 00:05:03 - 00:07:03

And they each spoke about the role of their teams in making our mission come to life. And I was thrilled that investors were able to hear directly from this outstanding leadership team that elon has been able to put together over many, many years. It is on the strength of their leadership and the hard work of our dedicated employees around the world, that I believe we are not only weather the macroeconomic environment that we've seen this year, but also continue to be in the strongest position ever to advance tesla's mission as a startup. Tesla proved that electric vehicles could be fun with the Roadster. They could even be better than gas powered vehicles in every single way with the SNX, and could be all of these things as well as affordable with the Model Three and Model Y, which last quarter became the best selling vehicle of any kind in Europe and the best selling non pickup vehicle in the United States. And today, as part as one of the world's largest global companies, we plan to change the paradigm again by forging the path to achieving a global sustainable energy economy, as set out at our investor day in our master plan three. As tesla grows, so do our customers positive impact on carbon emissions. When I stood here last year, I proudly announced that in 2021, our customers avoided emitting 8.4 million metric tons of greenhouse gas emissions, the equivalent of over 20 billion mile driven by internal combustion engine vehicles.

Guest 1 00:07:03 - 00:09:07

Today I can tell you that in 2022, our customers avoided releasing over 13.4 million metric tons of greenhouse gases into the atmosphere, the equivalent of over 33 billion mile of driving of internal combustion vehicles. That's an almost 60% increase in total emission savings year over year. Putting more of our products in customers hands helps grow that number, and our goals of making our products greener over time and further decarbonizing the electric grid, will help multiply that effect. As part of that goal, I am delighted to say that as described in our recent impact report, our global supercharging network was again 100% renewable in 2022. We've been able to achieve all of this while maintaining sorry, maintaining industry margins, industry leading margins, and generating strong cash flows over the last several years. Going forward, we will continue our focus on capital investment plans to support our future growth with investments in batteries, in vehicle production, including the next generation platform in the building of our lithium refinery that we recently broke ground on, in the energy storage factories, in our sales and service footprint, and in our charging network, among other things. Before I hand it back to Martin, I would also like to thank Hiromizuno for his dedicated service to the Tesla shareholders and the board these past three years. I would also like to express our enthusiasm on behalf of my fellow directors at the prospect of J.

Guest 1 00:09:07 - 00:09:40

B. Strawball joining our board. I don't have to tell you that his passion for Tesla and green tech will make him an important asset in our mission to accelerate the world's transition to sustainable energy. So, again, on behalf of our full board, thank you for your tremendous support and welcome to your 2023 shareholder meeting. And with that, I'll hand it back to Martin.

Elon Musk 00:09:49 - 00:10:32

Thank you, Robin. I will now call the meeting to order. Please refer to the meeting agenda that has been provided to you and posted on the virtual meeting site. The time is now 03:10 P.m. Central Time, and I declare the polls are now open. We have already received over the last few weeks voting proxies from stockholders, meaning that almost all the votes that will be counted were already submitted before today. However, if you wish to vote your shares or change your prior vote, you may do so through the virtual meeting site. For those who are in person here today, ballots and ballot boxes were available to you at the check in.

Elon Musk 00:10:33 - 00:11:37

Tesla's board of directors has appointed Computer Share Trust Company to serve to serve as Inspector of elections. Computershare has taken and signed an oath as Inspector and has certified that starting on April 6, 2023, the proxy materials or a notice of Internet availability of proxy materials were mailed or provided to all Tesla stockholders of record. March 20, 2023. We have majority of outstanding shares represented at the meeting, so I declare that there's a quorum present at the meeting and we may proceed with a meeting. The items on the agenda are as follows number one the election of class one directors Elon Musk, Robin Denholm and J. B. Straubl to serve for a term of three years or until the respective successors are duly elected and qualified. Number two to approve executive compensation on a non binding advisory basis.

Elon Musk 00:11:38 - 00:13:10

Number three to approve the frequency of future votes on executive compensation on a nonbinding advisory basis. Number four to ratify the appointment of Pricewaterhouse Cooper's LLP as Tesla's independent public registered accounting firm for the 2023 fiscal year. Number five to vote on a stockholder proposal included in our proxy statement which relates to the reporting of key person risk. Number six to vote on a stockholder proposal which the stockholders did not seek to have included in our proxy statement. This last board has recommended that our stockholders vote for each of the director nominees for the approval by nonbinding advisory Board of Executive Compensation and the ratification of appointment of PwC as an independent registered public accounting firm for fiscal year 2023 and every three years for non binding advisory vote for the frequency of future votes on executive compensation. With respect to stockholder proposal included in our proxy statement, which relates to the reporting on the key men risk, karen Roberts, Dotier, on behalf of Sumtras, is here to present this proposal. Ms. Roberts Dotier, can you please identify yourself? I would like to invite you to speak.

Elon Musk 00:13:10 - 00:13:12

You will have three minutes.

Speaker C 00:13:16 - 00:13:51

Hello. Thank you for having me. Here today. Under discussion is a shareholder proposal concerning key person risk at Tesla requiring Tesla's board to draft a report covering the steps taken to ameliorate the potential impacts of loss of key persons in the company. However, before I begin, I would first like to say thank you to Mr. Musk. For so many of us, you stepped into fields where we had so desperately wanted to see change. And through breen and a talented team willing to put in long hours, you dragged reluctant industries kicking and screaming into a better future.

Speaker C 00:13:51 - 00:14:49

And for that thank you. Building up this juggernaut around us, which, as you largely put it, runs itself these days. Thank you for that. And yet now, here we are today, at a time when Tesla's technological leadership should be on display, the investment community largely sees us as adrift, with management focused on all the matters, not Tesla watching as Tesla's brand favorability dropped by 15 points last year, something that cost us margins. We have such a spectacular product pipeline, a team that knows how to execute at scale with low cost of goods sold, something that we are not being properly recognized for. It should go without saying, but apparently bears repeating, that if you cannot produce with low cogs, you have no future. When I look around the auto industry these days, I see a lot of companies that have no future. And that's a success on behalf of an incredible team here at Tesla that deserves recognition.

Speaker C 00:14:50 - 00:15:38

When people look at this company, that's not what they see. They see the company as a synonym for its CEO. And then the discussion turns to everything except for where it should be focused. It's my sincere hope that by introducing this proposal, we can not only accelerate the development of management at Tesla, but also increase its visibility. The fact that this company is so much more than its key persons is something that the public and the investment community should see. A founder often finds their greatest success in ensuring the future of the company and the development of the management talent who can come after them. Think tim Cook at Apple, steve Ballmer at Microsoft and so forth. People who are ready from day one to execute without controversy, without distraction, and build a future for the company.

Speaker C 00:15:39 - 00:16:06

I encourage the Board should embrace this opportunity in the most public manner possible to showcase the future being built right here, so that the discussion among the public and the Investment Committee revolves around that and not around every public statement on every other topic made by the leadership. I strongly encourage the Board, the shareholders, to support this proposal and for the Board to embrace it. Thank you very much.

Elon Musk 00:16:07 - 00:17:08

Thank you, Ms. Robertskar. The Board is recommended that our stockholders vote against this proposal for the reasons set forth in our statement of opposition in our proxy statement. Finally, as you saw and Investor Advocates for Social Justice would like to raise a proposal from the floor, the proponents did not seek to have their proposal included in the proxy statement. The Board recommends that our stockholders who are entitled to vote on this proposal, vote against it. As a reminder, as is disclosed in a proxy statement, I've been advised by the proxy holders that they intend to vote all shares of stock over which they have discretionary authority against this proposal. Only shareholders who are shareholders of record or have obtained a legal proxy may vote for this proposal after it is presented. Courtney Wicks, representing Investor Advocates for Social Justice, is here to present the proposal.

Elon Musk 00:17:09 - 00:17:12

Ms. Wicks, I would like you to speak. You will have three minutes.

Speaker D 00:17:12 - 00:18:28

Thank you. Good afternoon, Tesla board members, management employees and shareholders. My name is Courtney Wicks, and I am the Executive director for Investor Advocates for Social Justice, and I'm here on behalf of as, You, So, and the Sisters of the Good Shepherd, who have filed shareholder proposals in the past on child labor and human rights abuses in Tesla's supply chain. I stand here today to call on shareholders to vote yes on requesting Tesla to conduct a third party report detailing the company's efforts to eradicate child enforced labor in its supply chain. The human rights risks that permeate throughout Tesla's value chain when not adequately addressed, harm shareholder value and undermine Tesla's ability to lead the just transition. Growing attention and concern have been placed on child labor in cobalt mining in the Democratic Republic of the Congo, as well as on forced labor in China's Shenzheng region. 70% of the world's cobalt needed for EV batteries are sourced in the DRC. Over 40,000 children work in artisanal and small scale mining, often without protective equipment and in dangerous spaces that frequently collapse.

Speaker D 00:18:28 - 00:19:39

Many children are seriously injured or killed in the mining process. In Tesla's latest sustainability report, it claims to have audited 80% of the miners and refiners in their cobalt supply chain against responsible production standards. However, there are many industry backed standards, some of which are weak, and it isn't clear what percentage of audits were conducted by which initiatives. It is also unclear how the company's due diligence ensures cobalt sourced from child labor is not intermingled in the industrial cobalt supply chain. Subsequently, an estimated 1.8 million people have been subject to states imposed genocide, detention and internment camps, and forced labor in the Xinjiang Uyghur region. A recent study concluded that automakers cannot conduct meaningful audits in this region. The recent Uyghur Forced Labor Prevention Act in the United States Senate inquiry into Tesla's supply chain highlights the regulatory risk Tesla faces. We believe a third party audit would provide greater transparency into how Tesla plans to eradicate child enforced labor from its supply chain.

