Batteries

Tesla is offering a bunch of incentives this quarter, so I put together a list of all the ones I’m aware of for your reference. If you’re in the market for a new vehicle and have questions, feel free to reach out! When it’s time to order, don’t miss out on three months of free Full Self-Driving by using my referral link: https://ts.la/daniel26500 Referral Program Incentive Description: New buyer gets 3 months of FSD when using a current owner’s referral link Products: All Tesla vehicles, Solar, Powerwall Regions: United States, Canada End Date: June 30, 2025 Free FSD Transfer ...

Introduction Tesla’s Q1 2025 Earnings Call was a long one, going almost 90 minutes. On the call Tesla leadership discussed a wide variety of topics including autonomy, Optimus, and energy, alongside its financial performance. They reiterated their commitment on bringing out new, low cost models in 2025 and provided more detail on their Unsupervised FSD rollout starting in Austin, TX this June. Here are my raw notes from the call: ...

Key Notes and Takeaways From 2024 Record Deliveries: Tesla set a new record for vehicle deliveries in Q4 2024, achieving an annualized rate close to 2 million vehicles. This was attributed to excellent work by the Tesla team in production and delivery management. Model Y Dominance: The Model Y was declared the best-selling vehicle globally in 2024, surpassing all other vehicles, not just EVs, highlighting Tesla’s market penetration. Autonomy Ambitions: Elon Musk stressed Tesla’s commitment to autonomy, predicting significant advancements in unsupervised Full Self-Driving (FSD) technology, with a planned launch in Austin in June 2025. Optimus Development: Tesla is rapidly developing Optimus, with plans to produce several thousand units for internal use by the end of 2025. The long-term vision sees Optimus contributing over $1 trillion in revenue. Energy Storage Growth: Tesla is expanding its energy storage capabilities with new factories, emphasizing the role of storage in enhancing grid efficiency and meeting future demand. Financial Performance: Despite challenges like lower ASPs due to discounts and financing options, Tesla grew both its auto and energy storage volumes, focusing on inventory reduction and cost per vehicle. Autonomy ...

Introduction Tesla’s Q3 2024 earnings call was a banger, revealing the company’s current standing as well as their future plans. If you are pressed for time or would just like a quick overview of today’s call, here is my summary based on the notes I recorded. Enjoy! Autonomy We, Robot event was successful, thousands of people were transported autonomously without a single incident 20 Cybercabs and 30 Model Y vehicles were present at the event FSD v12.5 introduced support for Cybertruck and end-to-end on highway support with a single stack Actually Smart Summon (ASS) widely released FSD v13 expected to provide 5-6x improvement in miles between intervention when compared to v12.5 When looking at the entire year (January 1st, 2024 - December 31st, 2024), Tesla expects miles between intervention to increase by 3 orders of magnitude Critical interventions have been reduced by 100x from early 2024 to present FSD v13 is expected to reduce critical interventions by 1000x from early 2024 Higher frame rate coming with FSD v13 By Q2 2025, Tesla aims to surpass the average miles between critical interventions for humans; This means at this point Tesla FSD will be statistically safer than a human driver Tesla will continue to offer up a free 30-day trial of FSD with every major release of FSD FSD take rate continues to increase significantly, especially after the 10/10 event Tesla has been operating a ride-hailing capability for employees in the Bay Area for almost a year now This ride-hailing offering has been utilizing safety drivers Ride-hailing is going to be rolled out to the public in 2025 for California, pending regulatory approval; Texas likely to be first due to faster regulatory process Q3 vehicle safety report: 1 crash per 7M miles of Autopilot usage (10x safer than US average) AI training capacity has been expanded for FSD and Optimus needs With recent additions in compute capacity, Tesla is not currently training compute constrained FSD problem areas are becoming more difficult to find as reliability improves (good problem) The new Optimus hand and forearm demoed at the We, Robot event, offers 22 degrees of freedom “We have the most advanced humanoid robot by a long shot, and moreover, the only company that has the ingredients ready to scale humanoid robots” -Elon Musk Elon believes Optimus will one day be Tesla’s most valuable product Vast majority of 7M vehicles produced are capable of autonomy Tesla has started training FSD with their current fleet of Semis Cybercab will be built to FMVSS regulations for nationwide sales like all other Tesla vehicles Tesla found it easier to focus FSD development on HW4 and backport to HW3 For HW3 owners, Tesla has reassured them they will be taken care of if HW3 proves to not be adequate for their cars to support unsupervised FSD “There is some chance that HW3 will not achieve a safety level that will allow for unsupervised FSD. If that turns out to be the case, we will upgrade those who bought HW3 & FSD for free” -Elon Musk xAI has been helpful to Tesla in scaling up training infrastructure and improving training resiliency Elon reiterated xAI’s goal of working on general artificial super intelligence while Tesla is hyperfocused on autonoomous cars and robots Elon mentioned that he believed that Tesla is one of hte most efficiecnt inference AI companies out there “It’s (Grok) answering questions on a 10kW rack, it’s like we can’t put that in a car, it’s a different problem” -Elon Musk “Please no!” -Lars Moravy When asked if Tesla will introduce support for X & Grok in-car, Elon said that would be"small fry things" He then went on to say in-car infotainment will continue to be a big focus, especially as autonomy performance grows Tesla will further improve the in-car browser experience so you can access anything Elon advocated for a national approval process for autonomy Low-cost models ...

