Comprehensive AI YouTube Solution

AI-Powered YouTube Video Transcription, Summarization, and Analysis

welcome to Texas [Applause] Home the home of [Applause] Tesla my name is Brandon arhart I'm the general counsel and corporate secretary and this meet this meeting is going to be in two parts first we're going to cover the 12 items that stockholders have been asked to vote on as well as any other matters that have been properly presented second our founder and CEO Elon Musk will provide a [Applause] presentation during the course of the following session we may discuss our business Outlook and make other forward-looking statements such statements are predictions based on current expectations actual events or results could materially differ due to a number of risks and uncertainties including those disclosed in our most recent 10K or 10q as filed with the SEC such forward-looking statements represent our views as of today should not be relied on Hereafter and we disclaim any obligation to update them after today at this time I'd like to thank thank members of the Tesla team and the board that are here in attendance a representative from Price Waterhouse Coopers Tesla's independent auditor is also present but before we begin I'd like to introduce you to our board chair Robin danol who would like to say a few words [Applause] thanks Brandon and hello everyone as chair of Tesla's board I am honored to welcome you all to our home Texas for our annual for our annual 2024 annual shareholder meeting and when I say I'm honored to welcome you our shareholders I truly am no other company in the world has such a diverse engaged and supportive set of shareholders as Tesla no other shareholder base understand its com company like you do nor is as committed to Tesla's mission to accelerate the world's transition to sustainable energy like you are it is a shareholder base whose interests the board are proud to represent it is also a shareholder base that understands that in order to accelerate the world's transition to sustainable energy and a sustainable energy economy Tesla needs to develop the most revolutionary Technologies not only in Autos but in energy and artificial intelligence as well our achievements this past year are steps towards fulfilling our mission some highlights include the mo y becoming the best selling vehicle in the world in 2023 [Applause] beginning deliveries of the much anticipated cyber truck proving that the muscle and utility of a pickup truck can be electric and cool and our energy storage deployments reaching an all-time high in 2023 with the deployment Trend continuing in 2024 by using our products Tesla customers avoided releasing over 20 million metric tons of greenhouse gas emissions in 2023 that is the equivalent of 51 billion miles driven by Ice Vehicles an increase of about 18 billion avoided ice miles since 2022 but to continue the exponential growth in greenhouse gas gas emission avoidance we not only have to get our products into as many customers hands as possible but we also need to increase the utilization of our products and to help further with that goal we released FSD supervised uh demonstrating that our approach to autonomy is scalable and that accomplishments in artificial intelligence along with leveraging our existing production lines to get our next Generation products to Market faster are essential to achieving our mission we have made and plan to make further investments in hardware and software ecosystem to further Advance our path to autonomy and set a course to realization of Robo taxes but sustainability is not just a about avoiding emissions it needs to take into account the whole life cycle from the manufacturing of the products to the products end of life that is why we Source responsibly we design our manufacturing processes to use less water per vehicle than the industry average and for the third year in a row we power our supercharger network with 100% Renewables uh energy and we are also working to build a battery material recycling ecosystem both internally and with others to ensure that we are moving towards a truly circular economy for energy storage in 2023 alone we supported the recovery of enough battery materials to build 43,000 new reel rear rear wheeel drive model wise that result is the epitome of a sustainable economy while sustainability is our mission we also have the goal of safety our cars are engineered to be some of the the safest in the world and we take real World data from our Fleet and our ability to push over theair updates to optimize safety for all our vehicle models our attention to the to autonomy also plays a role in our goal of safety based on 2023 data Tesla vehicles with driver assist Technologies engaged have only a one vehicle accident per 5.64 million miles driven compared to the US I think worth [Applause] cing compared to the US vehicle Fleet of one accident per 670,000 miles driven so not only are you protecting the environment but by driving a Tesla you're also protecting yourself and those who ride with you with another year of progress in furthering our mission under our belt I want to take this moment to thank our phenomenal Tesla employees whose creativity hard work and dedication are the source of our success as yes huge thanks and as most as most are also shareholders alongside each and every one of you I hope each employee takes pride in in the role that you have played in Tesla's accomplishments I am proud of you and the board and I appreciate you tremendously finally I want to remind our shareholders that your board is listening and we are here to represent your interests you are [Applause] yes you are the owners of the company and your voices your perspectives and your input are critical to us as a board and to the director of the company my fellow directors and I serve as your fiduciaries and oversee Tesla's Mission purpose and strategy with those responsibilities in mind we continuously set the highest standards for ethical Behavior corporate citizenship and corporate governance you don't see the day-to-day work of the directors but I can assure you this is a highly engaged board and I would like to thank my fellow directors for their dedication whether it be inside the boardroom meeting with our shareholders or working closely with our team members throughout the company Tesla is unique thank you thank you Tesla is unique in how active and large our retail shareholder base is and we hope you here in this room and our shareholders joining us virtually today continue to take advantage of our shareholder platform to enhance your engagement with Tesla I want to give a special shout out to our small But Mighty IR team and legal team and everyone involved in running this year's proxy campaign both inside and outside of [Applause] Tesla there is still much to do do but it has galvanized us around strong the strong belief that the right things are always worth fighting for thank you and now I'll hand it back thank you now I'm going to hand it back to Brandon thank you thank you Robin so I will now call the meeting to order the time is now 3:40 p.m. Central and I declare that the polls are now open we have already received over the past few weeks voting proxies from our stockholders however if you wish to vote your shares at this time you may do so through the virtual meeting portal or if you want to vote in person ballots and ballot boxes are available at the front Tesla's board of directors has appointed Tony cardo a representative of the cardo group to serve as the inspector of election in addition in addition broadridge Financial Services has certified that starting on April 29th 20124 the proxy materials or notice of internet availability for proxy materials were mailed or provided to all Tesla stockholders of record on April 15 2024 we have a majority of the outstanding sharff represented at the meeting so I declare that there's a quorum present and then we may proceed with the meeting the items are on the agenda are as follows there are five Tesla proposals the election of two class two directors James Murdoch and Kimble musk to serve for a term of three years until their respective successors are duly elected and qualified to approve executive compensation on a non-advisory basis to approve the redomestication of Tesla from Delaware to Texas via conversion to ratify the 100% performance-based stock option award to Elon Musk that was previously approved by stockholders in 2018 to ratify the appointment of price Waterhouse Cooper's LP as Tesla's independent registered public accounting term for the fiscal year 2024 Tesla's board has recommended that our stockholders vote for each of the two director nominees and for each of the four other Tesla proposals we have also received seven stockholder proposals that are described in the proxy statement I would like to remind our stockholders that Tesla's board has prepared a statement in opposition to these proposals which also appear in our proxy statement so let's turn to those seven stockholder proposals the first one is an advisory vote regarding reduction of director terms to one year our board has recommended that our stockholders vote against this as explained in the proxy this proxy this stockholder proposal was proposed by Mr James MCR who has prepared a pre-recorded message thank you we presented a similar proposal in 20121 55% supported it even though the board put up a competing proposal accountability every other year instead of every year neither received the required 67% of shares owned 90% of the S&P 500 have a Declassified board most institutional shareholders will again support our proposal join them the recent Delaware Court case identified three legal deficiencies at Tesla directors were not independent the facts of the pay plan presented to investors were misleading and the board failed to negotiate properly a major part of the Cur is declassifying the board so shareholders can hold directors accountable or submit their own nominations Matt moscardi of free float calls proposal number six the most important vote today since it may enable investors to change the board bringing new skills and professionalism John chetan's simple majority vote is the other crucial vote another important endorser is n minnow co-founder of companies including proxy advisor ISS the musk premium is already eroding Tesla is musk's liquid piggy bank since it's publicly traded his other companies are not either he sticks around long enough to use our shareholder Capital to fund his other Ventures or he shifts his attention sooner if we reject his his pay package and turn off the money tap bite the bullet prepare for a future that doesn't depend on a superhero dictatorship we need to transition from a board dominated by friends and family to one of expert independent directors in engineering software and other relevant Fields musk is a genius I'm saddened to see him Focus his attention elsewhere but it is happening don't let him siphon off more from Tesla we need to transition to a more democratic Tesla that can attract customers employees and shareholders seeking a better world ahead again vote for number six and seven declassify the board for accountability lower the voting threshold for more flexibility vote now before the polls are closed your vote can make a significant difference in our future thank you right thank you thank you Mr MCR as a reminder the board's response was contained in our proxy statement the second stockholder proposal is an advisory vote regarding simple majority Provisions in our governing documents our board has recommended against and are set for for the reasons in the proxy this stockholder proposal is proposed by Mr John Chetan who is on the line to present this Pro proposal Mr chedin I would like to invite you to speak you will have three minutes three minutes hello this is John Chetan proposal seven simple majority vote chal's requested the board of directors take the necessary steps so that each voting requirement in the charter and bylaws that calls for a greater than civil majority vote be replaced by a requirement for a majority of the votes cast for and against such proposals or a simple majority this includes making the necessary changes in plain English this proposal seven is the exact same concept that the Tesla board of directors supported at the 2022 Tesla annual meeting the 2022 Tesla board of directors proposal then won 98% support from the Tesla shers who voted and the board of directors version of this proposal would have been adopted earlier if the board of directors had only made a slight effort to encourage more Tesla shers to vote for their proposal this simple majority vote standard proposal will help improve Tesla's shareholder rights Tesla now scores a dismal 10 in shareholder rights with 10 being the worst possible score the Tesla board of directors supported this proposal Concept in 2022 and should do so today sh the rights and a simple majority vote standard are all the more important when Tesla has a CEO Elon Musk who is threatening to give less attention to to Tesla and threatening to withhold advanced technology from Tesla unless it gets a56 billion paycheck never before have shers been under such duress when asked to prove an outrageous 56 billion CEO paycheck plus there's no promise with the 56 billion paycheck that Mr mus will devote any minimum percentage of his time to Tesla or pursue any