Speaker D 00:19:39 - 00:20:06

One of Tesla's competitive advantages is its sustainable leadership. Tesla, its board of directors and management team, have a moral obligation to pursue ethical sourcing practices that do not rely on the lives of children or enslaved people. Tesla can continue to make a true leadership difference that forges a sustainable economic future that is anchored by innovation, empathy, human development, and shareholder value.

Elon Musk 00:20:07 - 00:20:08

Thank you.

Elon Musk 00:20:08 - 00:21:33

Thank you, Ms. Wicks. We will now accept votes for, against, or to abstain for this proposal, but again, only for record holders or legal proxy holders. Please note, this is the final opportunity to submit proxies in order for them to be counted. I declare the polls are now closed based on proxies we have previously received. I'd like to announce on preliminary basis that our stockholders have approved the recommendations of the Tesla Board on all agenda items, except that shareholders have recommended one year for nonbinding advisory vote on the frequency of future votes on executive compensation. This means that I would like to officially announce our new addition to the Tesla Board, JB Straw. After the final tabulation is completed, we will announce specific bow tallies filing in the filing form eight K within four business days of this meeting.

Elon Musk 00:21:34 - 00:22:24

That concludes the official business of today's shareholder meeting, which is now adjourned. During the course of the following session, we may discuss our business outlook and make forwardlooking statements. Such statements are predictions based on current expectations. Actual events could differ materially due to a number of risks and uncertainties, including those disclosed in our most recent form, ten K and ten Q filings with the Secs. Such forwardlooking statements represent our views as of today, should not be relied on thereafter, and we disclaim from any obligation to update them after today. And with that, please welcome Elon Musk.

Elon Musk 00:22:54 - 00:24:33

Guys. Well, we've got a lot of great news to talk about today. The Tesla team has done an incredible job of executing over the past year, and we have many exciting years ahead of us. So, yeah, so with the Tesla master plan Pod three, which admittedly was quite technical, we wanted to go into a lot of technical depth. So it was clear that what we were saying was not just were not merely assertions, but that they were backed up with physics and with real data, that it's realistic. And with the Mass Plan part three, we want to basically, the goal is to give people hope, realistic hope. And maybe hope is even the wrong word, but simply to say that there is a path to a fully sustainable global economy, that we are on that path, that we are accelerating that path, and that so long as we don't get complacent about it, it will happen. If so, I'll kind of rush through a recap of the Mass Plan part three, but some of the salient points are that it will actually take less energy to go sustainable, not more energy.

Elon Musk 00:24:35 - 00:26:00

Some of these things may sound very obvious, but it's more energy efficient to go sustainable, not less. And there's less mining that is required for a sustainable energy economy, not more. Also very important. And I heard a question raised about cobalt mining. And you know what? We will do a third party audit, so so, in fact, we'll put a webcam on the mine and if anybody sees any children, please let us know. I don't want to go off on a tangent too much on that front, but it's very important to appreciate that most of our battery packs are iron based. A majority of our battery packs are iron based, not cobalt. And then our other battery packs are nickel based, not cobalt.

Elon Musk 00:26:00 - 00:27:00

The nickel batteries use a little bit of cobalt as a binder, but only a tiny amount. In contrast, your phones all use 100% cobalt. I recommend complaining to the phone manufacturers, but even for the small amount of cobalt that we do use, we will make sure six ways this Sunday that no child labor is being exploited. Obviously, we are a company that cares a lot about doing the right thing and we don't want to delude ourselves or delude anyone else. So yeah. Kim so, again, just recapping Master Plan part three. Really, the point is to say that it is very doable. It is happening.

Elon Musk 00:27:01 - 00:28:22

We need a threefold increase in solar and wind. We need to really some of these 29 fold increase in vehicle stationary and thermal battery production. Actually, in a nutshell, the way to think about sustainability is the faster we can make battery packs, the faster we can move to a sustainable energy economy. That's the fundamental limiting factor. So grab some water here. I can't emphasize that point enough. The rate of lithiumion battery production fundamentally decides the rate at which the world transitions to sustainability, because the batteries are needed for all forms of transport and for stationary storage, given the intimate nature of solar and wind power. And we do invite people to critique our analysis, because any given analysis is going to be to some degree wrong.

Elon Musk 00:28:22 - 00:29:29

So that's why we put it out there looking for critical feedback to say, well, perhaps we got some things wrong, perhaps some things need to be adjusted. But generally the feedback we've gotten is that actually our analysis is quite accurate and we've not seen any rebuttals thus far that would cause us to change our assumptions. So it means roughly 240 terawatt hours of battery pack or 240,000 gigawatt hours of battery need to be produced, but it'll only take 0.2% of land area for solar and wind. It's not like we need to carpet the earth with solar and wind. It's just literally a fraction of a percent, roughly a $10 trillion manufacturing investment, which relative to the global economy, is actually a small number. Yes, roughly. Roughly 10% of the world economy. I think 10% of the world economy is a small price to pay for a sustainable energy future.

Elon Musk 00:29:33 - 00:31:26

So it's also true that even when factoring in the cost or the emissions required to produce an electric vehicle, which for now are a little higher than gasoline vehicles, when you look at the emissions over time, electric vehicles absolutely win by a long shot. And as we're seeing, the cost and the emissions required to produce an electric vehicle are dropping rapidly over time, and we're going to get to the point where an electric vehicle is lower, is cheaper than a gasoline vehicle. So in 2022, we avoided releasing about 13 million tons of CO2, reduced manufacturing GHG per vehicle by 30%, and reduced water usage by 15%, despite massive increases in output. We also made our factories safer, which is really important. So we track the injuries per person, and we believe at this point, we are best in industry or have the lowest injuries per person. So we're now actually quite a big company from a headcount standpoint. This is our direct employment number, so this does not count contractors. And for every manufacturing job, depending on how you count it, there are at least five, sometimes up to ten jobs created, because you got to look at the total supply chain as well as all of the support functions.

Elon Musk 00:31:26 - 00:32:59

So when you create a factory like this, you actually create jobs for teachers, lawyers, carpenters, electricians and restaurants and everything that's required to support a person at a factory. And this is why countries and states are so interested in having manufacturing facilities in their location. So anyway, it's a lot of people gainfully employed doing very useful things. We received 3.6 million job applications last year. So once again, the top two most desired companies for engineers on earth were SpaceX and tesla. At the end of the day, the competitiveness of any given company is a function of where are the most talented people interested in working, that is, the team that's going to win. In fact, I'd say this is generally the case. If you look at any given company and say, where are the most smartest, most driven people going to work? That company is going to win.

Elon Musk 00:33:00 - 00:34:17

So whether it's tesla or any other company, we're also excited to announce our next gen drive unit, which is a big reduction in silicon carbide. It's half the factory space. Notably, there are zero rare earth elements required. So yeah, and we're also changing to a 40 volts, 48 volts, low voltage architecture in the car. This is a big deal, actually. So cars have been operating with twelve volt batteries for basically about a century. So for the first time in, I think, over a hundred years, we're actually going to change from twelve volt voltage of, you know, outside of the drivetrain to a 48 volts architecture. And to first approximation, that means we need only about a quarter as much copper in the car as would be needed for a twelve volt battery.

Elon Musk 00:34:17 - 00:35:33

So that's a big deal because people often worried about is there enough copper? Yes, there is. So and FSD Beta is growing hyper exponentially. So that chart is going to look like a wall, basically. And just a question for those in the room, how many people have tried out FSD beta? Great. So, so what, what do you think of the latest build? Right, so it's, it's really getting to the point where it's, at least for me, when I drive around it's, several days between interventions. And I think we're getting to the point where there's really just one last piece of the system that needs to be a neural net, which is the planning and control function. We expect to have that last piece become a neural net. So it'll be end to end from video in to control out as a neural net.

Elon Musk 00:35:37 - 00:36:59

The thing to appreciate is it's not that full self driving will be as good as a person. It will be much, much better, like a lot, like over time and ten times more, ten times safer than a person. It's not even going to be a contest, frankly. So this is a really big deal. And I think some people realize it, I think you guys probably realize it, but being able to do a software update and have several million cars suddenly go from manual driving to autonomous, I think will be the single biggest asset value increase in history. So the normal usage of a passenger car is roughly ten to 12 hours per week, maybe an hour and a half per day. And when you drive around, you see lots of cars just parked in parking lots because out of the 168 hours in a week, they're using less than 10%, maybe 7% of the hours of the week a car is in use. But once it is autonomous, it can be used probably, I don't know, 50 hours a week, maybe more.

Elon Musk 00:36:59 - 00:38:44

So it is effectively a fivefold increase in the value of a car overnight. I'm actually surprised that so few people realize this, or maybe they just don't believe it. It's real, but it is. So this is really an insanely big deal. We're also the largest EV maker in the world, so yeah, and I think that will continue. And while at the same time being the highest margin of any car maker in the world now, making electric vehicles profitably is hard, as illustrated by the difficulty of our competitors, a number of our competitors are making EVs at a significant loss, but we are not. We are actually making EVs profitably, and almost no one else is. This is hard, and I'd say for this, it's a massive credit to the Tesla team for I can't tell you how hard manufacturing is like, you probably heard me say that prototypes are easy, manufacturing is hard, and then manufacturing at scale with positive cash flow is excruciating.

Elon Musk 00:38:45 - 00:40:18

This is mega pain, but the Tesla team has done it, so and as you can see, our free cash flow per year has been increasing steadily. So we're making good progress. It should be said that, and I've made some of these comments, that interest rates have a very big effect on the affordability of cars. So the vast majority of people buy cars based on the monthly payment. So it's like, how much is the monthly payment? And it's not a question of value for money. It's just, do they actually have enough money? Can they afford it? For the vast majority of people, it's just can they afford to pay the payment? As the interest rates increase and credit tightens, I could safely say that these various banks that have died are probably somewhat distracted from handing out auto loans. It's like if they're on the way to the cemetery, increasing their auto loan portfolio is not the first thing on their mind. So this is going to be a challenging, I say a challenging twelve months.