Opening remarks (Zach Kirkhorn) Big focus for Tesla over recent history is expansion and globalization of Model Y program Investor Day will be broken up into 5 parts “What does it take to to convert Earth to sustainable energy generation and use” Master Plan: Part 3 (Elon Musk & Drew Baglino) Tesla’s big goal is to show that there is a clear path to sustainable energy on Earth without destroying ourselves or the planet Detailed white paper will be published with their assumptions and calculations Over 80% of global energy comes from fossil fuels Half problem statement of fossil fuel economy 240TWh of battery energy storage to achieve that (combination of EVs and stationary storage) 8:1 ratio assumed meaning for 30TW of power we need 240TWh of energy storage This is not a big number relative to the global economy Electric economy will mine less ore than with fossil fuel economy All forms transportation (minus rockets) will go electric once energy battery production ramps enough All cars will go autonomous and electric, only a matter of time Conservative estimate based on assumptions around fleet size In reality fewer vehicles will be needed thanks to autonomy Heading rapidly towards autonomous & electric future Model 3 can go one mile on the same amount of energy it takes to boil a pot of water for pasta, and another to cook the pasta Modern EVs are extremely efficient Heatpumps are air conditioners in reverse that will be used to displace fossil fuel heat sources in homes At some point they might make heat pumps for homes Hydrogen could replace coal for things like steel production Needed for industrial processes Shipping accounts for 3% of global CO2 emissions Even w/ LFP long haul ships can be electrified Short haul planes easily doable, long haul flights will be in reach soon enough Long haul ships & planes need to be redesigned and switched to a different architecture to take advantage of electrified fuel source 450wh/kg is needed to convert long haul planes & ships to electrification and it already exists Tesla wants to produce 1TWh of energy per year as soon as they can Building a sustainable energy economy is less than sustaining existing fossil fuel economy Only requires 0.2% of available land Switching would dramatically reduce impact to environment 68 Gigatons of ore every year with fossil fuel economy Greatly reduced with switch to sustainable economy As we extract resources, we find more As Tesla has continued to grow, more core resources have become available Vast majority of heavy lifting in terms of electrified transport can be achieved by lithium iron phosphate batteries Only long range vehicles need nickel-based Lithium batteries Recycling efforts will make this ramp require less and less mined ore over time Vehicle Design (Franz von Holzhausen & Lars Moravy) ...

Tesla AI Day 2022 has been one of the most eagerly anticipated Tesla-related events of the year and it did not disappoint! As a FSD Beta Tester & techy, I was extremely excited to learn more about the underlying innovations that Tesla has come up with as they continue to develop their Full Self Driving solution. It was also exciting to see Optimus for the first time & better understand where Tesla is at in the product’s development cycle. I did my best at taking notes and have shared them below for your reference. If you are interested in rewatching the event you can do that by clicking the link here. Enjoy! ...