minimum amount of advanced technology at Tres Russ Gerber of the investment firm Gerber Kawasaki said I believe the Tesla board of directors is the most conflicted least independent and most incapable boorder of directors in the history of business please vote Yes simple majority vote proposal seven thank thank you Mr chedin as a reminder our our the board's response is set forth in the proxy our third stockholder proposal is an advisory vote regarding annual reporting on anti-harassment and discrimination efforts our board has recommended against for the reasons set forth in the proxy this stockholder proposal is proposed by the New York State Common retirement fund as the lead filer which has requested the Dr Kristen Hall as represented for Neo impact Capital as co- filer for this proposal present this proposal Dr Hall I would like to invite you to speak you have three minutes thank you hello I'm Dr Kristen Hull of Nia impact Capital I'm here on behalf of lead filer New York State Controller Thomas D POI Trustee of New York State retirement fund owner of Tesla shares valued at over 650 million as of March of this year and I'm here as a co- filer of proposal 8 the fund is a significant long-term owner of Tesla and has an explicit focus on investing in climate Solutions Long View large Cap Fund through its trusty Amalgamated Bank ap7 and our Juna join us in filing this resolution our firm name Nia means intention and purpose we invest only in those companies we see building toward a better world a sustainable and inclusive future as the founder of Nia I had been proud in our early ownership of Tesla I saw the potential and the need for innovation in the automotive and the clean energy Market space however when looking under the frunk we find failures in workplace management one of the most important components of any business employees need to be hired trained motivated and engaged to do high quality work and we need those employees to be able to contribute to their top ability to do so they must feel both physically and emotionally safe at work investors are requesting the report outlined in proposal 8 because workplace abuse harassment and discrimination have no place at Tesla they can result in substantial costs including employee turnover increased absenteeism and reduce productivity as well as legal costs all of which can INF fact shareholders investments in the company they may also lead to difficulties in recruiting high quality employees something that Tesla needs to remain Innovative and at the Forefront of a quickly moving technological landscape we have expressed concerns about Tesla's workplace for years and year after year more harassment and discrimination allegations have emerged with few visible improvements in Tesla's people management policies or practices to assuage our concerns lawsuits and class actions before Tesla now involve thousands of employees with allegations including repeated use of racial epithets by managers and employees segregation and discrimination against non-white employees in job assignments pay and promotion and retaliation when employees report their experiences these concerns are why I now formally move proposal 8 requesting that Tesla's board commission an independent report on the effectiveness of the company's efforts to provide prevent harassment and discrimination within this revolutionary and Innovative workspace thank you great thank you Dr Hull the board's responses set forth in the proxy materials let's turn to the fourth stockholder proposal which is an advisory vote regarding the adoption of freedom of Association and collective bargaining policy our board has recommended against for the reasons set forth in the proxy this stockholder proposal was proposed by S so Investment Group whose representative tazel Patel has prepared a pre-recorded message hello I'm tasel Patel the executive director of the S so Investment Group and I hereby move proposal 9 a shareholder proposal requesting that Tesla board of directors adopt and disclose a non-interference and collective bargaining policy that upholds International labor right standards in its operations this resolution was submitted with other co- filers and we are concerned that Tesla's existing policy fails to clearly explain how conflicts between International and local labor law will be resolved and because of clear indications that Tesla is not adhering to its current policy despite the operational legal human Capital Management and reputational risks involved we recognize that Tesla revised its Global human rights policy in April 2023 to explicitly refer to the rights of workers to free association and collective bargaining but these revisions were fatally compromised the statement committing to respect these rights includes the qualifier in conformance with local law rather than referencing the often higher international human rights standards suggesting that Tesla respects these rights only as explicitly required by local laws numerous signs suggest that Tesla is not respecting its workers fundamental rights in Sweden Tesla has faced months long strikes and boycotts over what has been characterized as a refusal to bargain moreover as part of its reporting on this situation Reuters wrote that Tesla has a policy of not signing Collective agreements which if true would directly contravene the company's current policy in Germany Tesla faces allegations of refusal to bargain and poor working conditions in the United States Tesla has had adverse Decisions by the full National Labor Relations Board and the US fifth Circuit Court of Appeals over labor rights violations just last month the nlrb issued a complaint alleging that restrictions in Tesla's workplace technology policy served to unlawfully discourage employees from joining unions or acting concertedly it is also relevant for shareholders to consider the broader human Capital Management risks Tesla faces including reports of higher health and safety violations and injury rates than peers and numerous lawsuits alleging of hostile work environments freedom of Association and collective bargaining are considered enabling rights meaning that they imp EMP power workers to effectively advocate for additional labor rights including the right to a safe and healthy workplace free from discrimination the adoption of a comprehensive labor rights policy that clearly articulates a commitment to non-interference goodfaith collective bargaining and adherence to higher International standards would help Tesla better mitigate these human Capital Management risks as well as operational and reputational risks like we are seeing in Sweden therefore we urge you to vote for item thank you thank you Miss Patel the board's response is set forth in the proxy the fifth stockholder proposal is an advisory vote regarding reporting on effects and risks associated with electromagnetic radiation and wireless Technologies our board has recommended against for the reasons set forth in the proxy this stockholder proposal is proposed by lendr P purcel whose representative Dr deah Davis has prepared a pre-recorded message I am Deborah Davis founder of Environmental Health Trust I speaking with you today on behalf of shareholder lendry purcel regarding her proposal seeking an annual report on the risks for magnetic fields and wireless radiation in their products I'm also speaking on behalf of millions of young children infants and toddlers and pregnant women who are more vulnerable to wireless radiation according to the American Academy of Pediatrics I'm the founding director of the board on Environmental Studies in toxicology from the National Academy of Sciences and I've published more than 220 scientific articles on environmental health and have concluded along with hundreds of other experts that current exposures to non-ionizing electromagnetic fields called EMF constitute a serious and unrecognized public health risk Tesla vehicles operate with the 1200 pound battery that emits magnetic fields and also uses wireless equipment such as Wi-Fi and radar are emitting Wireless radiation Tesla should provide transparent information on measured exposures and efforts to reduce them the World Health Organization has concluded that both low levels of EMF and microwave or cellular radiation are quote possible carcinogens the same category as some pesticides and gasoline the companies that provide secondary insurance like Lloyds of London and swiss 3 have long considered electromagnetic fields to be uninsurable comp able to as bestus due to potential health and environmental damages Tesla shareholders have a right to know how the company ensures itself against such risks the fact that current levels may be legal does not mean they are safe in fact us regulations were set more than a quarter century ago it has been three years since the US Circuit Court of Appeals for the District of Colombia determined that the FCC had been quote arbitrary and capricious in its failure to consider all of the science and refusal to update Wireless limits Tesla has failed to inform consumers about the measured levels of magnetic fields and wireless radiation with within the automobile or their other products infants and toddlers by law are strapped into seats to protect them during crashes but they have no projection from EMF that can go more deeply into their thinner skulls to mitigate risks for Tesla the company could Shield its vehicles and ensure Wireless antennas could be easily turned off hardware and softare W changes can lower exposures generally Tesla has developed extremely rigorous compliance and Hazard screenings Beyond regulatory requirements for certain toxic chemicals investors can encourage the company to take a similar leadership role regarding reducing EMF it's time for the company to unambiguously compete on safety regarding Wireless radiation and non-ionizing radiation emitted by its products thank you thank you Dr Davis the board's response is set forth in the proxy let's move on to the sixth stockholder proposal which is an advisory vote regarding adopting targets and Reporting on metrics to assess the feasibility of integrating sustainability metrics into senior executive compensation plans our board has recommended against for the reason set forth in the proxy this stockholder proposal is proposed by tulip Sher Securities limited whose rep representative constant rickets has prepared a pre-recorded message good afternoon fellow shareholders thank you for your time I'm constant rickets and today I'm speaking on behalf of tulip share in support of proposal 11 urging Tesla to integrate sustainability metrics including diversity among senior Executives into executive compensation plans this proposal calls for robust quantitative targets and transparent reporting to both resolve executive pay plan controversies and ensure our company's long-term stability and success diversity and Independence in leadership are essential for Innovation and enhanced decision-making while sustainability metrics in executive compensation reflect alignment with regulatory pressures investor expectations and responsible business practices despite 75% of S&P 500 companies incorporating syst sustainability metrics into executive pay plans Tesla fails to do so this is especially concerning given our mission to accelerate the world's transition to renewable energy the recent ruling that voided our CEO's 56 billion pay package highlighted the need for fair and negotiated compensation plans that serve stockholders best interest Tesla's proxy statement does not offer substantive evidence of how the voided 2018 award harm stockholder democracy or how its ratification will cure prior deficiencies and lead to a different outcome likewise the opposition to this proposal fails to show any evidence of an existing performance-based component integrated into the executive pay structure that respects established human rights due diligence processes and principles instead it cites its human rights policy that is wholly unrelated to executive compensation and doubles down on the argument that the currently contested executive pay structure is the only means of motivation to achieve our company's Mission this commitment to the status quo essentially dismisses the ongoing controversies that Tesla must face and overcome including softening sales advaning competition split focus in leadership a 30% drop in stock price reduced market cap Mass layoffs human rights violations and ongoing legal challenges Tesla's executives absolutely should be duly compensated for Innovative and successful business however stockholder democracy allows us to oose demands like 25% control of the company and the largest pay package in corporate American history via further share issuance we also have the right to vote for our leadership's compensation to be commensurate with financial and sustainability performance this does not mean we do not respect our leadership's time energy and contributions quite the contrary as it is our duty as stockholders to ensure long-term viability and success for our company thank you Miss rickets the board's response is set forth in the proxy let's move on to the seventh stockholder proposal which is an advisory vote regarding committing to a moratorium on sourcing minerals from Deep Sea mining our board is recommended against for the reason set forth in the proxy this proposal is proposed by as you so whose