• Part 1 - Formal Shareholder Items

    • Martin - Intro
    • Robyn Denholm
      • Global fleet of cars and vehicles to avoid 8.4M metric tons of green house gas emissions
      • Avoided emissions that were equivalent to ICE vehicles driving 20B miles
      • By 2030 Tesla plans to sell 20M vehicles / year
      • In June 2022 Tesla achieved the highest vehicle production month in their history
      • Tesla continues to make an impact w/ Solar & Energy Storage business
      • Tesla sold 4 GWH of energy storage products in 2021, enough to power 3M homes
      • Solar demand has increased 4x
      • Goal is for all factories to be carbon neutral
      • Tesla already uses less water per vehicle than any other automaker
      • Sustainability drives everything Tesla does
    • Stockholder Proposals

  • Part 2 - Elon’s Presentation / Q & A Session

    • Attempting to achieve a 2M vehicle / year run rate by end of 2022

    • Tesla just recently produced their 3 millionth vehicle

    • Looking back 10 years ago, Tesla only made 2500 Roadsters and maybe a couple hundred Model S (August 2012)

    • “Cleanest exponentials” -Elon Musk

    • $TSLA shareholders have approved the 3-for-1 stock split

    • Important to note the increase in strong free cash flow is occurring before autonomy

    • “This year I swear” (FSD being released to public)

    • “Made some significant architectural improvements with FSD Beta 10.13 release, might qualify for 10.69” -Elon Musk

      • “It’s gotta earn that” -Elon Musk
      • “We are going to solve Chuck’s turn” -Elon Musk
      • “Roughly 90% success rate w/ Chuck’s turn”
      • “Might be next week” -Elon Musk
      • “It’s working well for me” -Elon Musk

    • FSD will save lives by driving an order of magnitudes safer than people

    • Tesla has the highest operating margin in the entire industry

    • Every time a competitor advertises for EVs Tesla notices an increase in sales

    • Model Y is tracking to be highest vehicle by revenue by end of 2022 and highest by unit by end of 2023

    • Tesla will soon be ready to announce another factory location by end of 2022

    • Tesla plans to eventually have 10-12 Giga Factories

      • Each factory will have the capacity to produce 1.5-2M vehicles per year

    • Fremont factory is highest output car factory in North America

    • Elon thinks it’s going to be a friendly competition between Berlin, Fremont, and Texas (Shanghai hard to beat)

    • Tesla has produced more energy than it consumes (includes vehicle charging)

    • Tesla battery recycling is already happening at a rate of 50 packs per week in Nevada

      • Continues to scale
      • Not that many batteries to recycle since their longevity has been really good so far (more of a longterm play)

    • Master Plan: Part 3

      • Will be focused on scaling
      • “What are all the things needed to achieve a fully sustainable global economy”
        • Cathode materials
        • Aluminum
        • Etc.
      • Goal is to reiterate this is absolutely doable and that we want it to be done as fast as possible

    • Vehicle Structure

      • Lighter
      • Stiffer
      • Better NVH
      • Better in pretty much every way when compared to stamped underbody construction

    • Manufacturing

      • Model Y requires only 30% of robots needed to produce vehicles as required by the Model 3
      • Improved layout of factory where it is now a signal monolithic factory
      • Eventually all cars will be self driving but it will be hard to replicate Tesla’s manufacturing capabilities

    • Working at Tesla

      • Employees are free to switch between SpaceX & Tesla
      • Factory safety has dramatically improved, Elon believes they now have the safest factories in the business
      • Tesla has encouraged employees to submit suggestions on improving factory safety with a goal of 3 suggestions per employee (They have since met that goal and safety has increased as a result)
      • 3M job applicants over last year

    • Supercharger Network

      • 99.96% uptime
      • Continue to deploy V3 Superchargers, V4 set to be deployed next year
      • Elon mentioned that more good news regarding the Supercharger network is coming

