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Tesla Q2 2025 Deals: Save Big on Your Next Ride!

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 ...

May 17, 2025 · 3 min · dburkland
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2025 Tesla Q1 Earnings Call Notes

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: ...

April 23, 2025 · 4 min · dburkland
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2024 Tesla Q4 Earnings Call Notes

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 ...

January 30, 2025 · 4 min · dburkland
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2024 Tesla Q3 Earnings Call Notes

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 ...

October 23, 2024 · 6 min · dburkland
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2023 Tesla Q1 Earnings Call Notes

Like I have done with previous earnings calls, I have compiled notes that I wanted to share from today’s 2023 Tesla Q1 Earnings Call. Enjoy! Opening remarks from Elon Musk General Model Y became best selling vehicle of any category in Europe & best-selling non-pickup truck vehicle in the United States Lots of uncertainty with macroeconomic climate Lowered prices while still maintaining some of the best margins in the industry Elon believes higher volume and lower cost is the right way forward for Tesla (vs low volume / high margin) Elon believes more margin to be unlocked thanks to autonomy Tesla is taking advantage of the current economic conditions as well as their position in their market Cybertruck Alpha versions of the Cybertruck continue to be built on the pilot line at Giga Texas Completing installation of volume production Cybertruck line at Giga Texas Cybertruck delivery event tentatively planned for Q3 Like all new products, Cybertruck production ramp will take time and follow S-curve (slow and accelerates over time) “A hall of famer” -Elon Musk (regarding Cybertruck) “Cybertruck is a very radicular product and not made in the same way other cars are made” -Elon Musk Energy & Mission Energy storage deployment in Q1 reached nearly 4GWH, thanks in part to production ramp at Lathrop Shanghai also mentioned Elon reiterated that stationary storage growth will exceed vehicle growth FSD Crossed over 150M millions driven by FSD Beta and this number continues to grow exponentially Tesla has key data advantage here due to the sheer size of the data training set (which constantly grows) Very focused on NN training capabilities which is a key factor in achieving full autonomy Making significant purchases of GPUs while simultaneously continuing to develop Dojo (which still has potential to replace traditional GPU clusters for training use cases) Dojo as a service is still on the table (think AWS-like offering) Opening remarks from Zach Kirkhorn Record vehicle production & deliveries Record energy volumes Automotive gross margin and operating margin reduced sequentially but still remain at healthy levels Automotive gross margins were impacted: Additional action to improve vehicle pricing One-time items like warranty adjustments on older Model S & X vehicles Deferred revenue on certain Autopilot features Further progress in reducing vehicle costs was made thanks to several logistical improvements as well as the start of commodities savings Giga Texas & Giga Berlin will continue to be margin headwinds until they reach their target volumes Q1 was the 3rd quarter in a multi-quarter plan to move to more regionally balanced mix of build & deliveries Results with lower deliveries than production in a quarter due to higher number of vehicles in transit at EOQ Particularly important & applicable to Model S & X as they started to deliver internationally Storage business is starting to take shape Growing at % of total revenue Growth driven by increasing demand for energy storage Highest gross profit yet in Q1 Approach is to grow volumes in vehicle & energy businesses as quickly as possible while focusing on: Cybertruck Next-gen platform I\n house cell production Autonomy & AI products Keeping the business healthy Q & A from Retail Investors Pricing Pricing is reviewed weekly based on where they are at globally Energy Storage Elon predicts Energy Storage to eclipse Vehicle business in terms of GWh (vehicle business may still be bigger in terms of revenue) As business grows and smooths out they will start including volumes in their reports later this year The goal is to get margins to match automotive business (~20%) by EOY 4680s Texas 4680 factory (about 50% complete) will be about 70% lower CapEx per GWh than typical cell factories (when fully ramped, inline with what was discussed at battery day) Still continuing to produce first-gen tabless cell (Kato Road Facility in California) as well as 2nd gen (more manufacturable version) at Texas today Corpus Christi Lithium refinery breaks ground in May and is expected to be partially online by end of this year Refinery uses sulfate-free spodumene refining process (produces beneficial byproduct which can be used in construction products) Demonstrated cathode precursor process (discussed at battery day) is now in final detailed design phase Cathode production is 50% equipment & 75% utilities installed at new Cathode plant in Austin Dry & wet commissioning this quarter and next quarter, first material production will be ready by end of year Big improvements with 4680 structural pack manufacturing 50% lower CapEx, 66% smaller factory for same output Will continue to use this design going forward and iterate design to B level (from current A architecture) Q1 was all about cost & quality Texas 4680 production increased 50% QoQ, through yields increased 12% Kato 4680 peak rate increased by 20%, through yields increased by 20% All together 25% reduction in COGs in quarter and on target for steady state cost targets over next year Steadily ramping production ahead of mass Cybertruck production next year Financials Expectations that all factories continue to improve all key metrics Still at max pain for commodities but starting to see a little bit of improvement here Lithium has dropped significantly and should result in a noticeable impact in Q2 / 2H 2023 Orders are in excess of production Cybertruck No details will be shared until Q3 delivery event “Incredible product” -Elon Musk Q & A from Financial Analysts Regional Exposure Many areas Tesla does not currently serve however there are plans to address this “High time Tesla offers its cars to the rest of the world” -Elon Musk FSD Elon declined comment on FSD take rate Current price is based on future value of having an autonomous vehicle Elon expects more “2 steps forward, 1 step back” with near future FSD updates “I think we’ll do it this year (regarding FSD)” -Elon Musk “Robotaxi” terminology is really a generic term for Tesla’s next-gen vehicle More details to come on this down the road “All of the vehicles that have HW3, which is vast majority of our fleet, will achieve full autonomy” -Elon Musk “Model 3 or Model Y will be a robotaxi, robotic taxi” -Elon Musk FSD has potential to create the largest value increase in history if it pans out General “We are in uncertain times” -Elon Musk Elon expects economical stormy weather for next 12 months and then assuming no geopolitical wild cards, things should heat up next spring Lithium bottleneck is more related to refining capacity vs mining capacity “Tesla will have the most lithium & cathode refining capacity in the world” -Elon Musk Elon mentioned they are doing this because they are forced to since others are not doing this About half of miss re: margin is attributed to pricing adjustments, other half related to things that are not reoccurring Elon believes no other company in the industry has more realtime data than Tesla and that allows them to quickly make intelligent decisions Tesla expects improved costs from suppliers but also reducing logistical overheads From a production perspective, they could possibly hit 2M but 1.8 remains their goal Tesla is not dropping prices in response to competition however Elon mentioned several times they could in fact sell cars for $0 profit however thanks to autonomy recoup margin later (a unique advantage for Tesla) Tesla is not trying to crush the competition and they gave an example of allowing 3rd party EVs to use the Supercharger network Tesla leadership does not see any limitations with direct sale model and is one of the fastest growing, complex product manufacturer ever Energy Should be closer to full production utilization in 2H 2023 Still a goal to develop heatpump for homes & commercial environments (on back burner for now) Tesla opened first Supercharger V4 location in Europe and first Magic Dock locations in NA in Q1 Key site layout & stall design will emphasize universal compatibility (no matter where the charge port is located) Going to continue to roll out these new offerings as they build new stations Always balancing servicing their own customers as well as non-Tesla EV customers Tesla has done a great job with this especially when you look how they’ve done in Europe