representative Elizabeth Le has also recorded a pre-recorded message good afternoon chairman members of the board my name is Elizabeth Levy representing as youo speaking on proposal number 12 we know more about the surface of Mars than we do about the bottom of the ocean even so a new industry is moving forward to exploit the deep sea we believe this industry poses risks to Tesla now and into the future deep sea mining is the process of dredging the ocean floor to extract battery related minerals it will indiscriminately destroy habitats and obliterate life in its path seabed mining could release carbon stores and toxic sediment plumes poisoning marine food chains and disrupting sea life breeding and migration the deep sea is complex and abundant with life its ecosystems are slow growing and Fragile with little to no ability to recover from outside disturbance plans are moving forward to launch the process for commercial scale deep sea mining with or without regulation Tesla's membership in the oecd and Irma mining protocols does not resolve this issue as neither currently applies to mining in the deep sea over 800 Marine Science and policy experts 25 countries 72 indigenous groups and 48 companies are calling for a ban moratorium or precautionary pause on deep sea mining this includes Tesla's competitors BMW Renault rivan Volkswagen and Volvo even General Motors has stated it does not plan to use deep sea mine minerals our company's public stance on deep sea mining matters Tesla is the face of the EV transition and its ambiguous position on deep mining could drive investment in this controversial industry conversely a clear stance restricting Tesla's use of deep sea minerals can drive innovation in battery mineral Tech Recycling and circularity with these Technologies even the most ambitious future evu scenarios could be met without harming the deep sea Tesla's failure to take a stand on deep sea mining combined with the fact that a former Tesla board director is now serving as a board member and special advisor to the CEO of the metals company the very company leading the charge on deep sea mining raises concerns such a relationship appears to imply that Tesla supports the metals company in its deepsea mining activities committing to a moratorium will clarify expectations and reduce reputational harm to the company assuring customers and investors that Tesla will indeed wait until science shows deep sea mining will not cause significant or irreparable damage thank you thank you Miss Levy the board's response is set forth in the proxy please note that now is the final opportunity to submit any votes in order for them to be counted I declare that the polls are now closed [Applause] based on the proxies that we have received and the votes submitted at this meeting I'd like to announce the results on a preliminary basis with respect to the seven stockholder proposals our stockholders have approved the recommendations of the Tesla board on all of them except for proposal six regarding director terms and proposal seven regarding simple majority voting now moving on to the five Tesla proposals first our stockholders have approved the election of our two Class 2 directors James Murdoch and Kimbell musk to serve for a term of three years until their respective successors are duly elected and [Applause] qualified second our stockholders have approved executive compensation on a non-binding advisory basis third our stockholders have approved the ratification of appointment of price Waterhouse Cooper's Lop as Tesla's independent registered public accounting firm for the 2024 fiscal [Applause] year fourth our stockholders have approved the redomestication of Tesla from Delaware to Texas Fifth and finally our stockholders have approved the ratification of the 100% performance-based stock option award to Elon Musk that was approved by stockholders in 2018 [Applause] the meeting is now closed and with that Tesla shareholders let's welcome Elon [Applause] [Music] Musk the goal is to give people hope 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 Le were really the beginning of the end of the Tesla bubble I actually think the company could go bust Tesla's model Y is the world's best selling car beating out Toyota's R 4 and its Corolla models regarding FSD version 12 it's profound the rate of improvement is rapid it might be the biggest asset value appreciation in history when you can do unsuit biased full self driving I mean that just sounds like a story stock autonomous taxi I mean can you really balance want your checkbook with you know sort of Pie in the Sky predictions like that if you ask the wrong question the right answer is [Music] impossible my prediction is that a majority of Tesla's long-term value will be Optimist and that prediction I'm very confident [Music] of it's very rare a product comes along that is seemingly impossible that experts said would never be made and this is one of those times finally the future will look like the future people say like why' you make it bulletproof I'm like why not energy storage deployments the mega pack in particular reach an all-time high in q1 leading to record profitability for the energy business this is the machine that builds the machine and the factory is the product and this building is the most advanced car factory that Earth has ever [Applause] seen if you value Tesla as an auto company this is the wrong framework if somebody doesn't believe T is going to solve autonomy I think they should not be an investor in the company but we will and we are [Music] [Applause] [Music] hey guys welcome welcome to the Tesla shareholder meeting and I I just want to start off by saying Hot D I love you [Applause] guys yeah I we have the most awesome shareholder base I mean it's just incredible any public company it's incredible wow um so and uh you know we've we've got a a great uh sort of shareholder meeting here uh to recap the achievements of the the company and and and tell you about where we're going and it's uh I think it's incredible I think we're uh not just opening a new chapter for Tesla we're we're starting a new book [Applause] okay so th those of you whove been following Tesla closely uh understand like you get it you know um and uh so so like the important thing is you get it I mean it's um so the yeah where where things are going I think is just going to be absolutely mind-blowing um you know we're we're obviously making great progress in uh solving the sustainable energy problem uh you know with electric vehicles with stationary storage with uh solar um and uh and then terms I think in terms of the the value of the company autonomy is just such a mind-blowing thing that that um like I said you guys understand but I think most of the world does not yet understand so um and uh you know in talking to a lot of the sort of big institutional investors they're often in like New York and they don't drive cars so I'll be like U have you driven our car or have you have you tried self-driving you know the the version 12.3 uh and they're like oh no okay well you should try it that would be a good thing to do um and and if you just plot the points on the curve of how well autonomy is progressing and just believe the curve um it's headed towards a unsupervised full self-driving very quickly at an exponential Pace if you just if you just yeah it's it's I mean yeah [Applause] so it's it's it's it's really as simple as that and in fact i' I'd invite you to just do it personally just say okay with each release uh how many miles do you drive before you have to intervene um it's it's not it's like literally that that simple um and um with each release you'll see it there there's a big Improvement big Improvement and it looks like an exponential so and it's very clear that that will actually go to the point where it is actually far safer than a person driving the car um so uh and and I have some insight into you know the next releases because we we've we've got basically for every release that's on the road we we kind of see what the Next Generation releases and a little bit about the release after that so we have some insight into where it's going and it's really amazing um no question whatsoever that will far exceed uh human safety um uh yeah no question [Applause] so and um I think you know I have I have mentioned this but like sometimes it's it's like helpful to sort of reiterate um and connect some of the dots um because so sometimes people wonder well how do you go from this big Fleet to actually monetizing the fleet in an autonomous situation and it's it's actually a combination of like it's like Airbnb and Uber to some degree so like there'll be some cars that Tesla owns itself it's kind of like an Uber fashion but then for the fleet that is owned by our customers it will be like an Airbnb thing you can add or subtract your car to the fleet whenever you want so you can say like I'm going away for a week uh at just one tap on your Tesla app your car gets added to the fleet and it just makes money for you while you're gone yeah so you can say you can add it to the fleet for a few hours for a few days for a few weeks uh whenever you want it back you can say come back and car will come right back um and I'm highly confident that it will far exceed the value of like the revenue made by the the owner of the car will far exceed the actual monthly payment um and then Tes will obviously take a REV share on that um but most of the money will go to the owner of the car and it's this is actually going to work this is what will happen so you I mean I mark my words this is this is simply a matter of time now admittedly I'm a little optimistic sometimes uh you know I'm I you know so I don't have complete lack of self-awareness uh uh but if I wasn't optimistic this wouldn't exist this Factory wouldn't exist you know so [Music] so um you know that's my my brother who's awesome he's here got just got reelected well sorry those things so uh like a little anecdote um uh like when we were kids in school my my brother would tell me the uh the wrong time for the bus so that I wouldn't miss the bus and then I'd be upset with him like why did you tell me the bus was going to come earlier than it was and and he's like well cuz otherwise you'd be late for the bus this is an actual thing that that would happen so I'm I I guess I've been sort of pathologically optimistic from you know from birth um but but that's the reason we're this is all this stuff is happening anyway it's like I got to be somewhat pathologically optimistic but I do deliver in the end that's the important thing [Applause] [Music] [Applause] so um yeah and it's it's really just going to be something else um I've mentioned this before but like the for Aran bestest I'd recommend reading the Aran bestest analysis that's the most accurate there may be you know more accurate ones but the most accurate uh sort of analysis of the potential of autonomy uh the most accurate that that I'm aware of is is Kathy Wood's um AR invest uh so and if I recall correctly they they predicted somewhere over a $5 trillion valuation um for uh Tesla just based on vehicle autonomy not counting Optimus [Applause] yeah yeah I agree with that so so I I think I think just based on vehicle autonomy we can we can 10x more than 10x the value of the company um I believe that's what will happen hey no it's just what what do you know it's it's it's 4:20 p.m. just noticed that um so uh you [Laughter] know um so so I think that's actually I I think that's that's pretty accurate um but there's there's it actually gets way crazier uh when you think about the the Optimus uh robot which is really a humanoid robot that is intended to um you know be able to do anything you want it to do to be uh you know it's uh your you know your companion it can be at your house it can sort of uh babysit at your kids it could teach them uh be a teacher um it it you know it can do Factory stuff like I I think that the ultimate ratio of you say how many super useful humanoid helper Droids do you want like who doesn't want a C3PO you know um uh you know but a C3PO plus R2-D2 plus you know Plus+ um pretty awesome uh I think I think everyone in the world is going to want one like literally everyone um and and then there will be obviously uh robots in Industry um making stuff and so I mean I I think the ratio of humanoid robots to humans will probably be at least two to one something like that one: one for sure so which means like somewhere on the order of 10 billion uh humanoid robots um maybe maybe 20 or 30 um and so then it's like okay well let's say you know you you kind of make let's say the build rate is I I think the build rate will be probably something ultimately like a billion a year humanoid robots like actually um and if Tesla just has a 10% share of that and it might be a lot more than 10% um and there's you know we make like 100 million Optimus units a year just I mean for reference the Auto industry is roughly 100 million vehicles per year um so that you know sort of similar bup at least within an order of magnitude and I like I think we could make one for a cost of maybe at at at really high scale of about $10,000 it's it's it's smaller it's be less expensive than a car so uh and I think if you sold it for sell for $20,000 or something this is at Large Scale volume um Tesla would basically make about a trillion dollars of profit a year from that so [Applause] yeah