Tesla set new records in production and deliveries while beating analyst expectations.
Statista
Tesla published their Q4 2022 and full-year financial results, setting new records in production and deliveries while beating analyst expectations. Tesla’s annual profit rose to $12.6 billion in 2022, from $5.5 billion in 2021. Annual revenue rose to $81.5 billion, from $53.8 billion the year prior. Tesla reported fourth-quarter revenue of $24.32 billion beating analysts' $24.07 billion estimate. The automaker also reported earnings per share of $1.19 beating analysts' $1.12 estimate.
Tesla’s stock rose more than 5% in after-hours trading following the earnings release and surged more than 10% the next day.
Tesla's Q4 2022 revenue set a new record for the company, up 59% from a year earlier. In addition to automotive revenue of $21.3 billion, Tesla recognized $324 million of deferred revenue from the company’s driver assistance systems.
FSD Beta Numbers
Tesla reported that 90 million miles have now been driven with FSD Beta, up from 58 million miles in the previous quarter. The company also confirmed that they have about 400,000 FSD Beta users in North America, a sizeable increase since the last report. With such a steep increase in miles driven and FSD Beta becoming widely available in North America, Tesla is making significant progress with its autonomous driving software.
In late 2022 and into this year, Tesla began cutting prices on its cars globally. Elon spoke about how recent price cuts have fueled a surge in demand for Tesla: “Thus far in January we’ve seen the strongest orders year-to-date than ever in our history. We’re currently seeing orders of almost twice the rate of production.” He added: “These price changes really make a difference for the average consumer.” Tesla acknowledges that average sales prices have to decrease over time because affordability is part of Tesla's mission to grow into a company that sells multiple millions of cars annually.
Price cuts will impact profitability, but margins should remain healthy, Tesla CFO Zach Kirkhorn affirmed. Tesla has wider operating margins than the industry average, which allows them to make such price cuts.
Elon issued an uncertain forecast for 2023, saying Tesla planned on 1.8 million vehicles for the year without specifying whether that was a target for production or deliveries. If the company were to deliver 1.8 million vehicles in 2023, that would result in 37% annual growth.
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Tesla offers users some specific tools under its service menu (Controls > Service). These tools include features such as Car Wash Mode and Tow Mode. Just like other vehicle features, these are also updated and improved over time.
As Tesla vehicles use electric motors, towing them with any wheels on the ground could cause the motors to backfeed energy, generating considerable amounts of heat. If done for an extended period of time, especially at higher speeds, it could cause damage since the vehicle isn’t running its coolant loop to dump waste heat.
To help solve this problem, Tesla provides Tow Mode, which breaks down the steps needed to tow a Tesla. It also provides an easy way to put the vehicle in neutral and disengage the parking brake.
The improvement to Tow Mode now displays a checklist similar to Car Wash Mode. Each item in the list will light up green or red, depending on whether it’s already in the correct setting for Tow Mode.
Tesla has also added a readout of the low-voltage battery. While this could be useful for anyone wanting to check the current on their LV battery, it’s an important detail to be aware of if you’re towing because the vehicle’s high-voltage battery has been run down. All of the vehicle’s electronics are powered by the LV battery, and depleting it could cause the display to not turn on, as well as prevent access to certain vehicle features.
The vehicle shown in the diagram is also unique to the vehicle you are driving - a Model 3 will display a Model 3, while the Cybertruck will display a Cybertruck - just a subtle touch of Tesla precision to the entire presentation.
You can activate or check out Tow Mode from Controls > Service > Tow Mode.
Tire Service Improvements
Tesla has also improved its Tire Service menu, which is now tied into Maintenance History. These menus allow you to switch the wheels and tires your vehicle is using. It’s important to note that the wheel is not only used in the vehicle’s visualization, but also has impacts on the vehicle’s ability to accurately predict its range.
In the Tire menu, Tesla has added a Service Type dropdown, allowing you to select why you’re switching your tires. You can choose whether you’re rotating your tires, replacing them, or swapping them out for seasonal tires. This change will then be recorded in Maintenance History, allowing you to track the maintenance of your tires, including the date of the last maintenance and the ability to see the mileage on your current set of tires.
You can navigate to the Wheel and Tire menu by going to Controls > Service > Wheel & Tire.