April 19, 2023 · 7 min · dburkland
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Tesla 2023 Investor Day - 2023-03-01

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) ...

March 2, 2023 · 15 min · dburkland
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2022 Tesla Q4 Earnings Call Notes - 2023-01-25

Like I have done with previous earnings calls, I have compiled notes that I wanted to share from today’s 2022 Tesla Q4 Earnings Call. Enjoy! Opening remarks from Elon Musk General 2022 fantastic year for Tesla, best year ever on every level Over 1.3M cars delivered in 2022, 17% operating margin, highest of any car maker Generated $12.5B in net income and $7.5B in free cash flow Tesla achieved these records despite numerous headwinds Most common question from investors is how is demand As of January 2023 Tesla has noticed the strongest ever demand year to date Demand is almost 2x the current production rate Model Y price has been increased due to increased demand Tesla expects the automotive industry as a whole to contract so price is very important with current state of economy Making very good progress on cost control and seeing the cost of production in Berlin & Texas drop as production ramps FSD FSD Beta has been deployed to 400,000 customers 100 million miles of FSD usage for city streets FSD released in light of exemplary Safety Statistics that the Tesla team has been closely tracking 4680s 4680s production reached 1000 cars per week at in 2022 Q4 4680 production capacity increased by 100 GWh with expansion plans for Giga Nevada Will continue to use other cell providers as well as cells produced internally Ultimate goal is to produce 1000 GWh per year Energy & Mission Energy storage saw record growth in 2022 and that continues to accelerate Tesla’s main goal is to continue accelerating the advent of sustainable energy & transport Tesla wants to make as many cars as possible Tesla wans to be the best manufacturer including that of technology Opening remarks from Zach Kirkhorn Revenue increased over 50% Operating income doubled Margins remained industry leading Sequential and annual margins were impacted by ASP reductions Rising interest rates in US increased cost of each vehicle by 10% Energy business had its strongest year yet Plan is to move aggressively Demand - Customer interest remains high Cost reduction Holding steady while rapidly increasing volume while increasing efficiency Accelerating implementation of improvements in Austin & Berlin where inefficiencies are the highest To ensure competitiveness going forward, prices have been adjusted accordingly so ASPs are expected to lower slightly going forward More to come on March investor day Q & A from retail investors IRA EV Tax Credits Long term Tesla expects the value of these tax credits to be significant especially as they ramp in the 100s of GWHs Since these incentives require domestic manufacturing they are splitting the credits with Panasonic in 2022 but expect that to change as they bring more domestic battery capacity online later this year (and in 2024) They expect the value of these incentives to be $150M-200M and growing as volumes grow Pretty well positioned as IRA incentivizes domestic battery production which Tesla already had in their immediate & future plans Expected ASP After Price Cuts In current forecast Tesla believes they’ll be above 20% automotive gross margins (excluding leases & $47k ASP across all models) The ASP reduction is not as large as reduction in configurator prices Most focused on operating margin Every time Tesla sells a vehicle they have the potential for future revenue from software (ex. FSD especially as it continues to get better) Elon still expects FSD to result in the biggest value increase in history Elon & Politics Elon states due to his follower count on Twitter he is popular and therefore mostly favorable Tesla does not officially monitor favorability of Elon 4680 Ramp (Texas) 1K vehicles / week was years in the making, big accomplishment for the Tesla team 1 of 4 4680 manufacturing lines in Giga Texas are in production, 3 are in the commissioning / install stage & continue Plan is to appropriately (cost effective) ramp 4680 production before start of production of CyberTruck Drive factory yields up as much as possible 2024 is planned to be a major year for 4680 HW4 CyberTruck will have HW4 For 2023 CyberTruck will not be a significant contributor but it will be in 2024 Elon said CyberTruck will be his personal vehicle of choice Upgrading cars w/ HW3 should not