if the price Tings multiple is say I know 20 or 25 something like that that would mean a 20 trillion market cap from Optimus Alone um and and probably 5 to 10 from autonomous vehicles so like I think it's actually conceivable it's with within the realm of possibility uh for Tesla to achieve a valuation 10 times that of the most valuable company today so so when I say this is like we're starting a new book I mean it's going to be the best book Next Level next next next next level um oh now we need to make sure these robots are nice to us and you know that's very important um yeah um so so anyway that so with that let me get into the presentation um blah blah blah blah blah blah blah blah [Laughter] oh man I I I think it might be worth us just putting a word limit on future shareholder Tesla [Laughter] proposals it's like it's like like you you can't have like a novel length you know it's CCT like you can't have a whole novel as a Tesla present Tesla proposal um so you know as you can see our impact is accelerating you know we're we're starting to make um a real noticeable then in C emissions so we're we're really you know making a lot of progress towards achieving our goal of sustainability um and uh one of the the effects of autonomy is actually is going to be uh an even greater effect on uh carbon emissions because I I I suspect that we'll go from Passenger cars having about 10 hours of usage per week about an hour and a half per day to probably a third of the hours in the week maybe 50 55 hours which means the same car uh will will be used five times more often so so you need a certain amount of resources to make the car but it'll have five times the usage in my opinion I think that's quite likely uh which will be uh an even more dramatic impact on carbon emissions so um you know we we care a lot about sustainable manufacturing uh our factories are beautiful like you walk around the factory uh it's it's it's actually you know contrary to these like what you reading the Press it's like a good vibe in the factory like people are smiling and happy it's like it's [Laughter] nice [Applause] so so yeah um so I mean we do care we actually do care a lot at Tesla about doing the right thing and we you know we're not going to be perfect but we do care a lot about doing the right thing um so our vehicles are water efficient energy efficient um you know we try uh whenever possible to use Renewables for powering the factory um and uh you know do do our best to do the right thing um our batteries are lasting a lot longer I got too many things in my hand um anyway the batteries are last lasting a lot longer which is which is good um uh safety is is is good in the factory um we're improving the affordability of EVS um you know model Y is comparable to BMW X3 but its actual cost of ownership on a monthly basis is much lower uh we were number one in EVS globally last year so yeah [Applause] [Music] [Applause] so uh yeah so let's see um and congrats to the Tesla team on making six million Vehicles all time [Applause] [Music] [Applause] so so I mean the Tesla Fleet is really becoming very substantial I mean it's going to be 7 million Vehicles by the end of this year over 7 million Vehicles so um [Applause] uh we had and our our Factory in Fremont is currently the highest volume Auto auto Factory in North America so and and we broke the prior production record from when it was numi um so it's uh it's actually pretty wild there's a we have a giant car factory in the San Francisco Bay Area uh it's it's like it's not exactly the cheapest place to have a car factory um it's like that in the Swiss elves or something you know um um but but we we still managed to make uh you know great cars at high volume and that's a testament to the the great team we've got in Fremont uh so congrats to the Premont [Music] [Applause] team um and you a lot of people were saying the Cyber truck is like fake it's never going to come out um you know and uh now we're shipping uh a lot of cyber trucks we we had a weekly um record of 1300 uh [Applause] so and you know I think with a cyber truck it it really is something special like um you know people sometimes have like different opinions on the Cyber truck but if you really want to know if there's a if something is is cool if it's if it's a great product like show it to a kid okay like no filter okay the kids got like no filter like a 5-year-old six-year-old something like that and or even three-year-old and say which car do you like [Laughter] cybertruck um so it's like that's how you know um and um it's finally something that it it just looks like the future it's um and it drives so well uh it you know it's comfortable it's it's just a fantastic product I think it's um I think it's our best product and um it's a lot of innovation it's got a 48 volt uh uh low voltage system finally instead of 12 volts uh 800 volt drivetrain the world's biggest castings uh you know it's bulletproof all the cool things can you know outpull a F350 Diesel uh which is a very impressive truck and it can um you know it it can do a quarter mile uh faster than a Porsche 911 while towing a Porsche 911 so that's insane um so [Applause] yeah and if you think if you think about it like how how often do companies make products that move your heart that are really special it's it's so rare and I think this is one of them so [Applause] yeah and we launched the upgraded three which is actually a fantastic car I recommend trying it out uh it's it's really a great car and uh it's only $216 after gas savings like total cost of ownership it's basically $200 and something dollars uh when compared to a gasoline car similar gasoline car so um it's it's really um a a great deal uh and a fun car um and the performance model 3 Performance is well it's like you know fast than Porsche 911 um it's uh just a great great car so yeah so [Applause] yeah um yeah and of course mon became the best selling vehicle globally and this this is something that we predicted uh so uh you know I think I said in like 2022 uh it would mod Y would be the biggest car in the world by Dollar volume sales and then 2023 it would be the biggest in uh unit volume and it was um and again this year it will be the bestselling car on so [Applause] [Applause] yeah um and uh we we got the the Tesla semi um you know we're we're in low volume production of the Tesla semi and um uh just last week uh I I approved the plans for volume production of the Tesla semi [Applause] so we're going to make uh a lot of semi trcks so we're going to start off with uh yeah it's it's it's something I think it'll actually move the needle financially it's not like a it's not a small small thing um and the thing about like a commercial vehicles is that companies that use them are super objective it's not like it's actually I mean obviously we're going to make it have cool style and be an awesome car but for commercial vehicles the companies that make the the buying decisions they they just look at and say like what are the numbers like is this cost less to transport or cost more to transport than than say a diesel truck and the thing is that the economics uh are much better than than a diesel truck it's kind of basically no-brainer um if if you're a Transport company don't use an electric that t Electric semi you're just losing money why would you do that do you not like money okay uh but if you do like money then I recommend using the Tesla semi and so so I think this is this is really going to actually uh sell at a scale that people will be surprised at and and will actually move the needle financially and do a lot of good um and uh also for for CO2 and and and sustainability because uh semis are driven all the time uh actually even at at much smaller numbers they have a very big effect on total carbon emissions solved so obviously we've got some new new products that we're working on uh under the covers uh and uh I think these These are um I think these going to be pretty special so uh you know some of them I I think people at maybe at first may think oh it's not going to be that amazing but just wait it will be [Applause] so so uh our supercharge network is continuing to grow uh you you know rumors of the death of the supercharg are greatly exaggerated uh we we are in fact uh continuing to grow the supercharge Network significantly in fact this year I think we will put more deploy more supercharges this year that are actually working um than the rest of Industry combined uh just FY so now now we are going to be more careful about about like you know the capital efficiency of where we deploy supercharges um but for sure any place that has congestion uh any sort of missing parts of the map that we're missing we're going to put the supercharges there so um even for the remainder of the year we we expect to spend about half a billion dollars on on supercharge of deployment so it's it's very significant it' be a well spent half a billion so this is a uh you know it's it's a lot so and we we're this is actually not showing a bunch of new markets that will be opening up later this year and next so we're obviously we want Tesla to be worldwide um and there's still a lot of countries that we you know have zero to very few Teslas and we obviously we want Tesla everywhere so uh there are a lot of new markets that we're going to open up uh later this year or next um we're also uh opening the supercharge of supercharges to other companies uh with the um that that's the adapter to the old uh some somewhat clunky connector uh but our goal is to be helpful to other car companies so any other car companies that are going electric uh we do want we do want to be helpful to them with our supercharg Network um so we're providing them with adapters uh and enabling them to have access to the Tesla supercharging network uh because we think it's better to do that that then to create a world Garden that inhibits uh EV [Applause] growth oops there was a bit of latency here um and we're also innovating a lot in uh battery production with the 4680 that's built right here um and uh it is it's a hard problem you know like there there are entire companies that just make battery cells that's all they do um and um but we're making good progress like all the Cyber trucks that you see use the Tesla 4680 cell um and uh that we have a clear path to the 4680 being we think probably the most competitive cell uh from its from a manufacturing efficiency standpoint and uh so it's it's but it is it is a hard problem I have to say there's there's quite a lot of brain damage required to be good at cell manufacturing it's like a brain damage High um but I think it does it does give Tesla um resilience in the face of if there are changes in the I don't know geopolitical situation somehow um but it like it's good to have some Independence in cell manufacturing um so uh yeah and we're making stady progress and we also have have the the cathode Refinery which you can see behind the the the main Factory so you can sort of see it in the picture there uh that's the cathode Refinery and then we've got the lithium Refinery uh in South Texas and so we're just making sure we've kind of got the pieces of the puzzle um and the I mean if you were to look at sort of a video of how Tesla does say cathode and and lithium refining and how the rest of Industry does it it's night and day I mean you can sort of eat off the floor uh in the in the Tesla Refinery and I would not recommend doing so in the others um so you know it's it's really it's it's we're definitely going very very vertical here um but I think that this is a it's a wise investment that will that will pay off more than people realize so [Applause] I don't think this thing's working um so this year uh we're also on track to uh complete a massive number of energy deployments so that um is a gigantic increase uh in in deployment uh capability so like we're really see we seem to be tracking to sort of a two to 300% year-over-year growth and in uh energy storage deployment and stationary pack so it's giant um and the the limiting factor really is being able to build more Mega packs and build more power walls um so we're ramping up production of the power wall 3 which is really a game Cher for at at the personal level the power wall 3 it usually takes about uh three iterations of of Any Given technology to to Really uh for for to be something where it's like okay now we're really hitting the sweet spot so power wall 3 is like an epic product um the mega pack is also U even it's I'd call it sort of iteration two of mega pack is is also an epic product with with the MEAP Pack 3 which is I don't know probably a couple years away um we'll we'll start uh actually absorbing more and more of the substation of the of the of the sort of Power Electronics so CU I sort of think you want to get to the point with the mega pack where you can literally just take the high voltage power lines and plug them in just there's no Sub Station we just just plug them in just drop them down and drop it down and plug it in that that's and now now it works um which is like mindblowing for the utility industry by the way like they're like what yeah you just plug the wires in and it'll work um for for for very high voltage so um that that I think is is actually going to be major so this is uh anyway so yeah this is this is great excellent work by the energy storage [Applause] team uh services and other uh are