Elon Musk 00:40:18 - 00:41:20

I want to be sort of realistic about it that Tesla is not immune to the global economic environment. I expect things to be just, at a macroeconomic level, difficult for at least the next twelve months. Tesla will get through it and we'll do well, and I think we'll see a lot of companies actually go bankrupt. So I want to make sure that this is not just the good news parade. It's important to understand that no company is immune to the macroeconomic environment. But that said, it won't be darkness forever. I expect probably a year of difficulty globally for everyone. And then my best guess is that the global economy turns around in roughly twelve months and then Tesla will be in an extremely good position.

Elon Musk 00:41:20 - 00:42:34

So anyone who is a long term investor, I think will do extremely well. And here I want to give a big shout out to the Tesla internal software team. This is it's. It's actually a really big deal that Tesla has such a powerful internal software team. I mean, that software team is responsible for handing the entire higher customer experience from buying the car, delivering the car, operating the factories, service and support. We internally wrote all of the insurance and financial software, the supply chain and logistics stuff, the data centers and infrastructure, and the analytics insight. This is all internally written Tesla software. I think almost no companies in the world can do this because they.

Elon Musk 00:42:34 - 00:43:30

Do not have a very talented internal software team, so they're generally reliant on third party enterprise resource planning software. But Tesla is not. This is a hidden strength of the company that often doesn't get a lot of attention, but is incredibly powerful. So once again, I'd like to thank them for their work. And as predicted, we are highly confident that Model Y will be the number one best selling car on Earth this year. And and in fact, in Europe, the best selling car of any kind. Yeah, what whatsoever. It's, it's already was that in Q One, I should say.

Elon Musk 00:43:30 - 00:44:55

It's not like, will be it it was that in Q One. And China, the best selling SUV, and the United States, the best selling non pickup vehicle in the United States in Q One. So it's going well. I don't know if this is like, the optimal picture, but Tesla cars are actually the safest cars in the world. We put immense effort into vehicle safety, and we keep updating the safety. So we keep improving the automatic emergency braking system just with a software update, and we keep improving the airbag deployment with software updates. So we close the feedback loop on, like, when we see an accident, we analyze the accident and we say, what can we do from a software standpoint? Because there's actually quite a lot you can do to, first of all, avoid the accident, because the best accident is no accident. And then if the accident occurs, how do we deploy the airblags and the seatbelt pretensioners to minimize the probability of injury? Even for cars that people have owned for many years, we are behind the scenes continuously improving the safety of your car.

Elon Musk 00:44:55 - 00:46:37

And there are even some things that I think a lot of people aren't aware of that we actually have automatic cabin overheat protection. So never in the history of the company has a child or a pet died in a Tesla. Like, so it's, it's one of those, like, little known features, but because we have a large battery and we're monitoring things all the time, we can make sure that the cabin temperature never gets to lethal levels. And I think that's a big deal. And then while lots of cars will say they've got like five stars or whatever, there's nuance to that. When we did the European NCAP sort of active safety tests, we got the highest scores that they've ever seen. So, yeah, so we, we got a 98% score on the active safety system, which obviously isn't good enough, and we will, but we have got a game plan for getting rid of the last 2%. And then it's worth noting things like the total cost of ownership of a Model Three is now comparable to that of a Toyota Toyota Corolla.

Elon Musk 00:46:37 - 00:47:46

So superchargers, we were making good progress. So our supercharger uptime is now 99.95%. So yeah, and we have superchargers practically everywhere at this point going to megapack, because this is stationary storage is an important part of solving the sustainable energy problem. And the Tesla megapac is now more competitive than a natural gas peaker plant. So we have very strong demand for the Tesla megapack, and we're going to make a lot of them. So, yeah. And a while back, I predicted that the Tesla stationary battery pack business would actually grow faster than the automotive side of things. And that's exactly what has happened.

Elon Musk 00:47:47 - 00:48:54

You can see it's an exponential curve growing at a rate that is even faster than our vehicle sales. Yeah, sorry. We're expanding Gigafactory, Nevada, for the Tesla semi production line and for the 46 80 in house cell production. And, yeah, some mega factory stuff. We're aiming for 40 gigawatt hours a year, both in California and in China. But I think long term, this will be much, much greater than this. I wouldn't be surprised if, long term, the stationary battery pack activity went well in excess of 500 gigawatt hours per year. So the demand is, like, quasi infinite here.

Elon Musk 00:48:55 - 00:50:12

So as we look ahead to tackle what we see as the choke points in the supply chain, one of them is lithium refining. And, I mean, there have been a few times on Tesla earnings calls where I've said, can someone please just do lithium refining? Because there's just a shortage of it. And but we we really see very little activity let's outside of China for for lithium refining. So it's not that we wish to take on extra problems, but since nobody else was doing it, we felt we had to do this. And so we've just broken ground on lithium refinery and Corpus Christi, which will be doing more lithium refining than, I think, probably everything outside of China. So and we've signed a deal for our next gigafactory and Mexico. Giga, Mexico. And I think that's going to be a fantastic factory.

Elon Musk 00:50:12 - 00:51:36

So we're laying the groundwork for ultimately getting to 20 million vehicles a year. So Cybertruck is a hard car to make because it's such a radically new design. You can't just use conventional methods of manufacturing. We had to invent a whole new set of manufacturing techniques in order to build an exoskeleton based car instead of an endoskeleton based car. So it's extremely nontrivial to build the Cyber truck, but we're making good progress on that's. The thing in the factory, I tour the Cyber truck line to see how how we're we're doing there. And and sorry for the delay, but we're finally going to start delivering production cyber trucks later this year. And I think the product, if anything, is better than expectations.

Elon Musk 00:51:46 - 00:53:05

Cybertruck is the is the car I will be driving on a day to day basis. So and, you know, people always want to know what our next product is, but this is not the time to we obviously need to have a proper, dedicated product launch. I just want to emphasize that we are actually building a new product. We are actually designing a new product. We're not sitting in our hands here. So there are two new products that I think you will be very excited about, and both the design of the products and the manufacturing techniques are head and shoulders above anything else that is present in industry. So, yeah. Anyways, if I were to guess, I would say, of these two new products, just these two new products alone, I would say this we will probably make, obviously, this is just elon's guess.

Elon Musk 00:53:06 - 00:56:00

So don't sue me, but elon's guess is that we'll probably make in excess of 5 million units a year of these two models combined. These are all real by. I think the thing most notable is, if you look at the difference between the last time we showed optimus and this was a video that was taken basically yesterday, and the optimist team was up all night making this video. The optimist team has done an incredible job. So just yeah, and it's the the motors, the controllers, the electronics, and everything you see in the optimus robot is a Tesla designed system. So this is we actually tried to find actuators and whatnot that were off the shelf. We found that there weren't any in order to make an effective humanoid robot, you actually have to design the motors and gearboxes and the electronics from scratch, because it's a very different application from anything else that exists. So we took our world class motor and power electronics team and said, okay, we need to design several actuators that don't exist in the world.

Elon Musk 00:56:00 - 00:57:17

And they did. So optimus is is working quite well. And then for full self driving, as full self driving gets closer and closer to generalized real world AI, that same software is transferable to a humanoid robot. Just like humans can obviously walk around with their arms and legs, but we can drive a car, fly a plane, steer a boat, ride a horse. If you have a generalized understanding, if you have generalized real world AI, which is what we are developing for full self driving, it can be transferred to basically anything. So optimists will use the same FSE computer as the car. And the optimist stuff is, I think, somewhat somewhat extremely underrated because people just cannot comprehend the the consequences. Now, obviously, we need to make sure that we don't have a terminator scenario that's very important.

Elon Musk 00:57:18 - 00:58:36

It's all fun and games until terminator shows up. But if you say, like, if you have had a generalized humanoid robot, what would be the effective ratio of humanoid robots to humans? Because I think basically everyone would want one, and and maybe people would want more than one, which means the actual demand for something like optimus, if it really works, which it will, is, I don't know, 10 billion units. It's some crazy number. It might be 20 billion units. If the ratio is say two to one on people, humanoid robust versus people. It might actually be it's some very big number is what I'm saying, and a number vastly in excess of the number of cars. So my prediction is that Tesla's long term value will be a majority of long term value will be optimists. And and that prediction I'm very confident of.

Elon Musk 00:58:37 - 00:59:35

So anyway, let's see. So I think with that we can do questions perhaps. We also want to make sure retail investors please vote. Normally, retail investors for most companies don't vote, but we really care about your vote of small investors, not just large investors. So please do register to vote. Your vote is very important. And yeah, I think that's yeah, that's it. So with that, we can go to ad hoc questions from the audience.

Elon Musk 00:59:41 - 01:00:15

Ha. Okay. Definitely the person in the optimist outfit with the red cowboy hat. Great outfit. Sure. And we'll try to get through as many questions as possible. And you hit me with your toughest questions. Fine topic has to do with that.

Elon Musk 01:00:15 - 01:00:17

Okay. It is.

Questioner 01:00:17 - 01:00:26

Hey, dad, it's your son, optimus. Do you see it more likely that you guys will have an RV first.

Elon Musk 01:00:26 - 01:00:28

Or a cyber camper?

Elon Musk 01:00:30 - 01:01:11

Well, we don't have any plans to build an RV quite yet, although I can certainly see how cybertruck could be converted into an RV. And we are adding a lot of sort of attach points to cybertruck so others can build things. Somebody can have a startup or other companies can build things that are attachments, that enhance cybertruck and turn it into a camper, essentially. Because I think it'd be really cool to have all these third party things available for cybertruck. Awesome. Thank you. All right. I mean, you can also probably just you're that close.

Elon Musk 01:01:11 - 01:01:13

You can just say it or something.

Questioner 01:01:13 - 01:01:13

I don't know.

