Tesla is adding a new 'High Fidelity Park Assist' feature in this year's Holiday Update
Tesla
Following initial reactions to Tesla's 2023 Holiday Update, Elon Musk acknowledged the need for improvement, stating, "We need to step up our game." His post on X was followed by Tesla shedding more light on the Holiday Update than what was in the initial leak.
Call me old, but I remember a time when you bought a car, and that was it; the dealer and manufacturer didn’t give you anything else. So is the Tesla community acting a little bit spoiled here? Absolutely. But it also shows how high Tesla has set the bar with its previous Holiday Updates.
Initial Release and Feedback
The initial release of the 2023 Holiday Update, version 2023.44.25, received mixed reactions from the Tesla community, with some owners expressing disappointment over the lack of groundbreaking new features. But the newly announced features may serve as better stocking stuffers.
The initial rollout included something owners have been asking for, the blind spot monitor. The camera that turns on when you change lanes will now have a red color added if there is something in your blind spot. It’s not clear whether it will be accompanied by a tone.
Tesla’s blind spot warning in this year’s holiday update
Here are other features in the leaked update that are being tested by employees:
Navigation and Safety Features: Including symbols for speed cameras, stop signs, and traffic lights in navigation, and the automatic 911 call feature in case of an accident.
Trip Planning via Tesla Mobile App: Allowing for more detailed trip planning, including multiple stops and charging points.
Apple Podcasts Integration: Allowing users to sync with Apple devices for a seamless podcast experience, directly addressing the demand for a richer in-car entertainment system.
New Games and Enhancements: The update brought updates to Tesla Arcade, with Beach Buggy Racing and Polytopia Diplomacy updates, as well as the Vampire Survivors Chilling update.
Light Show Improvements: There’s a new light show that’s included with your vehicle. You’ll also be able to upload several light shows on a single USB drive and pick one from the vehicle, instead of having to use multiple USB drives, one for each light show.
More Live Sentry Mode Cameras: You will now be able to view the B-pillar cameras directly from the Tesla app. This brings the number of viewable cameras in the app up to seven. The only ones still missing are the alternative front-facing cameras that are telephoto and wide-angle, which wouldn’t bring much additional value. Although the B-pillars are viewable in the app with this update, they will still not be used to record during Dashcam or Sentry Mode events.
High-Fidelity Park Assist
Tesla's new parking assist feature will dynamically recreate scenes in real-time
Tesla
In response to the feedback and Musk's statement, Tesla unveiled additional features in its updated holiday update, including an improved park assist with enhanced visualizations.
This feature provides a 3D reconstruction of the vehicle's surroundings while parking, akin to a 360-degree camera system found in other high-end vehicles. The system is clearly leveraging improvements to Tesla Vision to create the surrounding environment, such as cars, pillars and walls.
This feature also appears to change the color of objects depending on how close they are to your vehicle. In the image we can see the pillars are orange, but if we look closer, the object behind the vehicle is also orange near the bottom. The sides of the vehicles next to the Tesla also have a slight hint of orange, indicating their proximity.
However, it looks like this feature may be even better than it initially looks. The vehicles in the image aren’t just predefined 3D models that Tesla created, like the ones used in Autopilot visualizations. These models appear to be dynamically created using vision, so that no two cars would look alike, much more similar to what LiDar is able to achieve. The visualization provides a true representation of the environment around the vehicle. You can see that each vehicle is made up from layers and have blurred edges toward the rear, where the camera would have a hard time seeing.
These 3D models could be a sneak peek at the future of FSD visualizations.
High-Fidelity Park Assist Requirements
A big question on everyone’s mind is who will receive this new park assist feature. Tesla didn’t address this in their post on X besides providing a disclaimer that the features in the holiday release are subject to model and region availability. Tesla often likes to test features in select markets before making them available everywhere. It’s hard to say whether that will be the case here. There likely aren’t any legal ramifications around providing visualizations, so that’s a good sign that this feature will be available in most regions, either in the holiday update, or soon afterward.
However, there are still questions around which models or hardware will be required. From the image shared, we can see it’s offered on a Model Y, removing any speculation of it possibly requiring the HD radar in the new Model S/X. We also don’t think it will require FSD hardware 4.0, so the remaining questions are whether it requires MCU 3, or the FSD package.