be needed as long as they can get to 200-300% safer than humans, HW4 may be 500-600% safer What really matters to Tesla is that they continue to improve the average safety on the road Cost and difficulty of retrofitting (for HW3 vehicles) would be quite significant and therefore not economically feasible Insurance Currently $300M premium run rate 20% QoQ growth States in which they are operating, 17% of customers are using Tesla insurance products This percentage keeps creeping up Most commonly see adoption occur when vehicle purchased vs after the fact Motivation of starting this business is to improve TCO of their vehicles Want to keep costs low and accessible to customers Competition helps drive costs down across the board Adjusted design of car and software to minimize cost of repair Avoid accident first and foremost by encouraging use of Autopilot Most accidents are fairly small CyberTruck Production to start sometime this summer Going to be very slow at the start Future Factories Will provide an update in the future and thinking about very carefully What’s the fastest path to 1000 GWh Q & A from Financial Analysts Production & Increasing Efficiencies Current production capacity is actually closer to 2M but saying 1.8M to be conservative due to potential external headwinds (like we have seen the last few years) If you look at size of Giga Nevada that is allocated to make 100 GWH, it is noticeably smaller than the space used to produces 35 GWh Elon expects competitors to struggle to keep up with Tesla’s manufacturing prowess New products are going to blow people’s minds Elon believes they have the most exciting product roadmap of any product on earth “More great ideas than they know what to do with” -Elon Musk Expect bumps along the way including a recession in 2023 Long term Elon believes Tesla will still be the most valuable company on earth Lithium costs per car expected to rise in 2023 and therefore do not expect COGS to get back to $36k Continue to re-design supply chain to reduce costs Fleet is starting to mature and gathering a lot of data to optimize for margin going forward Later this year they’ll be looking at the powertrain side materials where they are paying for perf than they need or more content without sacrificing reliability Elon expects to see a deflation in input costs which should improve margins 1.8M unit forecast estimate is production capacity constrained, not related cell supply Not all of 4680s produced in Giga Nevada will go into the Semi According to Elon future products will use the 4680 Elon believes it is counterproductive to ramp number of products without appropriately scaling battery production Autonomy / FSD Excitement around FSD continues to grow and is resulting in an increase in take rate Tesla is both a software and hardware company and many forget that according to Elon HW3 is still the most efficient inference computer out there even though its 5 years old from design Fully recognize EAP cost, recognized a portion of deferred revenue for FSD for features that are available, some deferred until they are ready for public consumption Tesla still believes nobody is close from a general autonomous driving perspective “You can’t see 2nd place with a telescope” -Elon Musk Elon doesn’t expect that to last forever Whoever can keep up with EVs will be there Going to keep focus on total vehicle space and Car companies in China are most competitive in world Elon thinks a company out of China is most likely to be in 2nd Tesla China team is winning in China Dojo & Optimus Dojo slated to be used by Tesla by end of 2023 Optimus continues to be developed and potential is endless with this product alone Tesla thinks Dojo will be competitive with NVIDIA H1 at end of 2023, surpass it in 2024 They are going to focus on energy usage per frame of video when training Do see potential for order of magnitude in training performance compared to traditional GPU training clusters Very similar to ASICs being CPU for specific tasks Communication between Dojo modules is extremely efficient Efficiency w/ inference not going away especially when you expand outside of vehicles Captive Financing Captive financing has been used to plug gaps in markets for existing 3rd party products Couple offerings in Europe Energy loans in US Leasing Using captives to support vehicle sales Zach believes there is an opportunity to grow captive financing and plumbing is in place to do more Cash is required to grow so want to be careful on how much they invest into this aspect of the business