also looking good so we're actually now making money on the services and other stuff um so this is a kind of a big deal um great yeah so see uh yeah and Tesla is obviously way more than a car company um we you know we we do a lot of software at Tesla you know about I don't know roughly half the or a very huge percentage of of the engineering we do is actually software engineering um so Tesla's I'd say as much as software company is it it's a hardware company this is a very big deal because um car companies are not software companies normally uh so this this matters a lot so things like our aut aut software for energy storage all the software that controls the cars the mega packs power walls of the solar um the obviously for AI and and full self-driving or big deal Insurance uh service and collision um the Tes also writes a lot of software internally that uh that helps that like we call like the Tesla operating system internally that is Head and Shoulders above what any other uh company has I think probably better than any Fortune 500 company um the Tesla internal software is is just way better so it's yeah it's just a far more than what people normally think of as a car company um and Tesla is also the world the leader in real world AI so there's really um this is a big deal um like Tesla is ah head of of Google matter you know opening eye anyone on real world software actually look taking in video and making decisions based on video um no one can no one is even close um and it's getting better um I say with each passing month if not each passing week um so [Applause] yeah and and it's it's it's also worth noting that Tesla is actually pretty good at chip design um so the the AI inference chip that's that was designed by Tesla that's in cars we had um sort of our Hardware 3 AI and um cars made in you know over the past year have the hardware 4 um we've just completed design on Hardware 5 which we're now calling ai5 um because uh it it's it's really is it's it's there's still actually is not a a chip from Nvidia or from and I have a lot of respect for NVIDIA from any company that we would prefer to put in our car that is better than what we have in the car so so we we we started from scratch in chip design just as we started from scratch in AI software uh and have the best real world AI software and the and the best AI inference chip in the world from nothing so this is you know a big [Applause] deal and the the capability of the of the chips in the car is is dramatic like I mean right now uh all the cars are actually training um like we we have Hardware 4 run Hardware 3 in EM emulation mode so uh we'll continue to make significant progress in Hardware 3 but um later this year we'll actually bate continue working on Hardware 3 so so on train training on Hardware 3 but but uh then do separate training uh on Hardware 4 that'll be the the sort of training cluster that we're building at the south side of the gigafactory um and that'll be uh dedicated Hardware 4 video and uh inference um and you know so the the hardware 4 has cameras that have about four or five times better resolution and depending on how you count the the sort of harder four it's it's about anywhere from three to eight times better than Hardware 3 so but but everything you're seeing thus far is just Hardware 3 and we still have a long way to go before we get we reach the limits of Hardware 3 so Hardware 3 I think we'll we'll still we'll do amazing things but but Hardware 4 I think we'll probably do uh about five times better um then Hardware five which comes out in about 18 months or so is 10 times more capable than Hardware full it it's like a a s if you know Nvidia Hardware it's it's sort of a a b200 class computer um so uh you know that's like this so what we'll just progressively do is improve how many nines of reliability the car gets um and I and then of course that will go into Optimus as well so the same uh chip will go into um you know uh HRA 4 will go into optim is is an Optimus um Hardware ai5 which we're calling switching from Hardware 5 to ai5 will be an Optimus and in all cars in about 18 months um and it's really just a a staggering amount of compute and it's very it's very power efficient compute so it's it's got to be because if you're in a mobile application like a humanoid robot or a car you you can't just be socking down 10 kilowatts you know like you can in a data center um so you've got to be very power efficient um so the you know um sort of Hardware three and four are only a few hundred Watts um yeah yeah this is hard now Hardware 5 we will be able to go probably up to about 7 or 800 watts it but it will it'll power fluctuate um contingent upon the complexity of the scene that it is that it is in so if it is in a you know parking lot station areas like you know comp you know don't have to think very much just like a person like if you're in a complicated traffic scenario you've got to think a lot more than if you're just cruising along you know on an empty road um but something that I think is potentially interesting down the road is like at some point the Tesla Fleet I think will probably be you know over 100 million vehicles and if each vehicle has a kilowatt of efficient inference compute um I think there's a there I think there's an sort of an Amazon web services AWS type opportunity because if you got 100 million vehicles with a kilowatt of efficient inference compute you've got 100 gaw of compute like 100 gaws of compute is a lot and it's distributed all over the world so even so when the car is not in autonomous mode which I think probably is you know in doing robot taxi work maybe 50 60 hours a week but about 100 hours a week it's it's not uh it's probably stationary so so there's 100 hours of 100 gws of inference compute which I think we should use um why not um you know when when when people looked at Amazon were started out I say as an online book seller and it's um you know uh has grown to be like this incredible place where you can buy anything and and then they and then Amazon web services like well they got all these computers that only really see Peak usage sometimes um but what are they going to do when it's not Peak usage um and sometimes Amazon servers are down like 10% so that's when they said well let's do Amazon web services and then Amazon web services became more valuable than the entire rest of Amazon and you know I think there's there's some kind of opportunity there that's pretty significant for for Tesla down the road um you know again that's really nobody's really factoring that in um but I think that that actually will be quite significant uh we also are no longer compute constrained uh for training uh so uh I check in with the team is like um is there anything we could do to improve the pace of progress with respect to training and inference uh and currently that is not the limiting factor in fact the limiting factor right now is that the the the amount of miles between interventions is uh so long that it takes quite a while to figure out which version is better than the other version because none of them are requiring any interventions so it's like you know if you start getting to like thousands of miles between interventions or you 10,000 miles to get an intervention then like well the average person only drives about 10,000 miles in a year um and if it's in a an urban environment and the average speed is 20 M hour I mean so our professional test drivers get pretty bored frankly you know they they're like okay I drove all week and there was no intervention like like the highlight of the week would be like yes an intervention finally it's like getting to that point um so so this is where uh actually having a a giant Fleet is extremely important because we can deploy uh a new FSD model and run it in Shadow mode and see what see how well it performs uh Rel you know compare how the human drives the car versus the the new self-driving build and and then Analyze That Delta in Shadow mode like the shadow knows uh or doesn't know um as the case may be and and then be able to assess by getting billions of Miles uh very quickly uh with the giant Fleet like that basically that that data engine is incredibly helpful like actually it's not possible to solve the self-driving problem without having millions of vehicles on the road so um so that's actually the is like figuring out clever ways to test which H how good the next build FSD build is is is actually the limiting factor right now and then of course like I said we are building another training data center right here uh which will be dedicated to Hardware 4 training um so we we'll we'll bate Hardware 3 and Hardware 4 training later this year we'll we'll keep improving Hardware 3 but we we're going to uncor the full capability of Hardware 4 as well so yeah [Applause] and I think I think most people here have tried out version 12 um would it say like UNS sort of unsupervised full self driving full self driving would be version 12 so we we are actually just keeping the version arbitrarily at 12 and then like calling it 12.4 12.3 12.4 12.5 but it's actually really like version 13 version 14 but interesting this is an arbitrary designation um so 12.4 is actually like a whole different version than than 12.3 and 12.5 is a whole different version 12.4 um so you'll see really giant improvements I think sometimes factor of 10 improvements uh between successive versions and then as I mentioned the way it'll work for the existing Fleet is you'll be able to add or subtract your car to the fleet as as you'd like um and uh and there will also be Tesla owned cars so it'll be a combination of like uber plus Airbnb um but it'll be pretty wild that the that there'll be a software update and then the whole the whole Fleet suddenly becomes accessible it's like suddenly you've got I 7 million 10 million cars that can uh ultimately tens of millions of cars that can do autonomous driving um and instead of being used 10 hours a week can be used 50 or 60 hours a [Applause] week so it's it's pretty wild to just you know be in palto with a bunch of cubes and then a humanoid robot just walk past um we've made a massive amount of progress with Optimus in a short period of time from someone pretending to be a robot dancing in a suit uh to a pretty Hodge pody robot to a robot that is actually doing useful tasks in the factory today um so we have two Optimus robots in our Fremont Factory that are doing basically this task which is taking cells off the end of the line and placing them in a shipping container and um yeah we actually have quite a few of these cruising around our offices in in paloalto uh so there's and and I think we've got kind of like one major Hardware revision which should be done by end of this year or early next uh before and and then we'll move into a limited production next year of Optimus limited production for use in our factories where we'll test out the product kind of you know you know as I said sort of eat our own dog food or whatever the electronic equivalent all that is um so uh but I I think like next year I my prediction is next year we'll have over over a thousand maybe a few thousand Optimus robots working at Tesla [Applause] and and and things are going to scale up very rapidly uh from there uh so we'll iron out the bugs it'll like the degree of autonomy will be um radically better you'll just literally be able to talk to it and say please do this task or I'm going to show you something now do that the thing that I'm showing you um and uh you know get to the point where it can watch a video of something like a person and and then learn just by looking at that video and and do that task so yeah um so really it's going to be quite something um and and I'm confident of the prediction that there will be more uh like the ratio of humanoid robust to humans will be greater than one: one um so that they'll be you know more than 10 billion humanid robots in the world um probably 20 or more and tells is going to be by far the leader in that um you're seeing a lot of uh uh robot startups um and but I think it's actually very challenging to to do Optimus as a robot startup because what we found to make Optimus work we've had to design EV design from first principles from scratch uh every part of the robot so the motors the gearbox the sensors uh the Power Electronics the communication system everything had to be done from scratch we we found that there's basically nothing there's no supply chain so even though there are many electric motors made in the world there's no supply chain for the types of motors and sensors and gearboxes that are needed for a humanoid robot um and I mean what you seeing here is our current generation uh hand and arm but our next which has 11 degrees of freedom our next Generation has 22 degrees of freedom um it will be able to play the piano so it's it's really like wow um now of course like I said we need to make sure we don't have the terminat scenario that's very important um so know say safety of the humanoid robot will be very important um but because it requires so much uh groundup design designing every motor gearbox sensor Power Electronics from scratch it's it's very hard for a startup to if not impossible for a startup to replicate that but at Tesla we have the world's best electrical engineering uh I think we've got the world's best mechanical engineering for for gearboxes and uh and and for um you