    • Safety

      • Tesla has a very detailed feedback loop when it comes to vehicle crashes
      • Auto seat belt tensioning is an example of how Tesla continues to improve safety via OTA updates
        • Activated via Autopilot AI when a crash is 99.99%+ sure to happen

    • FSD Beta

      • Tracking to well over 100M miles by end of 2022
      • Wide spread release by end of 2022, will be available to anybody who requests it

    • AI Day: Part 2

      • September 30th, 2022
      • Elon believes Optimus will turn the notion of what an economy is on its head

    • Next Decade

      • 10 years ago they had less than 3000 cars, now its more than 3M
      • Elon thinks vehicle production should be able to exceed over 100M 10 years from now

  • Questions

    • Plans for Cash
      • Tesla has used a small amount of its available cash for acquisitions and that will continue to be the case unless the right opportunity arrises (automation, software, manufacturing, etc.)
      • Spending CapEx and R&D money as fast as they can without wasting it
      • Share buyback may be in the cards as long as there isn’t another force majeure event
    • Factories
      • 12 factories seems to be the perfect number with a maximum production rate of 2M vehicles per factory
    • CyberTruck
      • Specs and pricing will be different (a lot has changed since 2019)
        • Inflation and various issues are to blame
      • Production equipment & tooling will begin getting installed in Giga Texas, volume production still targeted by mid-2023
    • US & China Tension
      • Elon hopes for peace and respect between the US & China
    • Supercharger Locations
      • Permits are extremely hard to obtain in some areas (ex. Malibu)
      • Tesla continues to prioritize new Supercharger locations by busiest locations
      • Elon mentioned there will be an online poll where people can vote where they want new Supercharger locations built
      • Trying to do more fun things when it comes to Supercharger locations (ex. Futuristic Diner in Hollywood)
    • 4680 Output
      • Tesla is making a decent number of 4680 cells each week and Elon projects that they’ll be in high volume production by end of 2022
      • 4680 production does not yet impact vehicle output however it will in 2023
    • Master Plan
      • New master plan not yet ready, plan to finish it by end of August 2022
    • Supply Chain
      • Most of commodities that go into Tesla vehicles are trending down (cost) over next 6 months which suggests that we are past peak inflation
      • Elon thinks we will have a relatively mild recession for 18 months (just a guess) and that inflation should drop rapidly
    • Autonomy
      • AI is going to increase utility of passenger vehicles by 4-5x
      • Vehicles will still cost the same to produce so gross margins are expected to rapidly increase
      • Elon still believes folks will have the option to own a car, rent it out when they aren’t using it, or simply rent somebody else’s vehicle (ex. Uber)
      • “Optimus will bring the future to now”
    • Media
      • Elon annoyed that most analysts don’t drive Teslas which prevents them from having a good understanding of the Tesla customer experience
    • Succession
      • Elon believes in strong product roadmap that will lead to success for quite some time
      • Elon intends to stay with Tesla as long as he is useful, plans to continue to closely focus on factory & product d esign
      • Tesla would continue to do well even if he was kidnapped by aliens (or returned to his own planet haha)
      • The only publicly traded securities Elon owns are $TSLA and $TWTR
      • Believes he has a good sense of where to point the engineering team at $TWTR to make it radically better
      • Thinks Twitter would accelerate his original vision of x.com by 3-5 years and be something that is very useful to the world
    • Tunnels
      • Elon wanted to clarify he is pro-train
      • Elon believes tunnels could solve virtually any traffic problems around the world and allow above ground road space to be reclaimed for parks
    • Dojo & Tesla Communicating w/ Each Other
      • Goal #1 is to be really good at video training
      • Approaching at being the 3rd most powerful super computer in the world (geared for AI training)
      • Fundamentally focused on NN training which has never been done before
      • Some merit with Teslas communicating with each other but not needed for FSD (traffic, accidents, pot holes, etc.)