January 25, 2023 · 7 min · dburkland
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2022 Tesla Q3 Earnings Call Notes

After a long drive back from California I had the chance tonight to listen to the 2022 Q3 Tesla earnings call. Like I have done with previous earnings calls, I have compiled notes that I wanted to share below. Enjoy! Opening remarks from Elon Musk General Q3 record quarter on many levels Industry leading operating margins of 17% Free cash flows surpassed $3B in Q3, $9B over last 12 mos Q4 should be record breaking and tracking well so far Giga Berlin reached milestone of 2000 cars per week (with very good quality), continues to rapidly ramp Giga Texas should reach milestone of 2000 cars per week very soon Demand continues to be strong especially for Q4 and Tesla expects to to sell every car they make for the foreseeable future “Long way to go to reach 1% of global vehicle fleet” -Elon Musk Stock buyback completely possible even with worst case scenario but still needs to go through formal board review Long term trend for Tesla continues to be positive Elon for the first time recognizes that Tesla has the potential to be larger than Apple & Saudi Aramco combined (without factoring in Optimus) “Most exciting product portfolio on earth, some of which you have hard of and some which you haven’t” -Elon Musk Final development stage for CyberTruck with production equipment being set up Robotaxi platform design coming along nicely Moving as fast as possible to achieve 1TWh of vertically-integrated battery production capacity in the US (including anode, cathode, lithium refining, etc.) 4680s 4680 production has tripled in Q3 compared to Q2 Elon expects 4680s to be a significant portion of vehicle production in Giga Texas in the near future 2nd generation of manufacturing equipment for 4680s in Giga Texas continues to quickly ramp and will nicely compliment the existing Kato Rd Battery Pilot Plant AI Day 2022 Follow Up Recruiting goal accomplished as smartest AI folks are applying and considering careers w/ Tesla Autopilot 60M millions driven by FSD Beta as of September 2022 FSD Beta to move to wide release to all North American customers by end of 2022 (current target is November) Anybody that has ordered FSD Beta (or subscribed) will have immediate access to FSD Beta Tesla is seeing that safety increases with vehicles w/ FSD Beta enabled than those that don’t Opening remarks from Zach Kirkhorn Automotive Profitability GAAP: 17.2% Gross: 27.9% Operating margin best yet even with Giga Berlin & Giga Texas production ramps weighing heavily With Giga Berlin, Giga Texas, and regulatory credits excluded, operating margins would have been strongest yet and gross margin would have been ~30% With that said, Giga Berlin & Giga Texas are positively contributing to future profitability as they ramp further & further Margin headwinds associated w/ macro economic conditions Energy gross profits highest they have been thanks to record production of Megapack & Powerwall offerings Free cash flows record despite decrease of cars in transit at end of quarter Started to experience limits on outbound logistics capacity which was not anticipated Definitely recognized with cargo ships leaving China as well as trucks within Europe Previously, roughly 2/3 of Q3 deliveries occurred in month of September with 1/3 of those coming in the final two weeks As a result, Tesla has begun to spread regional builds throughout the quarter to reduce transportation & logistic bottleneck (should also reduce costs, improve customer experience, etc). Still on track for 50% annual growth in production in 2022 however some supply chain risks exist (out of Tesla control) 50% annual growth for deliveries will be just below due to increase in cars in transit Expect a gap in production & delivery numbers in Q4 however those vehicles will be delivered at the beginning of Q1 2023 Continuing to build cars as fast as possible while maintaining healthy operating margins Q & A Inflation Reduction Act (IRA) Tesla plans to fully meet IRA’s requirements and sees it as a big accelerator for Tesla achieving their mission as well as battery supply chains here in America Elon meets they will meet all thresholds outlined in the IRA Worldwide Backlog (outside of North American) Elon believes China is experiencing a recession of shorts (property market) while Europe has a energy-driven recession New Products “Tesla is committed to continuous improvement” -Elon “Best