Given that Tesla is calling this Park Assist, it doesn’t appear to be linked to Auto Park, which is a FSD package feature. When Tesla rolled out visual and audio alerts for vehicles without ultrasonic sensors, it called the feature Park Assist, and that was available to all owners.
Whether this improved Park Assist feature requires a vehicle with MCU 3 will depend on the level of processing power required. It’ll certainly require more than the current visualizations given that its building the scene in real-time, so we’re hopeful that it’ll work on MCU 2 vehicles too, but we just don’t have enough information right now to make the call.
Custom Lock Sounds
Soon you'll be able to choose a custom locking sound for your car
Not a Tesla App
Tesla also announced a fun and whimsical feature that allows owners to customize the lock sound of their Tesla. No longer will you need to listen to the car’s horn when it locks as you walk away. Now you’ll be able to customize the lock sound of the vehicle. Tesla is including several options, including sounds like a screaming goat, a jingle, a rubber ducky, a quack sound, an old school horn and applause. However, you’ll also be able to upload your own file to create a truly unique experience.
You can pick anything, from a bird’s tweet to a favorite video game sound. You’ll only be limited by the maximum upload file size, which according to a Tesla engineer, is a 1MB file in WAV format, which is roughly about 40 seconds at good quality.
This feature is possible due to the vehicle’s external pedestrian warning speaker. So if you have Tesla’s Boombox feature or your vehicle makes a sound when traveling under 20 MPH, then you should receive this fun enhancement.
Rear Seat Audio and Gaming
You'll now be able to play games on Tesla's rear screens
Tesla
Enhancing the Tesla Arcade experience, passengers in the rear seats can now play games on the rear touchscreen. This feature, especially when paired with Tesla Arcade’s compatibility with PS4, PS5, Xbox Controllers, and rear-screen Bluetooth Headsets, is a welcome addition for families and long trips.
Much like the new Model 3, which received rear audio over Bluetooth support in the 2023.38 update, the new Model S and Model X will also receive this ability in the holiday update.
New Game - Castle Doombad
Tesla announced one other feature in the 2023 holiday update that hadn’t been previously leaked, and that’s a new game called Castle Doombad. Castle Doombad is a single player tower defense, puzzle-like game that’s currently available on iOS and Android, but has an upcoming release on PC and the Nintendo Switch. This game is expected to require MCU 3.
Release Timeline
The rollout of the 2023 Holiday Update is expected to follow a similar timeline to last year. Tesla announced that the update will roll out starting next week. However, it’s not clear whether this will also include FSD Beta testers that are on a 2023.27 update.
Like a spoiled child on Christmas morning, Tesla owners still ask, “Is that it?” Well… possibly, but there may be more to look forward to early next year as Tesla builds off of the new High-Fidelity Park Assist feature.
Advanced Smart Summon: Upgrading the Smart Summon feature to be more intuitive and efficient, especially in complex parking scenarios.
Reverse Summon / Park Seek: What happened to Tesla dropping its passengers and driver off at the location and then finding a parking spot on its own?
Enhanced FSD Visualizations: Expanding the Full Self-Driving visualizations to more regions or models or completely recreating the FSD visualizations using the same neural networks Tesla is using for the High-Fidelity Park Assist feature.
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Tesla’s 2025 Spring Update has arrived and is now going out in larger waves. Although this update isn’t as large as last year’s Spring Update, there are several exciting features in this year’s Spring Update.
In this article, we’ll take our first look into some of the newest features.
Custom Trunk Height per Location
The trunk height for Model Ys, Model 3s with automatic trunks, and the 2021+ Model S and Model X will now be customizable by location. While you could previously apply a maximum general height, you can now also apply a height at a given location.
This is especially helpful if you don’t want the vehicle to open the trunk all the way in your garage, but would like it to open all the way elsewhere.
To set it, you can manually adjust the liftgate to your preferred height when at the location and then press and hold the trunk close button until you hear a chime. Alternatively, you can open the liftgate with the on-screen controls and then press the pause button and have it remember this height.