Earlier this week I received Tesla FSD Beta 10.69.1 and was able to perform a bunch of testing where I recognized some big improvements as well some as some new issues & regressions. What a blast, can’t wait to test 10.69.1.1 as well as 10.69.2! https://youtu.be/zSHVlkdg_1o Episode #1 - Tesla - FSD Beta 10.69.1 - Home to Work This video contains footage recorded on the morning of August 31st, 2022 of FSD Beta 10.69.1 driving me from my home (NE Minneapolis) to my company’s office (Edina, MN). Aside from the disengagement at the beginning of the video, we enjoy one of the smoothest rides to date w/ FSD Beta thanks to the many enhancements included with 10.69.1. Along the way we also confirm that a long-standing lane selection issue at the intersection of 37th Ave NE & Central Ave NE has been resolved. I am beyond excited because this issue has plagued each of the previous FSD Beta 10.x builds and has always resulted in a disengagement each & every the intersection came up. Shoutout to the Autopilot team for their continued focus and hard work on FSD Beta, it is great to see the improvements with each build first hand! ...

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 Proxy Statement: https://www.sec.gov/Archives/edgar/data/1318605/000156459022024064/tsla-def14a_20220804.htm Part 2 - Elon’s Presentation / Q & A Session ...

Today I had a chance to listen to the 2022 Q2 Tesla earnings call and as a result have produced the following raw notes. Enjoy! Opening remarks from Elon Musk Unique quarter for Tesla due to Shanghai shutdown Production records achieved in Fremont & Shanghai Set up nicely for record breaking 2nd half of 2022 Past years have thrown several force majeure at Tesla yet the team continues to overcome Giga Berlin Production Ramp continues with 1000 cars / week in June, Giga Austin to follow with the same number in the next few months Still making cars w/ 2170 cells in parallel and important to note they aren’t dependent on 4680s and will still hit their production numbers FSD Beta deployed to over 100,000 owners 5-6 years ago they set out to be the best manufacturer in the world Pro-manufacturing mindset has given them a competitive edge Currently make the largest castings in the world As a result of improved manufacturing processes in Berlin & Texas, Tesla has reduced body welding robot count by 70% per unit of capacity Body shop is roughly 3x smaller as it would be otherwise New vehicle bodies are lighter, cheaper, and quieter thanks to reduction in NVH Another level of simplicity and improvements are coming with Cybertruck (as well as future products coming down the road) Intelligent seat belt tensioning based on vision system recently released, first in the industry to do this Can also adjust the airbag deployment as well Delivered via OTA update Will have profound impact on passenger safety Compatible for all HW3-equipped Teslas Cybertruck Production still expected to start middle of 2023 “Best product ever” -Elon FSD Beta Planned to be released to all North American customers by end of 2022 FSD will then be released to other geos such as Asia and EU soon after pending regulatory approval Opening remarks from Zach Kirkhorn Made substantial progress in almost every area of the business New production records reached in existing factories and new ones actively ramping Highest solar production volumes in years Temporary shutdown had noticeable impact to vehicle margin Factory ramping also associated with negative impact on vehicle margin Inflation, commodities, and logistics continue to be headwinds Resource constrained on Powerwall and Megapack which should be resolved in the 2nd half of 2022 Austin & Berlin operating costs are going down as production ramps up Tesla sold 75% of Bitcoin holdings They did so as they were uncertain when COVID lockdowns in China would end As a result they wanted to maximize cash position They are still interested in Bitcoin and have not yet sold any Dogecoin Highest operating margins ever at 14.6% Still targeting 50% of growth and still within reach Q&A Chinese EV Manufacturers & Software Innovation Elon believes Tesla China is the best EV manufacturer in China Chinese car companies will be a force to be reckoned with going forward Tesla has respect for Chinese automakers but believes they have whats necessary to compete Unified Vector Space Unified Vector Space would be if instead of knitting together dynamic & static objects w/ C++ you knit them together at the NN level (meaning you no longer need to reconcile them in C++ heuristics) Architecturally better way Slight improvement in efficiency of FSD stack and something they want to get to Nirvana situation would be to have surround video auto labeling for all static & dynamic objects as well as surround video inference w/ spacial memory Elon believes they have a unified vector space by the end of 2022 Elon is also very confident that Tesla will improve the frame rate as they delete legacy NNs and further optimize the FSD software stack The goal is to get FSD Beta to operate at 36fps for all 8 cameras compared to the current 24 frames which will reduce latency when reacting to a dynamic environment Inflation & Future Price Reductions They do not control