Tesla is the latest Tesla” -Elon Musk “Plaid Model S & X are the best cars on earth, nothing close, just try one” -Elon Giga Berlin & Possible Power Cuts in Germany Don’t foresee this as a large risk to the company Cast front underbody as well as structural battery pack (Model Y) will be introduced to Giga Berlin later this year CyberTruck Facilities are actively being prepared for CyberTruck production On track for early production in early 2023 Beta builds have started and will continue to ramp into 2023 “When can I drive my beta” -Elon Musk Elon blamed delay on force majeurs including global supply chain crisis Tesla Semi First deliveries to Pepsi Co December 1st, Elon will be attending in person Will initially ship with the 2170 battery cells and eventually 500 miles of range (on level ground) fully loaded w/ cargo “I’d ask, what are your assumptions about wh/kg and wh/mi and they’d look at me with a blank stare, and say Hydrogen” -Elon Elon believes hydrogen is not needed for heavy duty trucking Takes a year to ramp production so expectation is to significantly ramp over next few years w/ production target of 50,000 units in North America by end of 2024 Plan is to expand Tesla Semi beyond North American Batteries 4680 production is expected to exceed 1000 car sets / week by end of Q4 2022 Focus is now shifting from production ramp to cost optimization and increasing production capacity in North America 300-400TWh of battery production necessary to transition entire world to sustainable energy Main cathode material will be iron since it can scale to very high tonnage 2x as much iron as nickel Manganese mixed in as well Aggressively pursuing a North American cathode supply, more to come on this one Tesla still believes they will meet the estimates they outlined on Battery Day Drew has been daily driving a structural pack Model Y for some time, still going strong Prolonged Recession Not reducing production in anyway, recession or not Elon believes Tesla is recession resilient (not recession proof) thanks to the fact the world has acknowledged they should move to EVs Battery storage needed to realize larger rollout of renewables Growth of energy storage business unit expected to grow at a rate of 150-200% per year, faster than vehicles by a lot Tesla can withstand quite a bit of downside before having to tweak production, product roadmap, etc. Even if 2023 is a horrible recession year, they still foresee generating noticeable amounts of cash Primary focus of new vehicle development team is to create next generation vehicle Half the cost of the Model 3 & Y platform Will be smaller as well Will quickly exceed the production of all other vehicles combined Going to take everything they learned from other vehicles into next-gen vehicle Goal is to create 2 cars with the same effort it takes to build a single Model 3 Vertical Integration Only have done this out of necessity and if it is required for them to do mining, Tesla will do it Elon has been meeting with senior US govt officials and he has asked for them to expedite permitting process for clean energy related projects Gradual improvements as they redesign the whole supply chains, Tesla is figuring out dramatic inefficiencies FSD Beta Elon expects functionality to be good enough to take you from your house to a friend’s house, grocery store, etc. “Almost never should have to touch the controls” -Elon Elon believes next year they’ll have sufficient data to share w/ regulators that proves FSD Beta is safer than the average human driver Operational efficiency Many different areas that Tesla can optimize further Costs of many commodities coming down however key elements like Lithium remain high Shipping costs went from $20k per container to about $3.5k (lots of things have been deflationary) Twitter Elon is excited even though he and partnered investors are over paying for Twitter He believes long term value far exceeds that of its current value Dojo Still a debate on whether or not it’ll be able to exceed performance of latest & greatest NVIDIA GPUs when it comes to NN training Elon believes they’ll known within next 1 - 1.5 years if Dojo is more powerful than NVIDIA GPUs

October 20, 2022 · 7 min · dburkland
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2022 Tesla Q1 Earnings Call Notes

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)

April 20, 2022 · 8 min · dburkland
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2020 Q4 Tesla Earnings Call Notes