If you have a Cybertruck, the process is similar to save the frunk height.
B-Pillar Sentry & Dashcam
The new B-Pillar options are displayed at the bottom of the dashcam viewer.
Not a Tesla App
For newer hardware 4 vehicles, Sentry Mode and Dashcam will now also record video from the B-pillar cameras on your vehicle. This brings the total number of cameras recorded to six, up from just four. This also means that the vehicle is now covered practically in 360 degrees. The only cameras not recorded are the alternative front camera, the front bumper camera (on the new Model Y and Cybertruck for now), and the interior camera.
While most of the other cameras wouldn’t provide much improvements in terms of security, adding the interior camera would be a really nice addition. However, we imagine there are privacy reasons why Tesla isn’t adding this one.
You can check out the new angles in the improved Dashcam viewer under “Left Pillar” and “Right Pillar”, which are located at the far right.
For AI3 vehicles and the Cybertruck, this feature isn’t available, however, we expect it to be added to the Cybertruck soon.
The Dashcam and Sentry Mode Viewer have received an improved interface to go along with the new B-pillar camera recording. However, like the new cameras, this feature is only currently available on HW4 vehicles. While the B-pillar camera records are unlikely to arrive on HW3 vehicles due to technical constraints, we may see this improved Dashcam Viewer arrive on other vehicles in the future.
The new viewer now displays all the cameras along the bottom, rather than having one at each corner.
Tesla has also added a jump back or forward 15-second button; however, the recent improvement to adjust the playback speed from 0.5x, 1x, and 2x appears to have been removed.
There’s also a new button at the top right corner of the video, which lets you easily jump to the next video clip.
Reverse Camera
The new angle is a little bit wider than the original.
Not a Tesla App
For HW4 vehicles, Tesla has also improved the visible angle of the rearview camera. Tesla’s cameras actually capture angles slightly wider than the ones displayed in the vehicle UI and the Tesla app - so it’s nice to see them increasing the viewing area.
These same vehicles have now also been updated to have the fender cameras displayed at the top of the Camera app instead of the bottom.
Adaptive Headlights for North America
Overnight, your Tesla gets better with a OTA update.
Tesla Adaptive Headlights in action on a Legacy Tesla Model Y.
Adaptive headlights have finally been enabled for vehicles with matrix headlights in North America with this Spring Update. You can check them out in action below. If you’re unsure whether your vehicle includes matrix headlights, our guide can help.
Model S / X Turn Signal Cameras
These optionally placed repeater turn signal camera images are a huge improvement!
@niccruzpatane on X
The Model S and Model X have received some much-requested love from Tesla. The blind spot camera feature, which displays the fender cameras on screen when the turn signal is active, is being moved to the instrument cluster.
Until now, the feature has shown the cameras on the infotainment display, much like the Model 3 and Model Y. If you prefer to keep them on the main display, you can adjust it under Controls > Display > Automatic Blind Spot Camera.
New Navigation Options
Tesla added three new routing options to the Spring Update, which now lets you choose between faster and more frequent charging stops or longer and less frequent stops. The long-awaited avoid highways option is finally included in this update as well.
Fastest: This offers the quickest path to the destination, disregarding any attempts at efficiency or stopping more frequently to perform short charges.
Best Amenities & Fewer Stops:This routing mode minimizes your charge stops in exchange for making them longer, but also allows you to stop near highly rated restaurants, shops, and restrooms for a more relaxing trip.
Avoid Highways: Thishighly requested feature allows you to keep your navigation routing away from highways unless absolutely necessary to reach your destination. Hurray for the country roads and relaxed driving.
With the 2025 Spring Update, you can now customize your route to have fewer stops, the best amenities, or just a fastest overall route.
Tesla has updated the in-vehicle Phone app to display contact pictures from your phone, along with the name and phone number.
The new contact photos will also appear in the dialog window that opens when you receive an incoming call.
The new contact image is displayed above the phone number and name (censored by user)
@max_bracco on X
Search Filters for Music
The list of sources is selectable to help fine-tune your search.
@max_bracco on X
When searching for music, the results are now filtered by the music service, rather than displaying all results in a single view.