so therefore Elon says take w/ grain salt but thinks inflation to decrease by end of 2022 Carbon, steel, aluminum, etc are trending down in cost which should see impact later in 2022, early 2023 Processing of lithium is insanely costly Elon again encouraging entrepreneurs to enter the lithium business as there are, “software margins” “License to print money” -Elon Bitcoin Cryptocurrency is not something Tesla thinks about a lot according to Elon Main goal is production and addressing climate change by making sustainable energy & transport a reality 4680s Structural pack is a monumental step forward from a physics perspective and is the way to go Gained perspective through entering production w/ structural pack Teslas which proved their hypotheses Cost improvements are thanks to solving technical issues and scale They have saved 4-5kg in mass from the early cast Model Y underbodies since their initial production Plan is to reduce mass of castings and to include more parts (and to adapt vehicle to work better with castings) Cybertruck will be another big step in this area Making progress on 4680 production ramp but continuing to leverage supplier cells (2170s) to ramp Giga Berlin & Texas Total production ramp of 4680 packs to 1000 per week by end of the year (preferably earlier) Q2 @ Kato fully automated powder conveyance for the dry anode electrode tool there unlocking major improvements in production & yields too Production as a result has increased 35% MoM since March and yields throughout factory are already at targets or trending towards them Took learnings from Fremont cell & pack lines and built optimized lines in Giga Berlin & Texas Cell design was revved to unlock higher performance and manufacturing simplicity Lines were fully integrated and insourced additional content As a result new challenges for ramping in Giga Berlin & Texas Last quarter cell equipment was fully installed at Giga Texas and they have since produced their first commissioning car sets of 4680s cells The target for Texas is to begin mass producing 4680 cells in Q3 2022 with the goal of being able to exceed the weekly cell production capacity of the Kato battery plant by end of 2022 Priority with 4680s initially is simplicity and scale, Tesla was not aiming to include all of the bells & whistles right off the bat As manufacturing goals are achieved they plan to layer in new material technologies into their structural packs (and increase range as well) Currently in regards to 4680s Tesla’s main focus is to remove low hanging issues that would prevent further production ramp Dry electrode anode & cathode are included in the current 4680 process which makes things harder to ramp (yet they continue to achieve success here) Once mass production achieved they plan to quickly iterate w/ an increase in energy density and overall performance soon thereafter Tesla cell production will continue to compliment production volumes from suppliers Fundamental rate limiter for transition to sustainable energy is rate of li-ion battery pack production Not due to scarcity of raw materials, refining lithium in ultra high purity is quite difficult and requires massive amounts of machinery Super difficult to create anode and cathode Elon believes 2/3 of batteries in the future will be iron phosphate, maybe some with manganese Tesla is actively working with suppliers to ramp as quick as possible Tesla is taking action by building their own Cathode plant at Giga Te xas as well as taking the plunge into lithium refinement FSD Development Progress & Andrej Departure While Andrej Karpathy will be missed (recent departure), Elon remains very bullish on current team of 120 people in software / AI group and believes that they will solve FSD by end of 2022 No major setbacks or delays in FSD timeline should occur as a result of Andrej’s departure Elon believes they will raise FSD price just before they go to wide beta (targeted for end of 2022) Value of FSD is extremely high and not well understood by most people, Elon thinks its ridiculously cheap if promises of performance materialize Semiconductor Supply Chain Constraints Tesla procures about 1600 unique pieces of silicon from 43 different companies Supply chains are more stable w/ latest generation of chips Chips from the analog & mixed signaling space still remain a challenge from a supply chain perspective Supply chain line of sight continues to match planned outputs for both factories (no constraints) Long term contracts already in place for key battery materials and so there are no concerns about future constraints Tesla does not plan to manufacture their own chips however they continue to work with suppliers to ensure future product goals are achieved Chip shortage forced Teslas to delete redundant chips and update software accordingly (big positive in hindsight) Cybertruck Deliveries to begin by the middle of 2023 Vehicle Demand Vehicle demand not an issue for Tesla for the foreseeable future No sizable macro impact on demand Difference between value in money and affordability and why you can’t just keep increasing prices Elon feels that they have raised prices to “frankly embarrassing levels” Supply chain and inflation are main culprits for price increases Elon is hopeful Tesla can reduce prices soon Elon thinks its achievable to produce 40,000 vehicles per week by end of 2022 Teslas has already produced 30,000 vehicles per week many times, 40,000 vehicles per week is definitely in reach Plan is to get Giga Berlin & Texas to ramp to 5,000 vehicles per week by end of 2022 and 10,000 vehicles per week by end of 2023 Elon reaffirms that Tesla does not have a demand problem but instead a production problem Elon’s Role At Tesla If there is only good news Elon won’t plan to join the future earnings calls Elon is committed to working at Tesla as long as he can continue to help advance the company AI Elon didn’t want to steal thunder from AI day so he will save the news / updates regarding Dojo & Optimus for then