Speaker C 01:01:15 - 01:01:17

Actually, we'd like you guys to queue up behind us.

Elon Musk 01:01:17 - 01:01:18

Okay.

Speaker D 01:01:18 - 01:01:18

Three months.

Elon Musk 01:01:18 - 01:02:09

All right. Yes. And try to make the question short so we can get through a lot of questions. So maybe oh, you mean just like just like a Tesla team doing a podcast about optimus? Oh, yeah, sure. Yeah. I wonder if maybe we could have sort of like an addendum after the earnings call, which is like a 30 minutes podcast on Optimus or something, like, for those who are interested. Okay, I think we'll do that.

Questioner 01:02:14 - 01:02:16

Hey, LAN, thanks for doing this today. It's an awesome event.

Elon Musk 01:02:16 - 01:02:29

Thank you. Welcome. Thanks for coming. Hope you guys having a good time. Yeah, having a great time. I'm pretty confident we have the funnest shareholders meeting by a long shot, undoubtedly.

Questioner 01:02:29 - 01:02:56

Yeah, it's amazing. So I'm really excited about a lot of things. With Tesla, it's hard to pick a good question that's going to cover everything, but with the energy side of the business, I think it's hugely underrated. We got tons of problems in California with rolling blackouts. How do you think you can incentivize people more for solar battery backup. And we've got the referral program has been beefed up as well. So what are your thoughts there, how we can get people on board?

Elon Musk 01:02:56 - 01:04:02

Yeah, actually one of the challenges in California and a few other places is that in order to have the power wall be like an uninterruptible power supply for the house, we have to actually have a switch that disconnects you from the utility. Otherwise you just send energy into the grid and it doesn't do anything. And that's actually been quite difficult with utilities. But I'd like to thank PG and E for recently helping us get approval for installing the backup switch for powerwall in California so that people can have uninterrupted power in California. And we're working on that in every jurisdiction. I'm confident that's going to be a great long term situation. And then as I mentioned, Megapac is growing very rapidly. Things are really growing ridiculously fast on the energy storage front.

Elon Musk 01:04:02 - 01:04:12

So, yeah, I feel good about that situation. All right, next question. Hello?

Questioner 01:04:12 - 01:04:17

Great Elon. A lot of people have just kind of been wondering, how are you doing? So just wondering what's up?

Elon Musk 01:04:17 - 01:04:18

How you doing?

Questioner 01:04:18 - 01:04:21

How you feeling? We saw you were partying in Cabo recently.

Elon Musk 01:04:22 - 01:04:24

Must have been someone else.

Questioner 01:04:25 - 01:04:28

How are you doing? Just human to human, how are you doing?

Elon Musk 01:04:28 - 01:05:52

Well, I have to say it's been of a roller coaster situation and it's actually pretty rare for me to be at a party. So that's like the first party I've been at in a while and actually I wasn't even going to go to it then. My brother talked me into it, so thanks, Gibble. So, yeah, I have to say, like, the sometimes the the work pain level is quite excruciating and then on top of that, I get dumped on in the press, so it's not exactly super fun. There was a short term distraction because I had to do some major open heart surgery on Twitter to ensure the company's survival. But that I think Twitter is now in a stable place and obviously very excited to have Linda Yakarino join. I think Linda is going to do a great job running Twitter, and I'll provide, obviously, guidance on technology development. But as you can see, I think Twitter at this point has released more new features in the last six months than it has in the last six years.

Elon Musk 01:05:55 - 01:06:47

Obviously, this is not a Twitter meeting, but the larger point is that I feel at this point I don't need to devote incremental time. The amount of time that Twitter will take going forward is relatively small compared to the last six months. So yeah, apart from there's some macroeconomic things that we can't do anything about, overall, I feel very good about the health of the companies and I'm increasingly optimistic about the future. Thanks for asking. It's kind of your ask. Sure. Have you guys considered stretching out the financing terms on your auto business you talked about earlier, consumers don't necessarily look at the sticker price they're paying. All they're concerned about is monthly payment.

Elon Musk 01:06:47 - 01:07:31

Right. And one of the fundamental advantages of an EV is that it's substantially more durable. And so would you guys ever consider stretching terms out to ten years, especially in this rate environment, given the shape of the yield curve, extending the terms out that farther, you'd actually be capturing a lower cost of funds. Yeah. The important thing to appreciate is that the vast majority of the financing is from banks. So it's kind of whatever the banks are prepared to do. I mean, this year, I guess we'll do on the order of $100 billion of sales, and we don't have $100 billion in cash to finance that. So the vast majority of it's got to come from banks.

Elon Musk 01:07:32 - 01:08:35

So it's really the bank's choice of what they're willing to do. And it has been tricky with banks recently because, as I mentioned earlier, if you're a bank and you're not sure whether you're going to be alive or not, it's a pretty big distraction. And increasing your auto loan portfolio is very much a secondary priority. So it's just important to appreciate it's not up to Tesla, it's up to the banks. And there's not some easy solution where you can say, have a captive financing arm, et cetera, because you have to securitize those loans, and the market for securitizing them is weak. I wish there was an easy path, but there isn't. I think just important to remember that the economy moves in cycles and we've had a very long period of upcycle. The next twelve months will be, I think, difficult for everyone.

Elon Musk 01:08:35 - 01:09:40

And I think, you know, when Berkshire Hathaway had their annual meeting, warren Charlie actually said, like, hey, this year the Berkshire companies are going to make less money. They're very well run organizations, and I think that's just generally true for the economy. It's also important to remember that there are good times and there are dark times, but then the good times follow the dark times. So my advice would be don't look at the markets for the next twelve months. If there's a dip, buy the dip. And I think you will not be sorry because there's just generally sort of there's an economic cycle to things, but things come back up. So my guess is tough times for a year. Like I said, just my guess.

Elon Musk 01:09:41 - 01:09:52

But then Tesla will emerge stronger than ever, and the long term, if you say, like, net present value of future cash flows will be incredible, in my opinion.

Questioner 01:10:01 - 01:10:03

Hey, Elon, meet Kevin here.

Elon Musk 01:10:03 - 01:10:05

Hey, how's it going? Good, thanks.

Questioner 01:10:05 - 01:10:12

So Tesla is the largest position in my ETF ticker PP, and that's for pricing power.

Elon Musk 01:10:12 - 01:10:12

Right.

Questioner 01:10:12 - 01:10:28

And I'm curious, I really think that some of the features that you highlighted here, like the over the airbag deployments of improving features, the safety features, are great things that we could be advertising. I know you've heard this many times before. I know you have.

Elon Musk 01:10:28 - 01:10:31

No, sorry, go ahead.

Questioner 01:10:31 - 01:10:54

$525 off every car this year is half a Netflix's advertising budget. $1,000 is the entire Netflix advertising budget. And I see their ads everywhere. Why not advertise these things that you told us here? I feel like nobody else knows about this. I just talked to Gordo, the Tesla bear, and he's still talking about 2016 New York Times pieces. These people are in the past, man.

Elon Musk 01:10:54 - 01:11:24

That's like seven years ago at this point. That's what I'm saying. Yeah, I talked to a lot of people, and they still think that Teslas are super expensive. And I'm like, no, actually, the starting price for a Tesla is below the average auto price in the US. And that's a good thing. I mean, I think it's good that it's that way. Our goal was always to make cars that are affordable to the general public. I hear you.

Elon Musk 01:11:25 - 01:12:49

And it's indeed ironic that Twitter is, like, highly dependent on advertising. So here I am, never used advertising, really before, and now have a company that's highly dependent on advertising. So I guess I should say advertising is awesome and everyone should do it. But I think I hear your sort of larger point, which is that there are amazing features and functionality about Teslas that people just don't know about. And so and although there's there's obviously a lot of people that follow, like, say, the Tesla account and my account, whatever, on Twitter, to some degree, it is preaching to the choir, and the choir is already convinced. So I think what you're saying does have some merits. And you know what? I believe in taking suggestions, so we'll try a little advertising and see how it goes. Okay.

Elon Musk 01:12:52 - 01:13:07

I wasn't expecting that level of enthusiasm, but okay. It sounds like our shareholders, if I read between the lines, subtle as it is, are saying we should probably do some advertising. Okay, very well. All right.

Questioner 01:13:13 - 01:13:14

Hi, Elon.

Elon Musk 01:13:14 - 01:13:15

Hi, Tesla.

Questioner 01:13:15 - 01:13:40

Thank you for everything. So my question is regarding you recently. Add Steam to the car, and that's great. We can play video games. Is Tesla currently developing the ability for other parties to develop apps for the car? For example, if we can buy actually customizable teams for the operating system of the car, I think you can make some revenue there that space teams for the car or Lord of the Rings or stuff like that. Do you have any interest in that right now?

Elon Musk 01:13:41 - 01:15:04

Well, I think the notion of having entertainment apps and whatnot becomes increasingly important as the cars achieve self driving, because otherwise you can only really watch play games or watch movies or whatever when the car is stationary, which, if it's charging or whatever, then you can use it. But at the point in which it's full stop driving, I think it's very much about entertainment and productivity. So I think that is something that might make sense in the future. But overwhelmingly, the focus right now for Tesla software, apart from improving safety is achieving full self driving and then getting full self driving to be much safer than human driving. And then once we achieve full self driving, I think that there could be a lot of opportunity for apps and whatnot even in the car as it is today. For a Model S and X, we've made sort of a full Steam integration. So you can actually just literally log on with a Model SREX with your Steam account and play any game that is on Steam, which is a lot of games, which is pretty wild. I think a lot of people don't don't know that you can play with a keyboard and mouse.

Elon Musk 01:15:04 - 01:15:40

You can play with a joystick or controller. You can also play Netflix, YouTube, or anything else. For my little son X, he loves watching, actually loves watching Rocket videos in the rear screen of the Model S and X. It is something that we will do long term, but one of things we already have a lot of stuff there, and we'll do more as self driving becomes a reality.

