To The Moon

$TSLA

I listened to the entire earnings call so you didn’t have to. Master list of of all 29 major points discussed:

1) Low cost vehicle production possible in late 2024, likely early 2025.

2) Referred to Robotaxi as “Cyber Cab”.

3) Has installed roughly 35,000 H100 training GPUs, 85,000 (!) coming by EOY. No longer GPU constrained.

4) Recent layoffs will save $1B/year.

5) 4680 production has increased 18-20% from Q4.

6) Optimus is able to complete factory tasks in a lab. Expects Optimus to complete tasks in its own factory by end of 2024. In limited production end of 2024, potential to sell Optimus end of 2025.

7) Regulatory path to Robotaxis/FSD is improving, state governments are approving autonomous driving for street use rapidly.

8) Driving in the future will be like getting in an elevator. Get in, press button, and it takes you to your destination. Fully autonomous.

9) Tesla will own some Robotaxis itself and operate as a “taxi service”. Some will be owned by Tesla car owners.

10) Will discuss $25,000 car more at 8/8 Robotaxi event.

11) Cybertruck ramp at 1,000/week, facing challenges such as supplier inventory. Expects to ramp more over coming months.

12) Conversations with a major automaker regarding licensing FSD ongoing.

13) Semi is still having some difficulty ramping but getting better with time. Still delivering semis to Pepsi.

14) FSD will not be transferable between vehicles.

15) Tesla constitutes the majority of Elon’s time. He has no plans of leaving the company anytime soon, wants Tesla to be “prospering” when he steps down.

16) Expects higher sales in 2024 than in 2023.

17) “If you don’t believe Tesla will solve autonomy you shouldn’t be invested in the company”-Elon

18) Elon dodged the question about 25% ownership. Said shareholders have the chance to vote. He expects Tesla will solve autonomy with or without him (!).

19) Tesla will look at buybacks once FCF ramps.

20) Other automakers very interested in licensing FSD, they just want to make sure it’s 100% the right way to go about self driving (no lidar, etc).

21) Likely 3 years away until OEM has cars capable of FSD. Licensing deal could come soon but the auto manufactures need to build the product that can use FSD.

22) Predicts meaningful FCF to come after down few quarters.

23) FSD approval in other countries/markets is coming, governments are open to it. China specifically mentioned.

24) Q1 was one of the worst quarters in Tesla history. Fires at factory, Red Sea attacks, ramping Cybertruck, etc. Team expects future quarters will be much better.

25) Tesla plans to be the real world, physical AI leader. Team believes the infrastructure is in place to do so.

26) Likens FSD/autonomy to AWS. Nobody expected AWS to be the most valuable part of Amazon.

27) Buying a Tesla became too complicated. Hopes new process allows buyers to buy a Tesla in under a minute.

28) Elon believes people cannot understand where the company is headed without using latest version of FSD themselves.

29) IR lead Martin Viecha is stepping down.

Hope this helped.