I spent sometime listening to the 2022 Q1 Tesla earnings call and have created raw some notes which I have included below for your reference. Enjoy! Opening remarks from Zach Kirkhorn Per unit vehicle costs increased due to inflation, raw material costs, and supply chain constraints Slight shift towards more profitable vehicles like the Model Y Energy business continues to be impacted by macro conditions more than vehicle business (chip constraints) Achieved record operating margin over 19% amidst construction of 2 new factories (Giga Berlin & Giga Texas) Tesla has reduced debt (excluding product debt) to nearly 0 Lost 1 month of build volume lost due to COVID-related shutdowns at Giga Shanghai (will dramatically affect Q2 delivery numbers) Inefficiencies of ramping process at Giga Berlin & Texas will affect bottom line Tesla still believes 50% YoY growth w/ vehicle production in 2022 is still achievable Opening remarks from Elon Musk Record deliveries and production even with many headwinds Even with COVID shutdowns in Giga Shanghai Elon believes they still have a shot at 60% YoY growth for 2022 Two new factories opened in Q1 and exponentially ramping (Giga Berlin & Giga Texas) with higher production volumes achievable by end of this year Just crossed 1m units in the last year however long way to go as Tesla aspires to produce 20m units per year (only 5% towards their goal) Elon never more excited for Tesla and their future then he is now Robotaxi Highly optimized for autonomy (no steering wheel or pedals) Numerous other innovations Fundamentally optimized for lowest fully considered cost per mile, accounting for everything (very powerful product) Expect to reach volume production of Robotaxi in 2024 CyberTruck On track for volume production in 2023 Optimus Elon surprised people weren’t more excited for this but he thinks folks will fully understand its capabilities & impact will be greater than FSD or vehicle businesses Energy Battery & solar production will improve as supply chain issues are resolved Q&A FSD Development Progress Elon has never seen more false dawns than with the development of FSD. Real world AI has to be solved for (nobody has solved yet) and with our roads designed for humans, NNs & cameras have to be solved in a way that is on-par with (and exceeds) the capabilities of humans. Elon still believes they will deliver on FSD in 2022. Best way to realize this is participate in FSD beta program and experience it for ourselves as they’ll be expanding the program later this year. Still targeting new FSD release cadence of every 2 weeks. Giga Shanghai Shutdown Production is coming back with a vengeance and Elon expects weekly production records to be broken as they work to catch up. Still possible to match / exceed Q1 numbers however Q3 & Q4 are expected to be record quarters in terms of production. Elon believes Tesla will easily be able to produce 1.5m vehicles this year. It’s important for new factories to target limited configurations during ramp and that is why both Giga Berlin & Giga Texas are hyper-focused on producing the Model Y. Ramp period (5k per week) takes typically 9-12 months from start of production however it’s possible for Tesla to ramp sooner based on their experience. Price Increase Elon says it is understandable that there are many folks questioning price increases especially amidst record profitability however the price increases are there to account for an increase in raw materials costs and potential supply chain constraints in the future (since vehicle deliveries are a year out). State-based Dealership Laws Tesla would love federal-based laws that allows direct sales across the country however congress is not willing to take up this sort of legislation at this time (so Tesla is approaching it on a state-by-state basis) 800V Battery Architecture Tesla is not ignoring the reality that they can go to a higher voltage however there is not any compelling reason to change at this point Going from 400V to 800V might save them $100 per vehicle (however requires changing all of the backend infrastructure) Switching to 800V might make sense down the road however Tesla needs to increase vehicle volume to absorb the cost of moving from 400V to 800V first For larger vehicles where higher power on the battery side and/or charging side is required (where current requirements go up), savings can be seen by increasing voltage as it would reduce semiconductor needs (and thus save $) Tesla