electric motors Power Electronics uh so you know we have the resources to do that it it applies quite well uh and then you also have to have the the brain you need the you need the the the you need a power efficient inference computer um which we've got for the car and we'll be using an Optimus uh you need AI real you need to be the best in real world Ai and Tesla is the best in real world AI so you need all of these you need a very strong hand of cards in order to um make a compelling a robot and then you also need to be very good at scale manufacturing so in order to have the robot not cost like hundreds of thousands of dollars in order to make it cost like you know 10 or $20,000 you actually need to design for manufacturing and be very good at manufacturing um and what in my experience prototypes are are easy compared to volume manufacturing prototypes are easy production is hard um relatively speaking so Tesla has the production capability it has the engineering capability and it has the AI hardware and software capability um um and even the most optimistic estimates that I've seen for for Optimus the Optimus Optimist um um I think under undercount the magnitude of of what this what will be able to do um you know as I said at the beginning of the of the presentation I you know I agree with the aren best analysis that uh autonomous transport is called sort of a 5 to7 trillion dollar market cap situation Optimus I think is is a a 25 literally $25 trillion market cap situation [Applause] so now I don't want to I don't want to tralize tralize what's necessary to get there I mean it's an immense amount of work that is required to get there like super difficult U but uh we are moving very fast down that road and we're going to make it happen so thank [Applause] you I guess with that we can go to Q&A sorry yeah uh oh I guess we've got mics lined up [Laughter] dive for the mic hey Elon uh last year I thanked you for making the world a better place for my son to live in and I wasn't clear in particular I was referring to what you've done for the First Amendment and our rights thank you uh [Applause] history will not forget it and the sacrifices you made and the risks you took will pay off and have paid off thank you yeah well I very much appreciate that you know I think it's you have to say like why was it why was the first amendment so important um is because you know people came here from places where if they spoke their mind they'd be put in prison or killed um or just shut out from society ostracized as so freedom of speech is absolutely fundamental to a good future um and yeah that's the reason for you know acquiring Twitter and and try to you just making it a free speech platform um and uh I I think it's it was like I think very important to just the future of civilization so thank [Applause] you uh hey Elon uh my name's Ronnie uh I'm on your right side how's it going hey um I work for uh Tesla sales in uh Orland Park Illinois and um I was always wondering do you think Tesla could ever move forward uh towards bundling software as like a package to you know possibly increase take rate for FSD you know maybe bundle it with premium connectivity and uh future soft for options um I think we we definitely want to encourage people to try uh FSD and uh one of the things I sort of I think probably makes sense is that when we have um a significant Improvement every time we have a significant Improvement in FSD give people you know give all customers a like a twoe free trial so like hey we've made a an improvement to FSD you know try it for another two weeks um you know with with with 12.4 we finally get rid of the steering wheel nag which I know was driving people crazy yeah like like like thank heaven for small mercies um so um you know even just something like that not having the steer steering wheel nag and obviously having a far lower uh intervention count like or far more miles between interventions um so I think we'll you know I think keep sort of offering people free trials of of FSD every time we make a significant Improvement thank [Applause] you oh sorry yeah it's when you hear the loud of the speakers you're like ears don't work you know good afternoon yeah uh two questions actually first after uh $ 56 billion you can afford to probably take your kids to Disneyland now is that where you're going uh um well I I mean by the way it is worth emphasizing that is Tesla stock that I have to own for five years uh so you know like it's there like it's not possible to like it's not actually cash and I can't cut and run nor would I want to um but uh and uh I've actually been to Disney Disneyland Disney World many times with kids uh it's a little tough for me to go these days without crosing a Ruckus um you know uh maybe I should just like wear a Mickey Mouse outfit just go and you know pretend I'm like one of the so as we um as we work on autonomy and we're getting to that threshold where things are getting to a seriously advanced level um eventually there are going to be some harsh consequences it's part of breaking through right and I'm just curious where your mind is at on that and have you thought about you know some of those early consequences that were unfortunately going to have to have in order to have a better safer uh future I'm just wondering you mean like scary robots or what no no in Auto in Auto in the cars with full self- driving and okay like we've seen some companies that there's been some unfortunate uh mishaps and they just straight up like close shop and you know that's not the plan but those are real consequences of of developing this technology and I'm just wondering where your mind is at on that yeah well we are we do try to be very careful with the deployment of uh FSD um and you know we do have a a lot of cars so what like like inevitably when there are a lot of cars and you've got you know billions of miles you do have the low of Lodge numbers where okay there's a small chance of something bad happening but when you look at the sort of safety per mile um because we got a lot of miles it's very clear that the safety per mile is better than um human driving so um so when when we you know we can show that to regulators and obviously make our case to the public and say like actually you know human driving is not perfect uh you know there's there's a per person killed roughly every 80 million miles so like I think like 35 40,000 people are killed every year in the US from auto accidents um what matters is like are we making that number smaller and as long as we're making that that number smaller we're doing the right thing thank you hey Elon this is Bash I have one question uh sure so we know that we know that uh we love you all we love from our bottom of the heart we love you so much Elon my question is my question is like we all know Tesla will be the most valuable company in the world one day yeah we just want to know if you have any prediction when and what is the infection Point what when when we can say this is the inspection point is is it solving the FSD or is it like Optimus on ground will be the point from your you know perspective well as I mentioned before I think it's worth looking at the uh you know um the arch invest uh analysis I think that is the most accurate analysis their prediction is I think 5 to7 trillion by 2029 market cap so more than 10 times what things are today in 5 years I think that is accurate thank you thank you all right hey Elon hey hey huge fan and I think history will show that you've had a profound impact on Humanity so I think that's just given and uh just couple of questions I guess um uh I fixed my Tesla addiction by putting cars on turo and I found that about half my rers is the first time they're driving a Tesla and then the other half really want to buy one uh after they've tried it out uh so I guess a couple questions when could we expect maybe the referral program to come back if it would come back and uh could we also get a passenger van like a 12 passenger van sometime soonish I'll add that to my list uh um so the yeah so the referral program um like yeah um I think we'll we'll we'll reexamine the referral program probably next quarter um and uh like it is very important to sort of look at the what is the fully considered cost of a Tesla so with the referral program it effectively increases the price of the car so you know is the price increase what what is better for the End customer is a slight price increase because of the referral Pro program or or not um but I we examine that I think in you know next quarter and and see if see if it makes sense uh I think some kind of referral program does make sense um and uh you know but I think for a lot of people like by far like by far the biggest thing we see is that people just can't afford the car that's the biggest thing like that's the limiter on demand um you can imagine in the limit if there was say uh you know an 18 like if if model y cost like less than $20,000 it sell like probably 5 million units like it would be insane so uh now that's not feasible you know today but I think working on figuring out ways to make more affordable Vehicles is really the the game changer like for for most people it is really not a question of of whether they want a Tesla they do want a Tesla they simply do not have enough money to afford one so we have to make it affordable that's That's essential thank you hey I just want to introduce myself my name is Hamza first off thank you for introducing me to hrebec he and I are now like close thanks to you and I moved to Austin thanks to you so uh my question is basically um for FSD transfer I think that should be something that should be ongoing I think not only on the benefit of you for getting more people on the fleet and getting you know statistics and info but also as Tesla owners it makes us want to get the next model and transfer over you know for instance the thing that's been holding me back is wanting to wait for the fstd transfer again so is there a reason why you haven't implemented that for like ongoing time it it is pretty complex for us to to do this it's sort of uh adds a fa bit of complexity to the the sales process um but uh yeah and it is tough because we got to own Revenue somehow um so you know transfer is is is tough uh but we sorry one more quarter okay one more quarter all right you got it one more quarter all right so yeah um all right oh Elon thank you for hosting us uh if you can see me I'm trembling uncontrollably it really look up to you um shareholder consumer um you know tripled my humble tiny little portion of of your shares the last two days just being engaged knowing we coming here and appreciate you hosting a Shar holders and it just means so much to us you're welcome um you're an absolute Idol this question comes because I care about you as a human being but in the context of being a shareholder um unlocking these values of Optimus we need you and uh just with all the global uncertainty you're so high-profile just want to make sure you're doing everything to take care of yourself safety and health for the future of the company um I say that cuz I care about you as a person but since this is a shareholder meaning and the spirit of shareholder value well thank you I appreciate the kind sentiment um uh yeah I I think I I probably need to like work out and um you know and and like not get not get assassinated or something you know um I I mean it it is getting a little crazy these days uh you know like to First approximation the prob that that um a homicidal maniac will try to kill you is proportionate to how many homicidal Maniacs hear your name okay so they hear my name a lot I'm like okay I'm on the list you know uh so um yeah so we actually did have two homicidal Maniacs in the last roughly seven months come to aspirationally try to kill me and a bunch of other people um so it's not just me um and uh and there wasn't like like an actual issue that they articulated they were just you know in the homicidal maniac career so uh and um so I do need to be kind of careful it it is which is not great because like forces me to be a bit more sort of standoffish uh you know and um you know like so now like I've like stopped signing things cuz just you know something CU like that would be a sure way to like homicidal Mania Go San fris ass something and then shoot him uh type of thing um so then I you know I have to be like more stand offish and stuff um which I prefer not to be but it seems wise like think of like John Lennon who was like singing about like hey can't we all just be nice to each other and then he got shot you know by one of his fans like okay this we'll try to avoid that um so anyway I appreciate the kind sentiments I will endeavor to uh uh stay alive and keep and yeah so all right hi Elon um I was reading an article the other day um is Tesla still have somewhere in the product timeline a home interact system in the works a home interact system uh we do not have a home trct system that I'm aware of no no we do not one HVAC system oh HVAC oh h back yeah yeah sure um yeah in the list of things that would be like more useful than like it would be nice to do would be a great HVAC system that is very power efficient you know has like a bulin he a filter and uh like take a lot of things that we've learned in the car and apply that to home hbac um because I'm I I actually maybe there is a great home HVAC system out there