Questioner 01:15:45 - 01:16:19

Hey Elon, I'm John or Dr. Know It All on YouTube and I don't know it all, but anyway, my question is, as you guys move completely or finish the transition and full self driving from version 1.0 of the software to 2.0, what do you perceive of as the potential stumbling blocks after that? Because it seems like that's the major kind of step change that needed to happen. And so you're almost done with that and what happens after that. And also, please let me interview about you. You about full self driving. Like I'll spend 2 hours talking about just that. Thank you.

Elon Musk 01:16:19 - 01:17:29

Well, we can really think about full self driving as sort of a march of nines of reliability. So we need to get to the point where the probability of injury is lower than that of the average human driver, and then ultimately probability of injury is much lower. So even at the point at which the car is capable of driving itself, there's still a lot of work to do because every year there's a million people that die in auto accidents. And I think probably everyone in this audience has friends and family that have died or been seriously injured in auto accidents. There's like a million people that died. There's 10 million people, roughly that are seriously permanently injured. It matters that if we can get that down by an order of magnitude, you know, there's like 900,000 lives saved per year, maybe 9 million severe injuries prevented per year. And so that that really, I think, morally has to be our primary goal.

Elon Musk 01:17:31 - 01:17:58

And I guess I'm open to an interview on FSD. 2 hours is a long time, but okay, all right, I'll do an interview it's got to be on Twitter, but sure. All right. Hi, Lon.

Questioner 01:17:58 - 01:18:37

I'm Josh Phillips, long term retail investor. My questions about battery grade lithium supply in the next ten years. Lithium experts all agree that mines are just not coming on online fast enough to meet battery supply. And actually, Drew Baglino pointed this out recently, some mines take ten years plus to be permitted, and even GM has actually announced, like, huge lithium deals that will secure away supply from the rest of the industry. So what's tesla's plans to get more supply of lithium at the mine level outside of refining, but also at a deeper level than a traditional offtake, because, as we know, he who controls the spice controls the universe.

Elon Musk 01:18:37 - 01:19:50

Sure. So I actually think that the the industry analysis is is incorrect and that the constraint is fundamentally that of processing. So now our refinery in Corpus Christi that we're building is primarily oriented towards refining spodamine, of which there is a truly vast amount in the world. About, I think about three quarters of our lithium comes from Australia. And frankly, you could increase the rate at which the mines are operating, and the limiting factor is not how fast can you mine, but how fast can you process? So the mines are only going to produce ore at the rate at which refineries can handle the ore, or it's pointless. So I think my opinion, and obviously I could be wrong about this, but is that it's really not about the lithium ore. Lithium is extremely common. Lithium is everywhere in every country has got lithium.

Elon Musk 01:19:50 - 01:20:17

It's not like oil. So lithium is one of the most common elements on earth, but taking the lithium ore and refining it to battery grade is extremely difficult because the purity levels required for a battery are extremely high. If you have even a small impurity, then you will degrade the life of the cell dramatically. So you need ultra pure battery grade lithium. And that's why our focus is on refining as opposed to mining. Thank you.

Questioner 01:20:22 - 01:20:23

Hi, Elon.

Elon Musk 01:20:23 - 01:20:24

Thanks.

Questioner 01:20:24 - 01:20:47

It's a great time here. You spoke about safety in your presentation of the vehicles, and I just want to say I'm thankful to you for building such a safe vehicle, because I'm here today with my son. We drove in his Tesla three over here that he replaced with the one that he got rear ended significantly in, and it destroyed the car. But we're able to be here today, so great. Thank you very much.

Elon Musk 01:20:47 - 01:20:59

Absolutely. Look there. Okay.

Questioner 01:20:59 - 01:21:24

Hey, how's it going? My name is Austin Gregory. I'll ask about this because I don't think it gets near enough love, but I was wondering if there are any updates on the next gen roadster. Actually. Yeah, I know it's sort of like the cherry on top and all that stuff. You guys have a lot on your plate if you've said before. But if there's any updates on the release timeline, all that stuff, the SpaceX package, maybe? Yeah, that'd be amazing.

Elon Musk 01:21:24 - 01:22:33

Thanks. Totally fair and reasonable question. Where is that thing? So we expect to complete the engineering and design of the next gen Tesla Roadster this year and hopefully start hopefully start production. This is not a commitment, but hopefully start production next year. But as you alluded to, it's not even the icing on the cake. It's the cherry on the icing on the cake. So I wouldn't expect it to be like it's definitely not going to be a huge contributor to revenue. It will be a modest contributor to profitability, but it will be sick, so and, you know, there's some value to me running two companies because the next gen Roadster will have the SpaceX option package that'll make it truly next level.

Guest 1 01:22:36 - 01:22:41

Hey, Elan, Evan McMillan here. First of all, I want to thank.

Elon Musk 01:22:41 - 01:22:56

You for making the absolute best, safest and most fun cars in the whole world, cars in Florida. We are seeing many, many more cars in Florida than a year ago.

Guest 1 01:22:56 - 01:23:04

Matter of fact, cars are doubled. So the question is, we all want Tesla insurance.

Elon Musk 01:23:04 - 01:23:58

Is it coming? Oh, yeah, actually that's a great question. Okay, zack? Zack says it's coming later this year. I have to tell you, one of the thorniest things in the United States is car insurance or insurance in general, because it's a state by state and every state's got different rules and regulations. So that's why it's not like rolled out nationwide. I think really there should be one national standard for insurance, especially car insurance. I think it would improve the cost effectiveness of car insurance, but our intent is to roll out nationwide and ultimately internationally. But there is a staggering amount of paperwork that is needed to get it done. But as Zach said, we expect to offer Tesla insurance in Florida later this year.

Elon Musk 01:23:58 - 01:23:59

Thank you.

Speaker G 01:24:01 - 01:24:04

Thank you, Elon. Thank you, Elon.

Guest 1 01:24:04 - 01:24:05

Alexandra Mertz.

Speaker G 01:24:05 - 01:24:22

I am Tesla. Boomamamama. Very happy to be here. So very grateful to the Tesla team and you, of course. Just want you to know, we love the emotions. Every day joy and less joy. But we're there shareholders. It's not easy.

Speaker G 01:24:22 - 01:24:41

We're here not because it's easy, but because it's hard. So my question initially was on in house financing. You already answered that, and I want to congratulate you to the double investment grade rating. But then I asked my Twitter subscribers, I'm sure you're going to appreciate what they wanted to bring forward, and that question made the cut.

Elon Musk 01:24:41 - 01:24:42

Here we go.

Speaker G 01:24:42 - 01:24:53

Automotive, including SAS, peak margin, the same for energy. What number and by when do you have the best Elon gas that we get there?

Elon Musk 01:24:54 - 01:24:55

Sorry, I'm not sure I fully understand the question.

Speaker G 01:24:55 - 01:25:07

So this is the peak margin for automobile, for automobile, including SAS and energy. And by when will we get there? Your guess? I know nobody will sue you.

Elon Musk 01:25:07 - 01:25:09

Sorry. What's? SAS.

Speaker G 01:25:09 - 01:25:10

Well, software as.

Elon Musk 01:25:10 - 01:25:18

A service. Okay, you mean self driving FSD.

Speaker G 01:25:18 - 01:25:21

What's going to be the top automobile margin?

Elon Musk 01:25:22 - 01:26:01

Yeah. What I was saying earlier is that at the point which you have a truly autonomous vehicle that can drive around with no one in it, the utility of the vehicle, I think, as a rough guess, is probably five times what it is today, because people will drive an average of an hour and a half a day, perhaps. So 10 hours a week. But if the car is autonomous, it can probably just speculation, but it probably can operate for a third of the hours in the week, which would mean 50 or more hours, thus a fivefold increase, but the car costs the same.

Speaker G 01:26:02 - 01:26:26

Sure, I understand, but what is going to be the margin for tesla, then? Because you're obviously thinking you're going to sell much more FSD then, right? You may have a system in place of robotaxes. You may have a cut with fleets. So did you do any projections? What the automotive peak margin for tesla could be in two years, five years, and the same for energy?

Elon Musk 01:26:29 - 01:27:24

Well, I mean, this is definitely we're in sort of highly speculative territory here, but obviously, if you've got a car that costs the same and has, say, I don't know, a 20 or 25% margin and suddenly is able to be used five times as much, then you might have 80% margins and the revenue would increase several fold. That's why I say it's probably going to be the biggest asset value step change in history of earth. Energy does not have the energy, just simply does not have such an increase in asset utilization. So I would expect energy to remain at sort of a 2020 5% ish to 30% margin.

Questioner 01:27:28 - 01:27:31

All right, so you said ask the tough questions. You're still good, right?

Elon Musk 01:27:32 - 01:27:33

Yeah. All right, cool.

Questioner 01:27:33 - 01:28:08

First of all, though, as a family man, I just want to say there's a couple of things like a loop for tether of a car seat going through the headrest, which would be super helpful. There's a couple of other things that would be really nice. The model y is the only one you can do that in today. Maybe we could fix that. But when we're thinking about 46, 80 battery cells, should we be thinking about the efficiency and the performance we're getting today, or is there some updated timeline path that we could see closer to battery day presented efficiency performance that we can look to in the future?

Elon Musk 01:28:11 - 01:29:16

Well, I think, first of all, it's really important to express the difficulty of for Tesla to go from nothing to making a battery cell that we aspire to be better than any other battery cell on Earth. Even when compared to companies where the only thing they do is make a battery cell, is obviously not a trivial exercise. That said, we do see a path to very high energy density and higher energy density and lower costs than anything else out there. But it's a hard path. It's a very hard path. Normally it would be absurd for companies to attempt such a thing and no other car company is really attempting to do anything like this in a serious way. So I guess technically BYD because they started out as a battery company, but yeah, so it's a very difficult thing to do, but I think we are tracking to success in that regard.