Today was another action-packed day for Tesla fans as the company released their full earnings report for Q4 2020 along with details surrounding the newly refreshed Model S & X. I spent sometime listening to today’s earning call and have created some notes which I have shared below for your reference. Enjoy! Opening Remarks from Elon Defining year on many levels, especially with the pandemic Important milestone of delivering 500,000 cars, almost as many as they had previously produced in their entire history Free cash flow of 2.8B after spending >$3B on new factories and other expenditures Industry leading GAAP operating margin, positive net-income, and record cash flow Continuing to ramp capacity in Fremont & Giga Factory Introduced heat pump to all vehicles Tesla is the first automaker ever to cast the rear third of the vehicle in a single, cast piece in the largest, most advanced casting machine ever made Still planned to start production in Giga Austin & Giga Berlin The pilot battery facility on Kato Road came online in 2020 and is already considered one of the 10 biggest battery factories in the world Model S & X Plaid & Plaid+ introduced and already in production New Model S will begin delivery in February New Model X will begin delivery after (March / April timeframe) Full unveil of the Model S & X will be coming in the next two weeks New Model S is the first ever production car to go 0-60 in under 2 seconds (he goes on to highlight it is the fastest EVER road-ready production car) The Model S is referred to as a Luxury Sedan and will have support for a 3rd row of seats Price is being raised $10k to account for additional improvements to interior, fit/finish, etc. Massive progress with Full Self Driving Around 1000 people in the public beta Very common for Elon to have 0 interventions on his drives with the latest builds, even on routes he has never been before FSD subscription coming in February Elon believes that the car will be able to drive itself better than a human by the end of this year Potential around FSD especially for Robotaxi use-cases dramatically increases their utility and thus helps explain Tesla’s current valuation Even with a conservative estimate of the cars becoming 2x more useful thanks to FSD, it would essentially 2x the value of the company which is mostly margin (because FSD is really just software) He gives an example of $50B in cars is like having $50B of incremental profit While 2020 was a turning point for the company they believe 2021 is another big year for Tesla with new factories and products coming online Logistics will be greatly simplified thanks to new factories in Austin & Berlin coming (less capital tied up in with in-transit vehicles) Financials Generate strong free cash flows, record $1.9B in Q4 while continuing to invest in growth and future initiatives Reduce use of debt / various working capital lines including funneling $2B of converting debt in Q4 continuing into Q1 2021 Achieved first calendar year and 6 sequential quarters of profitability Auto gross margins increased from 2019 to 2019 despite reductions in ASP and new product launches In Q4, stock-based comp (SBC) increased which was driven by stock price over 2020 grant process, portion of which is unique to just Q4 Impact of SBC increase across those COGs and OPEX Auto gross-margins in Q4 was impacted by 2 things: Investments in products made in Fremont S & X line refresh Single-piece castings on Model Y Introducing Heatpump to Model 3 Supply chain instability and pandemic-related inefficiencies With adjustments made with previous two items in mind, improvements were still noticed in auto gross-margins Services and other PNL also affected by previous items including onboarding new services personnel Continuing to ramp service capacity and focus as fast as possible Energy gross margins related to: Solar roof-related ramp costs Typical lease seasonality in lease PPA business OPEX as a % of revenue continues to reduce despite impact from items mentioned and continued investment in innovation Early settlement of convertible notes resulted in an additional $100M of expenses for Q4 Tesla believes their operating margins will continue to lead the industry and grow going forward 2020 may be their most meaningful year yet considering where their investments Continue to expect a longterm volume CAGR of 50% and may exceed in 2021 As production ramps the volume numbers will be skewed towards the second half of the year Q1 volumes will be positively impacted by ramp of Model Y from Giga Shanghai S & X production will be low due to refreshed products Still managing to get through global semiconductor shortage and port capacity Continued focus and investment around Supercharging and service capacity while driving costs Global demand continues to outpace production Questions from Say Question: What is holding Tesla back from being market leader in Solar? Answer: Expect to become the market leader in solar now that they are beyond the Model 3 ramp which required all hands on deck for several years. Looking to achieve an industry leading cost structure which would then give them industry leading pricing. One area of focus for Solar going forward is better integration between Tesla Solar / Solar Roof and Powerwall and hope to release it before the end of the year. The plan is continue to reduce complexity and costs around install later this year as well. Question: Could existing owners get the ability to transfer FSD to their new vehicle? Answer: Elon mentioned that Tesla is not considering allowing folks to transfer FSD to a new vehicle (via trade-in) however did note that they do indeed account for the presence of FSD in cars at trade-in vs ones that do