but I don't I haven't found it which is pry pretty wild um and and just building in the filtration system and you know being able to sort of maybe also control humidity somewhat and um like I said be super efficient and quiet which are all things that we we do in the car um that would be a pretty sweet thing to do um you know maybe we can combine that with the power wall or something um on the list of things to do that is not super high um but I it would be it would be cool to do do that one day hi this is s I just want to thank you for making the Cyber truck and you're welcome yeah kids love it really my four and sixy old they love it exactly that's what I saying kids it's like amazing it's like I went to Disney uh last week nobody looks at Disney everybody looks at Cyber yeah there's a funny story if if you may allow so we were preparing my daughter we went to Destin and then from there we were driving to uh Disney and then we were preparing my daughter to she's 4 years uh to just get used to the lines and you know you have to have a lot of patient to get in the line and she's like Dada why don't we just say we'll show you our saber truck and then we'll cut the lines I mean she got used to it because we were driving superchargers and then everybody was coming over taking pictures sure it's a funny story you know yeah yeah and then I have a request would you allow six year-old to tour the factory maybe someday in the future right now it's C at 12 years okay even though we have referral rewards it's CED 12 years would you allow the kids to tour the factory maybe they can see the robots sure sure uh if you make an event or something like that yeah maybe we could have like a always like worried about kids safety and stuff you know in case kid like goes running off into like the robot sell or something but um but yeah we we could I think lower this maybe have like a more limited to her that's you know enables younger kids to go sure we'll do that all right see that okay Donald Trump has been a big critic of electric vehicles but last week he surprised Us by saying he's a big fan of Tesla and a big fan of [Applause] you what did you tell him well you know I can be persuasive um [Music] so yeah um actually I I don't exactly know why he this good question I mean you know I have had some conversations with him and he does he does call me out of the blue for no reason I don't know why but he does and it's and it's like he's very nice when he calls and uh you know and I was like you know you know electric cars I think are pretty good for the future America's the leader in electric cars you know you know by America and stuff and uh um oh and I think he actually a lot of his friends now have Teslas and they they will love it and he's a huge fan of the Cyber truck um so I think those may be contributing factors you [Applause] know hey Elon on your right sorry yeah my name's Keanu longtime fan of your like brand and company and everything um I'm wondering when you take the driver out of the seat for the driverless car how do you plan to handle interventions which I'm sure will happen at some rate even if they're rare yeah so there's I mean clearly we want to make sure that if if there's no driver in the car the probability of of a severe intervention is extremely low you know you know we um we want to make sure like the the car is extremely cautious around vulnerable Road users like cyclists or pedestrians um so really we'd want the um the probability of of a of of hurting as a pedestrian or cyclist to be incredibly low like way lower than someone driving a car um now then there there are interventions that happen where the car is simply like I don't know get stuck down a one-way Street where with a like crazy construction situation um that but in which case it'll it'll basically phone home and say help I need I'm stuck and then uh I think we can probably solve a lot of these things just by you know remoting into the car and and kind of like steering it like a giant RC car um that's that's what I'm guessing that's what what I think we'll do than hey Elon on more be from Kazakhstan thanks for installing superchargers um I just want to acknowledge Tesla Boomer mama and soya Meritt for all the efforts they to organize the yeah there's a Afterparty to celebrate at luster Pearl East if you guys want to come and celebrate all the efforts for the community congratul ulations Elon thank you y um thanks for hosting today Elon uh it's about four years since you did battery day and and grew out those very ambitious targets of getting to a ter hour of batteries and earlier in your presentation you alluded to the great difficulty of scaling up this new technology I think as shareholders we're most interested um can you tell us a little bit more because in terms of affordability which you also mentioned does this huge burden um these 46 80s get manufacturing credits and also on the consumer side get large credits as well if you could scale that so that we could produce full level of cyber trucks and also start to put them back in the Y and the three potentially it would greatly improve affordability and be great in terms of scale sure um the um so achieving affordability is actually at this point um um more about the rest of the car than it is actually about the battery pack uh so the the price per kilowatt hour of cells from suppliers has dropped dramatically so there there was a massive Spike for a few years in the cost of of lithium ion cells from suppliers because every car manufacturer put in gigantic orders for battery packs like giant giant orders so the price of like of lithium and like all the raw materials and the the battery cells went went crazy it doubled um like the price of cells doubled um price of lithium I think went up at almost like like five fivefold or like 500% like went up crazy numbers um so since then um the demand like suppliers battery cell suppliers have increased their supply um and the orders from other car manufacturers have declined um so I mean it is worth noting that it's it's like it's tough sledding out there for EVS um you know GM announced I think a 50% reduction in recently and in their EVS uh Ford announced reductions um I think almost every manufacturer has announced reductions in their electric vehicle plans um now Tesla we're going to increase um but it but it is not an easy Market um and uh but to to to get the the cost of car down it's it's really the the pack is a piece of the puzzle but it's it's really everything else too um so I I I really would describe like like making a car more affordable it's like Game of Thrones but pennies game of pennies so there's C to First approximation 10,000 unique items in a car and if each each one costs five bucks or you then you've got a $50,000 car um so to actually get the cost of car down you've got to uh chisel away pennies um and to to get the 10,000 items to be you know $3 instead of $5 that's kind of what it amounts to um now with respect to our own cell production we do see a path to cost par by the end of this year um a very difficult path to cost parity currently our 468 are uh cost more than our suppliers um now they cost more than the suppliers today but they cost less left in the suppliers a year ago so you know like there's a bit of a feast famine thing with with battery cell Supply it's kind of like for Dram chips you know like the dram industry goes from like you know over Supply to under Supply the price of dram changes like crazy um it's kind of like that for sales um so um but we expect to achieve cost cost prity with even the the much lower uh Supply or sell price uh today uh by the end of the year um hi Mr musk I've been a long-term uh investor uh since 2012 great wow and I voted for your compensation package in 2018 again uh this year and shout out to uh Tesla Boomer Mama Alexandra um you I had a privilege to talk to you in 2013 uh briefly and you spoke about the truck which became to cybertruck um you're a man of your reward um I have friends all over the world in Asia Canada and Europe and I I know that cybertruck's been on tour how's been the the reception for the Cyber truck and when will it be or is it possible to sell when when will it be sold internationally um yeah so um I think Pro you know we might be able to certify it for other markets sometime next year um but uh like for for sure this year it's just North America um we did design the car to North American requirements uh because uh if you start going with the superet of all International requirements it forces a lot of constraints on the on on Cyber Tru that would make the product frankly worse um so I think we we'll we'll need to make a special version that is for example a China compliant or Europe compliant um and um but but really doesn't make sense to add that complexity until we've uh achieved a higher volume production on the Cyber truck there's still a lot of work to do on uh cost down for the Cyber truck um you know I generally say like the the level of difficulty uh going from say prototype you go from prototype to production it's a 100 times harder to go from from the you know from prototype to production is 100 times harder and then once you reach production to improve the price by 20% like or the cost of goods by 20% is harder than reaching production in the first place like it's Mega pain it's like you know and to be frank it's not the funnest job in the world you know like chiseling pennies is not uh it's like washing the dishes frankly you know like wash a lot of dishes here um I could super fun to make prototypes that's really fun and it's it's kind of cool to get it's it's pretty cool to get the production going then the cost grind is a grind that is like you know it's hard work um you know there's some reward to it like there's sort of a reward to washing the dishes I guess uh you have clean dishes um but it's that is that is is a tough so that's real hard work I just had to say that it there's been a really big reception like have friends that you know messaged me and said they love the Cyber Truck design and it's it's definitely a head turner so oh yeah I I I think from a demand standpoint we would have plenty of demand in other parts of the world for cyber truck no question like wherever it goes anywhere in the world it's a gets a massive crowd so so it's not a demand thing it's uh it's really we've got to reach volume production go through the cost grind uh I can't I it difficult for me to overstate the difficulty in the cost grind it's really intense um and then we've got to recertify the car which includes making some design changes for uh to meet to be compliant in other markets all right good afternoon Elon um I like your shoes I don't know if everybody else can see them C out there cyber truck yeah um my question was uh in regards to the foundation series do you guys have a certain number that you are planning on making or a timeline of when the non-foundation series are going to come out uh yeah we'll start making the we'll we'll we'll end the foundation series actually pretty soon um and the non Foundation series uh sometime next [Applause] quarter hi Elon thank you for delivering shareholder value and congrats on your pay package um and I'm Michael I ask a lot of questions on the quarterly investor um and I wanted to ask you can you give me a little bit more color on the neural net scaling laws that you're seeing as you're training FSD like how much data how much more inference compute how much more training compute um do you need um for each successive nine in reliability of the full self-driving software and how much data are you currently collecting thank you yeah that's a great question um I mean that's something that we go through really every week at at Tesla um I spent a lot of time with the the Tesla AI team um and um you I think probably like you know like a huge portion of I mean it's it's it's it's really like a big part of my job is is like okay we need we need to get the car to drive itself um you know and uh yeah you need to solve things on a on a chip level for inference for training uh for software there's also massive data data storage uh challenges because you got pedabytes of video coming in um and uh you know even for for say for a big Nvidia cluster it's actually really hard to make a big Nvidia cluster actually work in training it doesn't just open the box and plug it in it's not like that at all it's like massive effort required to get a big training cluster uh to to operate with to operate at all and then operate operate with high up time um so I mean with respect to like the various versions that we're seeing um like you go from version 123 well like if you just ignore the 12 and and think of it like three four five six that's actually the way to think about it ignore the 12 part and and just call it like version three version four version five that's version six that that's how to think about it between each one there's anywhere from I don't know a minimum of a doubling of improvement to in some cases I think a five to tenfold Improvement um uh you know especially as we eliminate sort of uh say I think we're close to eliminating almost all static object uh collisions so you know like curves and um medians and like we're pretty close to to having it to have almost zero uh static object collisions so once you get to zero static OB that now you have a gigantic Improvement in miles between