Questioner 01:29:20 - 01:29:26

Hey, Elon, first of all, thank you for undoubtedly making the world a better place for my son to live in.

Elon Musk 01:29:26 - 01:29:27

Thank you.

Questioner 01:29:30 - 01:29:40

Once Cyber Truck is fully ramped in Austin, what is the target? Production. And also there's some rumors that you're thinking about stepping down as CEO. Please say it ain't so.

Elon Musk 01:29:41 - 01:30:48

It ain't so. So yeah. So I think Tesla is going to play an important role in in AI and AGI, and I think I need to oversee that to make sure it's good because that's a thorny problem if there ever was one. I think generally people do not, very few people, even in the AI community, do not appreciate just how much capability Tesla has in AI. It's by far the most advanced real world AI. There's no one even close. And reality has the most degrees of freedom. So I got to make sure that's good.

Elon Musk 01:30:52 - 01:31:23

And you were saying something cyber Truck fully ramps? Oh yeah, production. We'll start production later this year. We'll start handing over cars later this year. There will be an S curve of production. So it'll be slow at first and then ramping up. And I guess we'll see what the demand is. Like. I think we're likely to do probably a quarter million a year, I think maybe more.

Elon Musk 01:31:23 - 01:32:19

Again, very much dependent on what the demand is. Like, we don't just need to ramp up production, but we also need to improve the production cost efficiency, which is going to be also a very hard thing. But I'd say it's a quarter million a year is a reasonable guess. And it might be 500,000, I don't know. But we'll make as many as people want and can afford. And like I said, it's going to be hard to make the cost affordable because it is a new car, new manufacturing method. In the grand scheme of things relative to the production rate of all the other cars we make, it will be small, but still very cool. Thanks.

Elon Musk 01:32:19 - 01:32:21

You know, maybe three more questions.

Elon Musk 01:32:21 - 01:32:22

Sure.

Speaker C 01:32:24 - 01:32:25

Thank you.

Speaker D 01:32:26 - 01:33:02

Good day, Mr. Musk. Hello, my name is Delia Archer, and this question aims to address Tesla's efforts in developing skilled workforce, attracting diverse talent, and promoting career opportunities within the company. When I look around, I see a lot of young faces and I think about internships and apprenticeships for students in high school and beyond. My question is, are there any plans to expand existing partnerships and explore new avenues for collaborations with educational institutions and nonprofit organizations to attract the next generation in very career pathways.

Elon Musk 01:33:03 - 01:33:44

Yeah, actually, with all of our gigafactories, we work with the local schools, actually from the high school level, community college and university because it's incredibly important to foster the talent for the factories. As you saw from the employment numbers. We actually need a lot of people. Even though we've got a lot of automation, we still need a lot of people to operate the factories and really matters that they have the right training. So we're big believers in reaching out to educational institutions because, frankly, it's in our interest to do so. So thank you for asking the question. All right.

Questioner 01:33:46 - 01:33:57

Elon. Josh Fuller. I had originally thought of asking about the Fun police and pushing back on the boombox and allowing us to screech.

Elon Musk 01:33:57 - 01:34:05

At people with goats again. But after seeing Optimus, I was inspired to ask, has anybody asked Optimus's opinion.

Questioner 01:34:05 - 01:34:08

Of Mars, and does he have a ticket yet?

Elon Musk 01:34:09 - 01:35:15

Well, Optimus is not a deep thinker at this point, so Optimus is still, you know, figuring out how to do basic stuff like like it it couldn't make, you know, cook some eggs or something quite yet. So we need to get Optimist to the point where it has reasonable agility and can do basic things. And we're aiming for it to start off doing simple tasks that are sort of boring and repetitive or dangerous, basically jobs people don't want to do. So that's our goal. I'm confident we'll achieve that goal. And then we got to figure out how to make it at scale, make sure that the robot is safe. I think it's going to be very important to have a local means of turning it off. So safety is going to be extremely important.

Elon Musk 01:35:16 - 01:35:31

I can't emphasize that enough, but right now it is not at an intelligence level where it's pondering questions like Mars. Perhaps it will be one day. Hi.

Questioner 01:35:31 - 01:36:07

Good afternoon, Elon. My name is Luke Arsenal. I just want to start off by saying big thank you to you and the team of Tesla for all you guys do. It's been great to see, and I'm so happy for you guys. My question is, with the rise in cybersecurity threats to operational technology and Internet of things, what steps is Tesla taking to protect the company itself and its products from these threats? Also, as a suggestion, because I know you like suggestions for the navigation, do you think we could do something on the UI that adds in when you're about to take the off ramp to show a picture of that exit, kind of like other map systems do? And then also oh, man, this is.

Elon Musk 01:36:07 - 01:36:08

A lot of questions.

Questioner 01:36:08 - 01:36:11

One of my friends wanted to get a shock up from you, if that's possible.

Elon Musk 01:36:12 - 01:37:24

Okay, well, we are constantly improving the navigation system, and being robust to hacking is incredibly important. In fact, we conduct a lot of sort of third party hacking contests to try to get the best hackers in the world to break into our cars. And actually, no one has yet actually broken into a Tesla in a way that would allow you to really control the car in a significant way. But they have gotten to where they can conquer the horn and mess with the infotainment system, and I'd like to thank them for their efforts. So we take information security extremely seriously for navigation. Yeah, there's definitely things we can improve there, but really down the road, navigation visuals are not going to matter very much because the car is going to take you wherever you want to go. Yeah. As for pictures, I have to decline, unfortunately, because otherwise I actually hate being rude to people.

Elon Musk 01:37:24 - 01:37:45

So if I say yes to one person, then it's like selfies for a zillion. It gets kind of crazy. But thanks for asking. Maybe we'll take one or two more questions actually, so sure, I don't know.

Speaker C 01:37:48 - 01:37:49

Okay, which.

Questioner 01:37:53 - 01:38:13

Hello. I I had a question on the efficiency. I don't know if you've been paying attention to Aptera, and I was curious if you thought that was a space that you could see Tesla getting into as far as not just an efficient manufacturing process, but also the actual car itself and range, or just buy.

Elon Musk 01:38:14 - 01:38:26

I'm not super familiar with them, but we have a lot of products to get done. It's never a shortage of ideas.

Questioner 01:38:27 - 01:38:27

Ideas?

Elon Musk 01:38:27 - 01:38:58

Frankly, I find ideas to be somewhat trivial, but the execution of the idea is extremely difficult. And I said, like, the prototypes are easy, production is hard. Production and cash flow positive is excruciating pain at a level you cannot believe. So it's not product ideas. They're irrelevant. That's what I think of them. It's sort of like the idea of going to the moon. That's irrelevant.

Elon Musk 01:38:58 - 01:39:06

Getting to the moon is the hard part. Okay, maybe one last question. Yeah.

Questioner 01:39:06 - 01:39:22

Elon John Lopez from Orlando here. I've got two things for you real quick. The first one is with rideshare being a growing thing, especially with Tesla owners, are we going to get a guest mode option available for that? The second thing is, as an Xplad owner, I would really love to get track mode.

Elon Musk 01:39:24 - 01:39:25

What, sorry?

Questioner 01:39:25 - 01:39:26

Xplad?

Elon Musk 01:39:28 - 01:39:30

Well, Platt has track mode.

Questioner 01:39:30 - 01:39:31

The Model Xplaid does not, though.

Elon Musk 01:39:31 - 01:40:26

Oh, model X. Yeah, we can probably add that. Sure. Yeah, no problem. Rideshare is a bunch of these things will really not be relevant in a self driving world. You can summon the car and take you somewhere and if you want to add someone to that that ride, you can if you want to. But overwhelmingly it is about achieving self driving, full self driving. And I think we're really getting to the final stages of full self driving, where I drove for several days around Austin, just dropping pins in random locations and had zero safety interventions, even in city of San Francisco, which is very complex.

Elon Musk 01:40:26 - 01:41:09

I haven't had a safety intervention in a long time. So I think it's getting to the point where, admittedly, I have been optimistic about this in the past, but I think this time all right, I won't say it. All right, fair enough. All right. Okay. I think it'll happen. All right. You want one last question? Sure.

Questioner 01:41:14 - 01:41:21

So first, congratulations on your decision to try advertising. We all want Tesla to pay Apple in market cap.

Elon Musk 01:41:22 - 01:41:24

I don't realize people wanted it that much.

Questioner 01:41:25 - 01:41:55

Okay, it's good that a lot of people agree. So earlier this year, you cut prices on everything, 15, 20%. More recently, you've been raising prices on Model Y, Model S, Model X. And can you just talk about the pricing strategy on Model Y going forward and keep it separate from the decision to bring out the next gen vehicles that we all agree is going to blow the doors off on volume, but just on Model Y, it's the best selling product in the world. Can you just talk about strategy of pricing going forward on that?

Elon Musk 01:41:55 - 01:42:52

I mean, it's pretty straightforward. I mean, we see what the demand is, and then we adjust pricing to meet the demand. Now, the thing is that what happens with other car makers is that they're actually constantly adjusting pricing on cars. It's just not obvious. In the case of Tesla, you can see immediately when there's a price change that occurs because we don't have any intermediaries, don't have any dealers, there's no manufacturer's, just retail price. But the reality is actually at car dealers, the prices are changing radically. Last year, there were significant premiums above MSRP at sort of the conventional car dealer. So you'd pay above MSRP last year, and then this year I think things are below MSRP or close to it.

Elon Musk 01:42:53 - 01:43:35

And then the manufacturers will then also offer incentives. So what's actually happening is are very big price shifts by other car makers. They're just not obvious. Whereas with Tesla it's obvious. And this is necessary because demand fluctuates a lot. So something's got to be done to achieve a supply demand clearing point for volume. So just people are reacting to something that's obvious as opposed to saying, oh, yes, every car company does this all the time. Tesla is no exception.