When you prefer a search, the results will be limited to the currently selected music source. Results for other services will be displayed in separate tabs organized by service. This is a really nice addition, but we’d also love to see an “All” results tab, similar to the previous experience, that lets you view results across various services.
Keep Accessory Power On
Tesla is finally giving users the ability to charge devices with 12V sockets and USB ports when there’s no one in the vehicle. While 12V sockets and USB ports are turned off when the vehicle goes to sleep, many users work around this by enabling Sentry Mode to keep the ports powered.
The good news is that this new feature is even more efficient than before because owners no longer need to keep Sentry Mode on just to keep these ports powered.
To enable power for the USB ports and 12V sockets, navigate to Controls > Charging and scroll down to Keep Accessory Power On. Keep in mind, similar to Sentry Mode, this feature uses additional energy, even if devices aren’t being charged — so use it selectively.
Music Improvements
Tesla has made several other music related improvements in this update besides the updated search results screen.
Amazon Music: You no longer need a premium subscription to Amazon Music to use the streaming service in the car. Your free account will work just fine.
Apple Music: Apple Music’s shuffle function has been improved so that it now shuffles the entire playlist of music, instead of just the first 100 results in the playlist.
YouTube Music: The next song in a playlist will now be displayed in the Up Next section. You view this section by tapping on the album artwork in the music player.
Other Improvements
Tesla has made several other improvements. One nice addition, currently limited to the Cybertruck, is that the vehicle's visualization will now display the actual distance a door is open.
Tesla also improved the hotspot feature. If you typically use the hotspot on your phone to connect to the vehicle, this feature will now be automatically enabled each time the vehicle is put into drive.
While Tesla has already shown third-party chargers in Europe, Tesla is now giving users the ability to view them in other regions for the first time. The feature is off by default, but you can go to Controls > Charging and enable third-party chargers. Tesla explains that your vehicle will now automatically navigate to these chargers, but they will show up in the list of available chargers.
In case you missed Tesla’s Q1 2025 earnings call last night, or just want to see the cliff notes, we’ve got you fully covered. While Tesla called this event a “Company Update” on their Investor Relations website, we covered all the usual aspects of a regular earnings call.
Tesla had a rough Q1, but managed to pull through even in the face of one of the most financially difficult quarters in recent memory. There’s also a lot of exciting news as Tesla shared updates and key information on some of its upcoming products.
Tesla actually started this event relatively on time, with the call beginning just seven minutes after the scheduled start time. If you prefer to listen to the call, you can listen below with the call starting at the 7 minute, 9 second mark.
FSD Supervised & Unsupervised
FSD Supervised launched in China, received positive reception.
Tesla launched FSD in China without access to country-specific data, and it is performing extremely well.
They expect this will make it easier to launch elsewhere.
FSD Supervised for Europe still on track for 2025.
FSD Unsupervised is now running Model 3, Model Y, and Cybertrucks from the production line to the outbound logistics lots at Fremont and Giga texas.
As of this quarter, FSD has been driving people in North America and China for 7.7 Million miles per day.
Tesla will consider pricing options for Unsupervised FSD vs Supervised FSD
In the meantime, Tesla plans to gradually lighten the supervision requirements
Executive team believes FSD is too cheap at $99/mo as it currently stands
Glare, Sand, Dust, Fog
Cameras are not fully blinded by glare or other obstacles
Tesla’s photon-count analysis happens before digital signal processing - the image you see on the dash may be washed out, but FSD can see fine.
Snow and Inclement Weather
These are still a challenge for scaling out to areas that experience snow.
Tesla is looking at implementing localized parameters to deal with snow or other localized conditions in the future
Not essential, but a “nice-to-have”
These parameters will be focused on improving reliability for certain tasks, like driving in snow
Waymo
Tesla doesn’t see Waymo as a challenger
LIDAR is expensive, can’t solve many problems
Pure vision is the key (along with audio now)
Tesla isn’t just doing a software solution and attaching hardware to a pre-existing vehicle, Tesla is building the vehicles ground-up with autonomy in mind
Validation is still a challenge, due to edge cases.