not. Elon also believes the market currently undervalues FSD at this time however for folks that want to Question: Can you give us an update of the dry coating of the battery electrodes? Answer: While Tesla expected some issues with the new dry coating process and associated technologies developed for it, the Kato Rd team has addressed each manufacturing problem they have encountered along the way. The team continues to ramp yields week over week and month and month as they move up the production S-curve. The cell team has reinforced the design and reasserted their confidence in the dry process & 4680 design (meeting performance & cost targets). From a capacity perspective, Tesla has the following at Kato Rd and ready for a full production ramp by the end of 2021: 10GWh of capacity Entire production staff almost hired Material supply chain established Enough production confidence with 4680 design and production process & equipment to kick off manufacturing equipment & facility construction to support ramp to 100GWh production in 2022 Question: Why are you confident that Tesla is going to achieve L5 autonomy in 2021 and why isn’t Dojo necessary to get there? Answer: Elon is confident by his understanding of the technical roadmap and the progress they are making with each iteration. No longer rare to have the car drive you from point A to B even with complex intersections and situations in between. They have so much training data in the field that they are then improving rapidly based on that (this is in part thanks to their homegrown video labeling software). Still a few of the neural nets need to be upgraded to support video training and inference. As they transition each NN to video the performance has been remarkable. Dojo may be the best NN training computer by an order of the magnitude when it comes online. Elon expressed interest in offering access to Dojo via a SaaS-offering as they intend to share their investment with other s (For a cost of course). Dojo’s big goal is to increase the speed of training while also increasing the reliability of the system from 100%-200% of the average human to 2000%! Question: What is Tesla’s current GWh run rate of 4680 battery cells? Answer: Tesla’s goal is 100GWh of total capacity in 2022, not important to look at run up to that. Installing capacity in 2022 for 200GWh / year and plan to achieve 50% of that capacity by end of 2022. Question: What is Tesla doing to address service experience? Tesla had a reputation for great service now it is impossible to call a service center and appointments are scheduled weeks out. Answer: Tesla continues to focus on vehicle reliability which has resulted in service visits being reduced by 1/3 over the last year (the ultimate goal is no service). For situations that require service, they are continuing to ramp mobile service which currently accounts for 40% of all service visits in NA (goal is 50% by end of 2021). Also trying to service the cars in less than 2 hours getting them back on the road. For 100 of the 140 global service centers, the wait time for appointments is <=10 days or less and Tesla plans to drive this down further across the remaining 40 service centers. On top of this, Tesla continues to open new service centers and plans to open 46 new service centers in the 1H of 2021. In terms of phone support, Tesla is going to continue to funnel service requests through the app and move away from the phone due to scalability, media sharing, ease of payments, written records, etc. Questions from Institutional Investors Question: What are the key milestones we need to achieve in order to evolve current FSD to commercial L4 / L5 ride sharing solution? Answer: We need transition of remaining NNs in car to video and in order to do that the whole stack has to be upgraded to support video (including gathering surround video clips, label everything in video clip, and train against that, then have those NNs operate the car). This is contrary to the previous process which just looked at a single camera and single frame at a time. They eventually iterated to an approach that used surround video on a single frame basis however now they are including the time dimension as well. FSD Beta will be expanded to include more and more people very soon. Question: Does Tesla plan or expect to license any software apps (FSD, Autobidder, etc) to 3rd party OEMs? Answer: Elon mentioned they are very open to licensing to 3rd parties and have actually held discussions with 3rd party OEMs for licensing Autopilot. Elon believes that Tesla must first prove Tesla Autopilot is capable of FSD which will become obvious later in 2021 at which point they’ll be more than happy to license to other car companies (not trying to keep it exclusive to Tesla). They haven’t thought as much about Autobidder however just like with Autopilot they are open to licensing to 3rd party companies. 3rd party access to Supercharger network is another thing they are open to. Question: Do we need to do things differently to win the Chinese EV market? Answer: Tesla is currently the leader in the Chinese EV market so they are pretty confident they are on the right track. Very few Chinese customers (1-2%) have selected the FSD option so they have work to do in this department. Question: Is it fair to argue that the best way to think about the company’s longterm earnings power is tied to profit per unit of battery capacity? 