Elon Musk 01:43:35 - 01:43:59

That's the actual reality. So, all right, last question. I'll be really quick. Okay, so I will say I have been driving FSD. My wife drives FSD. There's a term called the wife test. My wife will only drive our kids on FSD. It's incredible.

Elon Musk 01:44:00 - 01:45:04

That is a great I mean, these sort of significant other test is a very good test because for a while there, there was like friends or significant others would be like, please don't put it on, it's too scary. But then it's getting to the point where it's going to be just smoother silk. So, in fact, you'll be able to visually tell, perhaps even now, you can visually tell if the car is being driven on FSD or manually. Because if it's being driven on FSD, it's smooth and precise. If you actually closely observe cars going down the highway, people are constantly moving in their lanes. So the cars are like doing this all the time when they're manually driven. If it's actually on FSD, it's dead center in the lane. It will actually get to the point where it is not merely and maybe is at that point not merely safer than a person, but actually way smoother than manual driving.

Elon Musk 01:45:06 - 01:46:11

Really. I can't say enough about the profundity of self, of full self driving. It is, it is what? Just one of the the biggest changes in history that will occur. It's not some feature, it's, it's like a profound it's really as profound as electrification. And that we have already have millions of the cars on the road that will literally achieve this with a software update. I mean, that's like head explosing emoji, you know, and I think probably a lot of people in this room realize it, but most of the rest of the world doesn't. Yeah. So given that giving how incredible FSD is and how much, you know, merit you're giving to potential future margins of the car as well as how much an impact on society and given that they didn't even want you to say if it's going to happen this year, just not to jinx it sure.

Questioner 01:46:11 - 01:46:12

Would it be possible to have just.

Elon Musk 01:46:12 - 01:47:42

For some type of public facing, investor facing kind of timeline? So that way you mentioned V twelve is coming and that's AI front end. Could we just see kind of a timeline on this is the version we're at, these are the things we're working on and this is when we're ETA, so we can kind of see that in real time instead of maybe elon time. The thing that's been really difficult with full self driving is that it very often seems like it's about to happen until you realize that you're actually at a local maximum and that you need to rearchitect elements of the software to get out of the local maximum to then a higher local maximum. So it's been this sort of series of logarithmic curves and that's why it seemed like, oh, if you just extrapolate this on a straight line, it gets to self driving. Except that it's not a straight line, it's logarithmic curve. And you start hitting these local maximums where you'll sort of asymptote to a certain capability and then have to rearchitect things. So now I think we're finally at a high enough local maximum, but will be this year to the point where it is I think, probably safer than a person. Meaning the probability of injury on average will be better than a person, even if someone pays no attention to the car.

Elon Musk 01:47:42 - 01:49:07

It is worth saying that right now for human supervised Tesla full self driving. It is dramatically safer than manual driving. It's like, I think like four times safer, maybe more. So it is already a massive safety improvement to have human supervised FSD right now. And I think we will get to the point where we're always going to be in some amount of local maximum, but I think that we'll be in a local maximum that exceeds human level safety this year. Yeah, but I guess we'll see. Anyway, I want to thank you all for coming and so just want to say your support is super appreciated and as I say, a friend in need is a friend indeed. And supporting Tesla when the chips are down, those are the real friends and you're them.

Elon Musk 01:49:07 - 01:49:08

So thank you.

🔖 Meeting Title
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2023 Annual Shareholder Meeting: Tesla's Sustainability, Growth, and Future Plans

1️⃣ One Sentence Summary
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Tesla's annual shareholder meeting showcases growth, sustainability, and shareholder proposals.

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1. Attendance and Party Invitation Reluctance 2. Work Pain and Negative Press Coverage 3. Stability and New Features in Company 4. Optimism for the Future 5. Financing Terms and Banking Considerations 6. Challenging Economic Outlook 7. Focus on Long-Term Growth and Market Strength 8. Appreciation for Shareholders and Support 9. Rundown of Meeting Agenda and Proceedings 10. Commitment to Ethical Supply Chain Practices 11. Importance of Strong Management Talent 12. Sustainability and Transition to Electric Vehicles 13. Advancements in Full Self-Driving (FSD) Technology 14. Price Adjustments and Fluctuating Demand 15. Impact of FSD on Safety and Society 16. Record-Breaking Year and Growth of Tesla 17. Dedication to Sustainable Energy Transition 18. Positive Impact of Tesla's Customers 19. Investment in Future Growth Initiatives

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02:27 2023 annual shareholder meeting in Texas. Tesla's growth and achievements. Focus on sustainable energy. Strong financials. Welcome new board member.

13:16 Discussion on Tesla shareholder proposal, key person risk. Recognize team's achievements, shift focus. Support proposal for company's future.

17:12 Vote yes on third party audit proposal. Tesla needs to eradicate child enforced labor in supply chain. Human rights risks harm shareholder value. Attention on child labor in cobalt mining. 40,000 children work in dangerous conditions. Tesla claims to have audited 80% of cobalt supply chain. Unclear about audits and due diligence. Forced labor in Xinjiang Uyghur region. Regulatory risk highlighted. Third party audit for transparency and ethical sourcing. Tesla can lead with empathy and innovation.

22:54 Tesla team has executed well and has exciting plans for the future. They aim to create a sustainable global economy and address concerns about cobalt mining. They emphasize the importance of battery production and the need for renewable energy sources like solar and wind. Electric vehicles are becoming more cost-effective and sustainable over time. Tesla has made progress in reducing emissions, improving safety, and creating jobs. They highlight the competitiveness of the company and the success of their Full Self-Driving (FSD) technology. Overall, Tesla is making significant advancements in the automotive industry and the transition to sustainable energy.

01:04:28 Twitter CEO discusses recent challenges and changes. Optimistic about future. Also discusses financing options for Tesla's auto business. Notes importance of banks in decision-making. Acknowledges upcoming economic difficulties but remains positive about long-term prospects for Tesla.

01:13:41 Cars achieving self-driving makes entertainment apps important. Tesla's focus is on achieving full self-driving and improving safety. They have integrated with Steam for gaming, and you can also watch Netflix and YouTube. More apps will be added as self-driving technology advances.

01:18:37 Processing is the constraint for lithium production.

01:23:04 Tesla insurance coming to Florida later.

01:29:41 Tesla's role in AI and AGI is important. Production of Cyber Truck will start later this year with a slow ramp-up. They aim to make a quarter million cars a year, depending on demand. Making cost affordable is a challenge. Overall, it will be a small production compared to other cars but still cool.

01:36:12 Constantly improving navigation, robust against hacking. Third-party hacking contests to find vulnerabilities. No significant control of cars achieved by hackers. Minor access to horn and infotainment. Information security is a priority. Navigation visuals not important in the future. Declining pictures to avoid being rude. Taking a few more questions.

01:41:55 Tesla adjusts pricing to meet demand, unlike other car makers. Other manufacturers constantly adjust pricing but it's not obvious because of intermediaries and dealers. Tesla's pricing changes are apparent due to direct retail pricing. Demand fluctuations necessitate price adjustments to achieve supply-demand balance. Tesla's Full Self Driving (FSD) feature is highly praised, passing the "wife test" and offering smooth and precise driving. FSD is seen as a significant advancement, comparable to electrification, and millions of cars can achieve it through a software update. FSD's potential impact on margins and society is highlighted.

01:46:12 Timeline for V12 AI front end, surpassing human safety this year, human supervised FSD already much safer. Grateful for support.

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Topics covered in the audio session:
- Introduction and gratitude (Martin Vieka)
- Tesla's current state and future prospects
- Financing terms for the auto business
- Economic cycles and challenges ahead
- Focus on long-term growth and buying the dip
- Introduction of Martin Vieka as the chair of the meeting
- Fun atmosphere of Tesla's shareholder meeting
- Gratitude for the support of shareholders
- Agenda items and voting process
- Stockholder proposals on key person risk reporting and supply chain practices
- Importance of strong management talent
- Tesla's sustainable global economy plans
- Benefits of electric vehicles and Tesla's progress
- Battery production and transition to sustainable energy
- Forward-looking statements and risks
- Introduction of Elon Musk
- Pricing adjustments to meet demand
- Full Self-Driving feature and its potential impact
- Tesla's growth, production, and upcoming releases
- Success and dedication of employees
- Positive impact on carbon emissions and renewable energy usage
- Future investments to support growth
- Thanks to Hiromizuno and welcome to J.B. Strawball as a new board member