QA fleet is driving in Austin, and can go many days without an intervention
Difficult to tell whether improving or regressing
Deeper and broader simulation systems are being built
Seeing an intervention every 10,000 miles means they need 10,000 miles of data on average to address it
Need as much data as possible - 10,000 miles is the average distance covered by a driver in North America in a year
The executive team noted that Chinese FSD testers are doing a fantastic job testing edge cases
Unsupervised FSD & Robotaxi Fleet
Tesla is on track for the pilot launch of Robotaxi in Austin for June 2025.
These will move the financial needle in the 2nd half of 2026.
The first vehicles will be Model Y’s, not Cybercabs.
Aim is to start in Austin and roll out elsewhere in the United States by the end of the year
Focus is to ramp quickly, and have millions of vehicles operating autonomously by the end of 2026.
Remote Support for robotaxi fleet could happen, not 100%
10-20 vehicles on Day 1 for Robotaxi fleet
Scale-up will happen slowly
By the end of June or early July, anyone will be able to go to Austin and use a robotaxi
Vast majority of Tesla’s existing fleet will be capable of Unsupervised FSD
Elon specifically mentioned the Model S, 3, X, and Y
This is the fourth event (We, Robot, Q4 Earnings 2024, All-Hands, and Q1 Earnings 2025) without mention of the Cybertruck being capable, likely meaning that FSD development for the Cybertruck is further behind as we’ve seen.
Tesla’s generalized solution to autonomy means that once they verify it works in a few North American locations, it should work in any North American city
Key limitation is regulatory approvals
This also applies for other areas of the world - the generalized solution will make it easy to apply it elsewhere
Tesla is providing autonomous supervised vehicles today that are capable of:
Cutting commute effort
Improving lives for customers with disabilities
Tesla’s executive team wants to get these stories out and get people to experience FSD
Unsupervised FSD should launch for customers in the US, ideally by end of year
Safety is a key concern, Tesla needs to continue reducing interventions per mile
Tesla will be careful with rolling this out outside of dedicated fleets
It must be meaningfully (10x or more, as per Q4 2024) safer than a human
Will likely be geofenced to specific cities or locations
Elon expects the first Model Y will drive itself from Fremont or Giga Texas all the way to a customer by the end of 2025
Affordable Vehicle
The plan for the new more affordable model (identified as a new vehicle), remains on schedule for production beginning in the first half of 2025.
These will utilize aspects of the next-generation platform as well as current platforms, and be produced on the same manufacturing lines as current vehicles.
This approach will result in less cost reduction, but will enable Tesla to manage capital expenditures.
This model will start production as soon as June and be in the market shortly thereafter.
Ramping will be slower than hoped due to global tariff and financial impacts
Production timeline is still on track overall
Tesla is aiming for a lower initial cost of ownership and lower monthly payments
Tesla will use its existing lines - reducing the overall form factor difference between this new model and what Tesla already exists
Likely based on the Model 3 or Model Y
Will resemble the overall form and shape
Cybercab
Cybercab will use the unboxed manufacturing strategy, and is scheduled for volume production in 2026.
Sample production validation is ongoing now
First builds will happen near the end of Q2
Production is on-schedule at Giga Texas
No new building is being built, it will be built inside already planned space
Unboxed method is progressing well
It is the basis for the Cybercab’s manufacturing process
It lowers the cost of production and increases the level of automation considerably
Tesla is working on marrying large assemblies together, fixing vehicle ceiling connections, and recently completed corrosion testing
Unboxed methodology will eventually be incorporated into other lines
Cybertruck is already benefiting from some aspects of this method
Long term goal is a 5 second cycle time for Cybercab
Giga Shanghai currently has a 33 second cycle team for Model Y
Current Vehicles
Giga Texas produced its 400,00th vehicle in April, and Tesla launched the Cybertruck Long Range (RWD).
Giga Nevada achieved record battery pack production this quarter.
Model 3 and Model Y deliveries in the US (and Canada) are now made with 100% US-built battery packs.
Tesla achieved record orders in a single day in the Asia-Pacific region with the launch of the Refreshed Model Y.
This is the most competitive region for EVs, and a validation of Tesla’s cost structure and positioning.