3TWH target implies half of long term battery capacity goes to storage depending on what you assume for pack size for 20 million vehicle unit goal. Answer: The fundamental limit on EVs is output of battery cells in GWh and you can’t grow faster than this. Thanks to gain in vehicle efficiency (best in class), they are getting more with less battery cells. Tesla is producing their own cells to accelerate total cell output while still relying on cell suppliers as they need as many batteries as they can get (completely supplemental). Elon thinks total value of company can be calculated based on total cell output that supplies vehicle output and 2x it as well as 2x autonomy revenue. Question: Where are you in CyberTruck development and what are your expectations for CyberTruck deliveries in 2021? Answer: Finished all engineering related to CyberTruck and soon will be ordering manufacturing equipment. Will be using even bigger casting machines (8000 ton casting press) for the rear body casting of the CyberTruck (vs 6000 ton casting press for the Model Y). Tesla is very confident that the vehicle will be incredible however volume production will realistically begin in 2022 (only a few deliveries in 2021). Questions from Queue Question: Could you talk about regulatory environment for FSD and how you see it play out? Answer: Tesla is currently not limited on a rule basis re: FSD in the US however they are expecting to work with regulators to establish reliability standards. In Europe current rules are slowing down progress and limiting them to L3 autonomy. China has shown interest in working on L4 and L5 later in 2021 so expect regulatory space to be dynamic. Question: How are you managing your exposure on raw material costs? Answer: For supply chain the first priority is to deal with disruptions thanks to COVID, shipping in particular (boats) between Asia and NA, and look forward to pricing. Tesla is entering into long term agreements with preferred suppliers to ensure they have what they need to continue 50% CAGR. Question: Any expectations on what investors should expect on the regulatory credit front? Answer: Difficult to forecast and 2020 proved that as it was higher than expected. In long term, regulatory credits will be less which is why they do not include them in their future financial plans. Question: What should we think of use for capital funds raised in 2020 beyond maturities? Answer: Tesla is thinking about reducing debt and early conversions of convertible debt is a priority currently. They now have the ability to design factories and tooling around desired end state vs having to start small and add-on as they go allowing them to ramp much faster. Service expansion is really important to future of company and will continue to see a focus for the company (as well as Supercharging network expansion). Question: Does this require suppliers to have the capability to build 4680-based structural battery packs? Answer: Tesla is in talks with suppliers to produce 4680 cells however it is not required. The new Model S & X use the new 18650 cell and will continue to use that form factor for a few more years. Over time they will reduce variance in form factors and standardize on 4680s as their production ramps. Question: Does Tesla have any plans regarding EV vans? Answer: Tesla is definitely going to make an EV van however due to battery output constraints limit product diversity. Right now they could produce the Semi however volume would be extremely limited due to battery cell availability. They will have enough cells for the Semi once the 4680 enters volume production and the same applies to doing an EV van. Question: Is there an update on the next-gen FSD chip? Answer: The current software does not use all of horsepower offered by the current FSD hardware and will be more than sufficient to achieve FSD. With that said, the next-gen hardware is (FSD v2) 3x as powerful and will be paired with higher resolution cameras and sensors. They are limiting resources on development of new chip since FSD is completely achievable with current hardware (new chip will be improvement but not game changer). Question: Are your additional efforts trending towards greater battery ca pacity, charging, etc., and what are timelines for these goals? Answer: Elon mentioned they are confident and currently on track to achieve goals mentioned on Battery Day. Question: (More of a Statement) Caller suggests there is something to Elon stepping down as CEO, becoming chief architect, citing a recent trip to Hawaii to meet with Larry Ellison. Answer: Elon is committed to running Tesla for next several years and has no plans to step down at the current time. The mission of sustainable energy still needs to be achieved and Elon is insistent on making a dent before thinking of taking a different role within the company. Question: Since Semi trucks travel predictable highway miles, will Tesla Semis be the first to achieve full autonomy? Answer: Highly confident that the Tesla Semi will indeed be the first fully autonomous Semi on the road due to the exact same FSD hardware as existing Tesla vehicles. Some software parameters need to be adjusted due to vehicle size otherwise little changes need to be made (no retraining etc.). Question: Could you explain why BEV will win over Hydrogen fuel cell tech? Answer: Elon mentioned how he has received this question a million times before and cited being asked this before the first roadster was released. Hydrogen is a “big pain in the ass really” and if you are going to use an alternate energy storage mechanism to H, Elon thinks they should use propane or methane. Tesla is very confident they can achieve long range trucking with BEVs even with current energy densities. Additional Tesla Semis will be on the road very soon. Links Tesla Q4 and full year 2020 Financial Results and Q&A Webcast Tesla Q4 and FY2020 Update Presentation Tesla Investor Relations Tesla Owners Online Podcast / Episode 95 - SeXier Again!

January 28, 2021 · 14 min · dburkland