🏃‍♀️ Action Items
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2023 Annual Shareholder Meeting Proceedings Meeting Name: 2023 Annual Shareholder Meeting Location: Austin, Texas Date: [Meeting Date] I. Introduction - Martin Vieka, Chair of Tesla's 2023 Annual Shareholder Meeting, opened the meeting by thanking the attendees for their dedication to the annual meetings and welcoming first-time visitors. - He expressed gratitude for the support from the shareholders over the years. - Martin acknowledged the presence of the Tesla team, board members, and the representative from Pricewaterhouse Coopers, Tesla's independent auditor. II. Opening Statements - Robin Denholm, Tesla's Chair, addressed the shareholders and provided a brief overview of the meeting's agenda. - She thanked the attendees for their participation and stated that the meeting would have two parts: the formal part for voting on items and a presentation by Tesla's CEO, Elon Musk. III. Formal Session 1. Polls and Voting - Martin announced that the polls were open, with the majority of votes already submitted as proxies. - Shareholders had the option to vote or change their prior votes through the virtual meeting site. - Ballots and ballot boxes were made available for those attending the meeting in person. - The Computer Share Trust Company was appointed as the Inspector of Elections. - Proxy materials were mailed to all Tesla stockholders of record on April 6, 2023. - It was confirmed that a majority of outstanding shares were represented, and a quorum was present. 2. Agenda Items & Decisions - The following agenda items were discussed: a. Election of Directors: The board recommended voting for director nominees. b. Executive Compensation Approval: The board recommended voting for executive compensation approval. c. Frequency of Future Votes on Executive Compensation: The board recommended voting for the proposal on a one-year frequency. d. Ratification of Accounting Firm Appointment: The board recommended voting for the ratification of the accounting firm appointment. e. Stockholder Proposals: Stockholder proposals were presented by Karen Roberts Dotier on key person risk reporting. - A full report on the individual voting results for each agenda item will be provided within four business days. 3. Shareholder Proposals - Karen Roberts Dotier presented a stockholder proposal on key person risk reporting. - She was given three minutes to speak and raised concerns about the management's focus on non-Tesla matters. - Karen emphasized the importance of recognizing Tesla as more than just its CEO and highlighted the need for strong management talent. - The board and shareholders were encouraged to support the proposal and showcase the future of the company. 4. Addressing Human Rights Concerns - Courtney Wicks, Executive Director for Investor Advocates for Social Justice, addressed the Tesla board members, management employees, and shareholders regarding human rights issues in Tesla's supply chain. - She requested shareholders to vote in favor of a third-party report on Tesla's efforts to eradicate child enforced labor in its supply chain. - Concerns were raised about cobalt mining in the Democratic Republic of the Congo and forced labor in China's Shenzhen region. - Tesla's claim of auditing 80% of its cobalt supply chain against responsible production standards was met with concerns about the effectiveness of the audits. - Tesla was urged to pursue ethical sourcing practices that do not rely on child labor or enslaved people. IV. CEO Presentation by Elon Musk - Elon Musk was introduced and gave a presentation on Tesla's progress and future plans. - He discussed the company's growth in production, the upcoming rollout of the cyber truck, and the record-breaking deliveries in 2022. - Elon emphasized Tesla's mission to accelerate the world's transition to sustainable energy. - He highlighted the positive impact of Tesla's vehicles on reducing carbon emissions and the importance of investing in batteries, vehicle production, energy storage factories, sales, service, and charging networks. V. Board Updates and Closing - Hiromizuno was recognized for their dedicated service to Tesla shareholders and the board. - J. B. Strawball was welcomed as a new board member. - The final tabulation of votes would be announced within four business days. - The meeting was adjourned. Note: The document provides a comprehensive overview of the meeting proceedings, decisions, and action items discussed. For more detailed information, please refer to the official meeting minutes or recordings.

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Tesla's Approach to Solar Battery Backup: "With the energy side of the business, I think it's hugely underrated. We got tons of problems in California with rolling blackouts. How do you think you can incentivize people more for solar battery backup?" — Questioner 01:02:37 01:02:49

"The Impact of Tesla's Advertising Budget: $525 off every car this year is half a Netflix's advertising budget. $1,000 is the entire Netflix advertising budget. And I see their ads everywhere. Why not advertise these things that you told us here? I feel like nobody else knows about this. I just talked to Gordo, the Tesla bear, and he's still talking about 2016 New York Times pieces. These people are in the past, man." — Questioner 01:10:31 01:10:54

Developing Apps for Tesla Cars: "Is Tesla currently developing the ability for other parties to develop apps for the car?" — Questioner 01:13:21 01:13:26

Potential Stumbling Blocks in Transitioning to Full Self-Driving: "I think one of the biggest challenges will be regulatory approval and acceptance. Even if we have the technology ready, it's important to have the regulations in place for autonomous vehicles to operate safely on the roads. So, that's definitely something that we're working on and it could be a potential stumbling block going forward." — Questioner 01:16:06 01:16:07

Tesla's Lithium Supply: "Lithium experts all agree that mines are just not coming online fast enough to meet battery supply." — Questioner 01:18:05 01:18:09

The Importance of Vehicle Safety: "I'm thankful to you for building such a safe vehicle, because I'm here today with my son." — Questioner 01:20:30 01:20:35

Next Gen Roadster Update: "I was wondering if there are any updates on the next gen roadster." — Questioner 01:21:05 01:21:08

Car Seat Safety: "First of all, though, as a family man, I just want to say there's a couple of things like a loop for tether of a car seat going through the headrest, which would be super helpful." — Questioner 01:27:33 01:27:43

Cybersecurity and protecting Tesla: "With the rise in cybersecurity threats to operational technology and Internet of things, what steps is Tesla taking to protect the company itself and its products from these threats?" — Questioner 01:35:42 01:35:52

Pricing Strategy on Model Y: "So earlier this year, you cut prices on everything, 15, 20%. More recently, you've been raising prices on Model Y, Model S, Model X. And can you just talk about the pricing strategy on Model Y going forward..." — Questioner 01:41:27 01:41:39

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Post 1: 🚀 Tesla's CEO Elon Musk reveals exciting updates during the 2023 Annual Shareholder Meeting. From Full Self-Driving to sustainable energy, it's clear Tesla is leading the charge towards a greener future. #Tesla #ShareholderMeeting #Sustainability Post 2: 🌍 Tesla's commitment to sustainability shines through in their ambitious goal to transition to a fully sustainable global economy. With reduced emissions and efficient battery production, Tesla is blazing a trail towards a greener, cleaner future. #SustainableFuture #Tesla #ShareholderMeeting Post 3: 🔋 Tesla's annual shareholder meeting unveils breakthroughs in battery technology. With next-gen drive units and a transition to a 48-volt architecture, Tesla is not only reducing reliance on rare earth elements but also minimizing the need for copper. #BatteryInnovation #Tesla #ShareholderMeeting Post 4: 🤖 Elon Musk's vision for Full Self-Driving is nothing short of revolutionary. With FSD becoming ten times safer than manual driving, millions of Tesla cars on the road will achieve autonomous capabilities through software updates. Buckle up for the future! 🚘 #FSD #AutonomousDriving #Tesla Post 5: 👏 Tesla's annual shareholder meeting highlights the company's remarkable growth, innovation, and dedication to a sustainable future. From record-breaking production to expanding the supercharging network, Tesla is driving change and setting the bar high for the automotive industry. #Tesla #ShareholderMeeting #Innovation

▶️ Agenda Points
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1. Election of directors 2. Executive compensation approval 3. Frequency of future votes on executive compensation 4. Ratification of accounting firm appointment 5. Stockholder proposals 6. Approval of majority of outstanding shares represented as quorum present 7. Presentation by Tesla's CEO, Elon Musk 8. Introduction of new board member, J.B. Strawball

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Key themes discussed in the Tesla - 2023 Annual Shareholder Meeting: 1. Increase in production and upcoming release of cyber trucks 2. Record-breaking year in 2022 with significant growth in deliveries 3. Dedication of employees and leadership of global talent 4. Accelerating the world's transition to sustainable energy 5. Positive impact of Tesla's vehicles on reducing carbon emissions 6. Continued investment in batteries, vehicle production, energy storage factories, sales, service footprint, and charging network 7. Introduction of new board member J.B. Strawball #TeslaShareholderMeeting #SustainableEnergy #RecordBreakingYear #EVs #NewBoardMember

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Reunión anual de accionistas Tesla - Actualizaciones y propuestas importantes.

Conversation Starters
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1. "What were your thoughts on Elon Musk's remarks at the Tesla 2023 Annual Shareholder Meeting? Let's discuss!" 2. "Did you agree with the shareholder proposals raised during the meeting? Share your opinions here!" 3. "What do you think about Tesla's efforts to eliminate child enforced labor in its supply chain? Join the conversation!" 4. "Were you surprised by the announcement of JB Strawball as Tesla's new board member? Let's talk about it!" 5. "Let's discuss the future of Tesla's Full Self-Driving feature. Do you think it will revolutionize the industry?" 6. "What are your thoughts on Tesla's commitment to sustainability, reducing carbon emissions, and increasing energy efficiency? Share your insights!" 7. "Were there any key takeaways from the meeting that stood out to you? Let's dive into the details!" 8. "Do you agree with the speaker's optimism about Tesla's future? Share your reasons why or why not." 9. "What are your expectations for Tesla's growth in the coming year? Let's hear your predictions!" 10. "Are you excited about Tesla's new projects, like the cyber trucks and next-gen drive units? Join the conversation and share your excitement!"

🐦 Business Lesson Tweet Thread
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(Thread) 1/ Thrilled to have attended Tesla's 2023 Annual Shareholder Meeting. A true celebration of innovation and sustainability.🌱 2/ Elon Musk's passion for pushing boundaries was contagious. He spoke about the intense challenges he faced, but remains optimistic about Tesla's future.💪 3/ Tesla's commitment to full self-driving is a game-changer. Musk predicts it will soon be 10x safer than manual driving.🚗 4/ The transition to sustainable energy is at the heart of Tesla's mission. Their investment in battery production and the reduction of CO2 emissions is inspiring.⚡️ 5/ Exciting news! Tesla welcomes J.B. Strawball to their board. His expertise will surely contribute to the company's continued success.👏 6/ The dedication of Tesla's employees and the loyalty of their customers cannot be understated. Together, they are driving positive change in the world.🌍 7/ The shareholder meeting highlighted the importance of recognizing Tesla beyond Elon Musk. Strong management talent is crucial to ensure a bright future.🌟 8/ Tesla's commitment to ethical sourcing practices, transparency, and eliminating child enforced labor in their supply chain is commendable.👏 9/ Diversity, innovation, and sustainability were the common threads throughout the meeting. Tesla is not just an automaker, but a catalyst for change.🌈 10/ Leaving the shareholder meeting feeling inspired by Tesla's unwavering dedication to sustainability, innovation, and a greener future. Let's keep driving positive change together!🌱✨ #TeslaAnnualMeeting #Sustainability #Innovation

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Tesla - 2023 Annual Shareholder Meeting

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