The updated Wheel and Tire menu
Not a Tesla App
Cybertruck
As a note, the Tire Service improvements are not fully implemented in the Cybertruck in the primary menu. If you wish to mark a Seasonal Tire Change in your Cybertruck, you’ll need to head into Service Mode and add a Correction Code for Seasonal Tire Change from there.
We expect Tesla to fix or add this in an upcoming update for the Cybertruck.
During the unveiling of the Cybercab at We, Robot last year, we saw the Cybercab use a strange laser-like lighting system to project an interesting light pattern. It was a rather peculiar projection, and many observers passed over it without wondering too much - perhaps it was just a trick of the show?
But we went back and thought - what is it really? What kind of lighting technology could Tesla be using to accomplish this visual effect, and does it have a purpose? That led us down the rabbit hole of Structured Light, and we think that Tesla could be using this technique for a few different things.
Cybercab’s Autonomy
Unlike other autonomous vehicles, which are often retrofitted with complex and expensive sensor arrays, the Cybercab is purpose-built to be a mass-market autonomous taxi. Because of that, Tesla is using several new techniques to drive down the cost and simplify the vehicle, from the paint-impregnated panels to the easy-to-clean interior.
However, the drive to keep costs down hasn’t stopped Tesla from looking for ways to present a premium and safe product, which has been one of the Engineering and Design team’s goals for a long time.
Structured Light is a technique involving the projection of light using a distinct pattern (see it in action below). In particular, it’s a machine vision technique for capturing 3D information. Unlike normal, ‘passive’ cameras that interpret ambient light, structured light actively projects a known pattern, such as lines, grids, or dots, onto the environment.
A camera will then observe how the pattern deforms as it hits objects. By analyzing these distortions, the system can precisely calculate the 3D shape and depth of the scene in front of it. Structured light can generate dense, high-resolution 3D data, which is particularly useful at short ranges.
But is this useful for an autonomous vehicle? Potentially. It offers a close-range means of mapping the environment directly in front of the vehicle, and could theoretically complement the existing camera suite for precise maneuvering in tight spaces. It could also be used for detecting low-lying objects, although this task could be handled by the bumper camera that is arriving on newer Tesla vehicles as well.
Structured Light vs LiDAR
Not a Tesla App
The mention of an active 3D sensor brings to mind LiDAR (Light Detecting and Ranging) - which Elon Musk has repeatedly called a crutch for self-driving. But LiDAR is different than Structured Light - it emits a pulse of laser light and measures the time of flight to generate a 3D point cloud of the environment.
While both involve projecting light, structured light systems require specialized hardware distinct from Tesla's current Matrix LED headlights. Matrix headlights are designed to intelligently block parts of the main beam to prevent dazzling other drivers, using an array of controllable LEDs.
Structured light, conversely, requires a dedicated projector to cast a specific, known pattern (dots, lines, or a grid) precisely so a camera can analyze its deformation for 3D mapping. Implementing structured light would likely involve adding a new, dedicated projector component - perhaps another Cybercab exclusive feature.
Tesla already uses computer vision to navigate the environment, and adding Structured Light could potentially aid this process for Robotaxi challenges and edge cases, while not deviating from Tesla’s policy to use the same senses that a human uses to drive.
Structured light could be Tesla’s potential intelligent solution to an active 3D sensing system without adopting a more traditional approach like LiDAR.
Other Uses
Beyond the possibility of 3D sensing, could this light projection serve other purposes? Tesla is known for integrating novel new features into its vehicles - sometimes practical, sometimes just for fun. There are a few possibilities here.
Visual Communication - The lights could be used to project information onto a road surface - perhaps showing the vehicle’s intended path, or displaying warnings to pedestrians. It could even project a virtual crosswalk to signal that it is safe for pedestrians to pass.
Passenger Guidance - For a taxi without a driver, guiding passengers on how to approach and use the Cybercab could be useful. A projected welcome mat could show passengers exactly how to get into the Cybercab, reveal which passengers are being picked up, or provide other important information.
Improved Light Shows - We all know Tesla loves the little things in life. The projection could be used for more whimsical Light Shows in the future. We’re sure they’ll have more than just that in mind, though.
Wrapping Up
While we haven’t had any official confirmation that Tesla is using Structured Light, the possibility of the Cybercab using a novel new technology is relatively fascinating. It suggests that Tesla is looking into using its pre-existing tools and features in even more ways - something that they’ve always focused on. Whether this projection is for sensing or communicating, or even just for fun as a light show, we won’t know until Cybercab actually hits production.
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