is considering different voltages for CyberTruck and Semi For 3, Y, and Robotaxi they see no need to switch 4680 Batteries Tesla is working in all areas that they described during the battery day event and making good progress Going to take several years to achieve the cost savings and performance numbers they described during battery day 4680 structural pack will be competitive with the best alternatives later this year and exceed the best alternatives next year New chemistries hinted at however will be included in 4680 production later on Based on Giga Texas factory construction, the 4680 production equipment cost 5x less than what it would have been with other battery cell designs Cost model well understood, rate and yield will be better understood as they ramp over next few years Giga Berlin will transition to 4680s from 2170s later this year Giga Texas has the capability to produce non-structural pack for 2170s (mitigation) Volume production for 4680s in Giga Texas targeted by end of Q3, for sure Q4 Sizable cell inventory thanks to Giga Shanghai shutdown and allows them to be more deliberate in 4680 development (gives them some breathing room during ramp) 4680 production not a risk to achieving vehicle production target in 2022 however would be in 2023 Raw Materials Required To Scale Tesla needs to think about tonnage of Nickel, Iron Phosphate, Graphite, Separators, Electrolytes for the world as a whole Then take action on limiting factors that get in the way of the advent of a sustainable energy future Tesla is thinking about mining & refining Lithium is a current limiting factor and responsible for cost growth per cell as of late (single biggest on a percentage basis) Lithium only makes up only 2-3% of a Li-Ion cell (5kg per car) Cathode (Nickel & Iron Phosphate) is the heaviest in terms of cost and raw materials composition of a battery cell Exciting announcements on the raw materials topic in the months to come, Elon hinted to a follow up call / event Tesla committed to recycling at all cell factories, recycling 50T per week in Reno (ramping to 150T) which is putting materials right back into their Cathode supply chain As they are building new vehicles at new factories, Tesla is recycling everything they can from a raw materials perspective Tesla figured out they can recycle cast aluminum wheels from retired ICE cars and throw it into their aluminum melting pot and use for vehicle body production for 3 & Y Half of Tesla’s products were LFP-based in Q1 2022 which shows how nimble they are regarding battery chemistry Also looking at other cathode options to give Tesla further agility Some of the challenges with Lithium market are not related to supply & demand fundamentals (frustrating to Tesla) Giga Berlin & Texas Ramping related to Giga Shanghai Elon thinks they need to ramp Berlin & Texas faster than Shanghai as they are more experienced now and have learned so much in the simplification of Model Y production Body line for front & rear cast underbody + structural pack is 60% smaller than it would be otherwise in terms of equipment required If you are waiting for the best Tesla ever you will be waiting forever as they are constantly improving Robotaxi Unveiling event sometime next year, Elon doesn’t want to go into too many details until then Volume production in 2024 Sizable investment required to build robotaxi production lines Prices Over Time Elon wants to make EVs as affordable as possible however this has become very difficult due to inflation (40-50yr high) Likely to continue for remainder of 2022 Long term contracts with suppliers have helped Tesla keep costs down longer than expected but eventually they run out 20-30% cost increase from suppliers over last year which is why Tesla has raised their prices Lithium margins are practically software margins right now (Elon encouraging more to get into this business) CyberTruck Ignoring battery cells Tesla believes the CyberTruck is made of 20-30% less parts than a typical pickup truck Giga Nevada Room for expansion there and the plan is to expand production at Giga Nevada further Majority of battery cells will be produced at Giga Texas going forward COVID Shutdowns in China Elon doesn’t think recent COVID shutdowns in China will negatively impact production elsewhere Elon compensation No plans or talks to increase Elon’s compensation further 3rd Party Access to Supercharger Network in USA Tesla plans to provide 3rd party vehicle access to the entire world and remains committed to that Tesla is pursuing a technical solution to address the difference in charging connector in the US (magic dock) Growth of Supercharger network is being accelerated to match increase in vehicle production Tesla Insurance In state of Texas Tesla is the second largest insurer of Teslas and should be #1 in the next quarter Working to get 80% of states access to Tesla insurance by end of year at which point they’ll look to expand to other markets Having realtime feedback for driving habits (safety score program) is proving helpful to Tesla owners w/ Tesla insurance as it directly relates to a lower rate When a crash happens it gives Tesla a new feedback loop to improve vehicle design, reduce costs, etc (End-to-end visibility)