intervention um then you get into classes of dynamic objects uh that are you know different classes and different things can get obviously very complicated if you've got a complex intersection with traffic lights all over the place and like somebody bumped the one traffic light now's pointing in the wrong direction um or the traffic light's broken um and and there's someone who is not obeying the traffic laws because they're just running a red or they got confused about traffic light so you get into these very complex situations that are much harder to solve um uh so but but and then like as I was saying earlier um it actually gets as as the system gets better it get it it gets harder to figure out which which which AI model is better like like because now you know like okay it's thousands of miles between intervention um how do we as quickly as possible figure out which AI model is better and when when you make make these different AI models they're they're obviously not like super deterministic so you could have something a new model that does that eliminates one problem but uh creates another problem so um so so what so we're trying to solve this by a combination of simulation uh uploading models having them run in Shadow mode so it's actually kind of helpful that not everyone has full self driving because we can see we can write it in Shadow mode and see what would the what would this new model have done compared to what the user did um so since we've got you know millions of cars that we can do this with that gives us a Delta between what the AI model predicted would do and and the user would do and if you kind of sum up the errors uh between them you can see oh there there was a bigger uh error stack from this model versus that model when you uploaded them into each upload them into 100,000 cars um but that's that's that's the the biggest limiter right now it's it's not training uh it's not it's not data it's actually testing the AI models um and then figuring out clever ways to figure out if a new model is better or not um like we know like there are sort of particular intersections that are difficult and so we if we just uh like like all the models will be great at like driving on a on a on a wellp painted road with no intersection they will be great at that but but will they be great at the complicate so so we've identified several thousand intersections in the United States where we'll we'll actually take the new model and try the car in those um those very difficult intersection like you know a sort of for the famous like Chuck's left turn [Applause] yeah so if you imagine Chuck's left tone hey Chuck um I wonder what the neighbors think um but there there's there's many such uh complicated uh traffic situations in the country so we we've identified several thousand which should we then um send cars to those locations to compare the models um and um and then as as I mentioned there's we we have yet to uncor any of the ability of Hardware 4 which we'll do later this year um so I I I think the you know the exponential rate of improvement of miles between intervention will continue and will accelerate yeah so hey Elon um I was wondering if uh uh as you you you've called a a Tesla basically a robot with wheels and so I'm wondering kind of as that as as that logic transfers over to Optimus uh what kind of will Tesla use any large language models on top of uh the current uh Tesla Tesla robox capabilities and also if so uh will Optimus uh have any kind of personality and uh would would that be something that the end user might be able to have control over uh yes to all of those questions yes to all um so like we're headed for a wild future I mean wild wild wild um you know cars will all drive themselves people will have super helpful humanoid help robots um and yeah you'll be able to customize the personality customize the voice um and and really kind of the robot will kind of get to know you as well and know your preferences you won't even have to say things because it'll just kind of understand you I I think it we'll get to this point where it's like it'll be odd not to have a robot buddy like you know sort of not not to have your C3PO and you know R2D2 so yeah yeah hi Ellen Max here huge fun thank you for hosting us I wanted to ask you um How do you how much integration work do you think will be needed to deploy Optimus into different types of factories Industries like unique technicians or just have them go watch and like how do you foresee that well if I think if you fast forward a few years uh it really will be quite a generalized robot like uh say two years from now like like next year it'll like this year it's still quite specific you you know tasks specific training um so to do a particular task we we have to kind of do Fair B training uh to to to solve that task um but over time I think you sort of accumulate these kind of training Primitives where like calling like walking for example is a training primitive um uh picking something identifying an object and and grabbing it is would be a primitive um and these Primitives are then generalized to to anything um so you could say pick up a cup pick up a shirt fold the shirt uh these these things will generalize I think quite quickly um so I I expect probably not next year but like in 2026 it's it's really the kind of thing where you you could tell it to do kind of a wide range of tasks a wide range of tasks including tasks where has not specifically done that exact thing before probably in I'm guessing 2026 true and do you foresee a cheaper version where tasks don't require like walking for example or so you the the hardware will become a lot simpler or cheaper um well we're going to focus on making uh just a fantastic humanoid robot um at scale um and uh and really achieving scale economies and building that humanoid robot the you know at at very high volume if you're really good at manufacturing you can get the the cost of almost anything down to its constituent elements essentially the the the weight and if you just look at the the weight of the raw materials times the value of those raw materials excluding circuit boards um you you really can say like if if it weighs less it's going to cost less um and but but but what I'm saying is that it's it's better for us to achieve very high volume with Optimus than to have a wide range of robots uh that have lower volume yeah right uh hi there okay one of the best things about the um re certifying of your compensation package was listening to all the positive feedback of current inmer employees to what you have contributed to Tesla in the unfortunate event that you're hit by a car not full self-driving can you take a few minutes or a few seconds and brag them on your board and the rest of your leadership to assure us that even without you Tesla has an incredible future at $30 trillion well I think Tesla has a good future without me I I I think I I'm a helpful accelerant to that future [Applause] um and for for for technology it matters if you're ahead or or not ahead aot a lot um so the the rate of like what matters is not Innovation but the rate of innovation um you know can you do in one year what other companies do in two years or three years um so like probably my you know biggest most helpful thing is is innovation accelerant um and uh you know because given enough time the the various startups that are doing humanoid robots will eventually succeed one of them will um and uh so what really matters is can we be much faster than everyone else can our product be done a few years ahead before theirs and be better um because if that's not the case then then you know you they will achieve the valuation and not not Tesla they will make the valuable product not Tesla so um you know that's that's where I I think I'm probably most useful is that is accelerating the pace of technology and innovation and getting to scale um yeah um that's that's that's it mostly um but I I am very much hardened by and appreciate the support of current for tells employees tells the board and and all you guys for helping out um you know my Haw goes out of you hi you Jessica or my name is Jessica and um I have lived full-time RV for about 3 years in South Texas and I just wanted to thank you for your Starship or for the Starship program and everything you're doing there uh in addition to Tesla do you work at SpaceX or something no okay okay but you living in RV in South Texas yeah okay um hi and um in my RV park they don't allow car camping for Teslas or electric vehicles at all um if you're not pulling a trailer and I feel that there's a huge opportunity there um but also for Just For example people who are coming into town for Starship launches in Tesla's um if they could park somewhere overnight in trickle charge okay and U maybe have access to you know bathroom facility or just something simple like that okay um just something I wanted to just put forward I I know that uh a lot of people come into the park and are disappointed they can't stay so okay got it just just a thought all right uh I'll I'll inquire to see if there's like maybe some place that would allow people to uh stay in their cars um which in in a Tesla you really can often stay quite comfortably in a car um and uh yeah and and charge all right thanks all right I I think so this this this will have to be the the last question I think or maybe last two yeah all right so last two questions you and two guys heyan my name is stepen I'm truly thankful for all you've done for Humanity and watching your companies and what you've done has been the most exciting hope inspiring movie that there's ever been so thank you so much and thank you yeah thank you and my question today is about uh lithium refining in the past you stated that would be a limiting factor in the future and I know Tesla has built the refinery in Texas I was just kind of curious your current opinion about the refiner uh do you think there's enough capacity coming online or will Tesla need to expand past Texas in that regard um there's there's enough lithium refining if you count China uh if you if there should if there's a geopolitical challenge on that front then there may be a shortage of lithium um but China is very good at at refining so uh but I I think just Tesla being figuring out lithium finding understanding what it takes and then you know once we understand how it works then we can scale it up from there and that like it's I think it's pretty important to you know be careful with uh geopolitical risk um and just make sure that if uh in a worst case situation um that Tesla is okay all right thank you last this is the last question hi Lan thank you uh congratulations for yet another big win uh I'm nikel I'm based out of Silicon Valley and uh as you mentioned on FST awareness and giving people rights because most people unless they really experience it they don't quite know how safe it is becoming and how uh convenient it is becoming so I built tesmi uh company it's a platform for Tesla owners to offer learning experiences FSD and uh we would love to explore how we can help uh scale uh with your support and guidance uh and uh we'd love to have a follow-up conversation to discuss more details with you how we can work together thank you I I have a suggest okay sure okay sure sure sure sure you really want to ask a question followup please uh I'm not I'm not sure how to answer that question exactly um but I mean we are we are focused on improving FSD for sure um and I think the adoption will be widespread like when it is really working insanely well and it's and it's driving like a f- star Uber driver I think adoption will be will be very very quick all right I have a really good suggestion okay what's the suggestion sure uh uh I Shar this suggestion with one of your FST team but I don't know whether it reached you or not basically as FST keep on improving uh we are not quite sure uh at what rate you will be improving the mar of lines so and and so lot ofip remains uh as to when you can exactly operate the robot taxi so it occurred to me that in between uh supervised FSD and robot taxi there is something intermediate stage that's commercializable which is what I would call a robot rental car okay the idea is that you would uh uh uh people would go to your platform to order a rental car and you will deliver that overnight to the front of the driveway and and then so so the only time that the the that that car will be driving without a person is at night with nobody and you can take as long as you want and you drop in the front of the car and after that it's supervised so that will get you to a a commercialization much sooner much more guaranteed so that's my suggest all right well I appreciate the thought um I I I I think like I said it's the progress in FSD will be you know really amazing um you'll see with each success ESS of version like I said the best way to think of FSD ignore the 12 just think of the the point number um we're going from from version 3 to four to 5 to six um and and you'll see just radical improvements uh with each successive version um you know and and I mean if current current Trend continues it's going to be like you you you'll really find that you don't intervene in the course of a year type of thing so even even in complex situations um anyway with that uh thank you very much for your support um so so thanks guys all right [Applause] [Music] [Music] [Music]