Giga Berlin built its 500,000th Model Y this quarter.
Tesla has officially opened the first overseas market for the Cybertruck - Saudi Arabia.
Q1 is historically the worst quarter for auto sales, and the best quarter to do production swaps
Tesla used this as an opportunity to do the swap at all 4 factories around the world at the same time
Never been done before - especially as 1.1 million Model Y’s are built per year globally.
Optimus
Tesla’s Fremont factory is preparing production for the Optimus pilot line for 2025, and wider deployments of Optimus for internal Tesla use is expected this year.
There has been good progress on finalizing Optimus so far, still in prototyping stages
Tesla expects its pilot production line to begin running near the end of 2025
Several thousand units should be working in Tesla’s factories by the end of the year
Optimus ramp will be challenging, lots of new and unique components Tesla doesn’t make already
Optimus will use the AI4 computer
Shoulder actuators use permanent/rare earth magnets
Working with China to get a license for use
Goal is 1 million units per year by 2030
Batteries
The 4680 Cell (Cybercell) is IRA-complaint and eligible for the US Federal EV Rebate.
It is the lowest cost-per-kWh cell.
Tesla has diversified and protected the supply chain, and each component for the 4680 is sourced from at least two countries.
Lowest cost cell of any cell available on the market right now
Easy to build a flashy product that does one thing (e.g. charging fast) well, but difficult to scale it up and be profitable
Tesla’s lithium refining and cathode production plans will start production in 2025, moving critical battery production to the US.
Will be the biggest lithium refinery outside of China, and could potentially expand to be the biggest.
Cathode production will also make a big impact
Anode production or removing anodes entirely is being worked on
Tesla is no longer supply constrained for vehicle batteries, but is constrained on LFP batteries for North America due to tariffs.
Supply Chain
Tesla is continuing to localize supply chains where possible
Makes sense from a cost and logistics risk standpoint
Supply chains should be located on the continent of which the vehicle is built
Tesla is the least impacted car company in respect to tariffs
Places Tesla in a stronger position than their competitors
Elon believes in lower tariffs, and advocates for them
Tesla will be impacted by the May tariffs due to part production in Canada and Mexico, no way around this right now
Tesla has to buy equipment from outside the US and import it - it is expensive to bring in equipment from China
China has the most capacity to provide this equipment
Tesla is working to on-shore production of LFP, as most Tesla Energy batteries are supplied from China
There is an outsized tariff impact on Tesla Energy at the current time, and Tesla is looking at non-China suppliers of Lithium
Tesla is continuing to focus on adapting to policy changes
85% of US-built vehicles have North American content
95% of Asia-Pacific vehicles have Asian-Pacific content
Vertical integration and local partnerships are the key to increasing these
Tariff risks are higher for low-volume platforms (S, X, Cybertruck)
Tesla can bridge and cover production for other regions in times of crisis
Tesla is building strategic banks of parts they cannot vertically integrate, such as processors and microelectronics
Tesla is working to reduce or stop the reliance on rare earth magnets as much as possible
Energy
There was a 154% increase in energy storage deployed YoY, for a total of 10.4GWh.
Tesla is experiencing continued rapid growth in the energy market, but deliveries remain volatile due to the nature and scale of the projects.
Megapack expands grid capabilities
Tesla is expecting more demand for Megapack in the near future due to the increasing use of AI.
Megapack itself is extremely useful for many industrial use cases, not just AI.
It can effectively double grid capacity by buffering energy usage during off-peak hours
Tesla has many orders in the GWh range already, and is expecting demand in the TWh range in the future.
Tesla is supply constrained on Megapack
Tesla deployed 1 GWh of Powerwall this quarter.
Extremely positive reception from customers; Tesla is supply constrained.
Tesla delivered 1.4TWh of electricity by Supercharging this quarter, with a 26% YoY growth.
Megafactory Shanghai is now online and producing Megapacks, over 100 are on-site and produced, ready to be shipped (not counted this quarter!)
Tesla expects 20GWh of annual production due to the localized supply chain, and up to 40GWh in the future.
Misc.
Tesla is working on getting into India, cars going in are subject to 70% tariffs and 30% luxury tax
Would be an excellent market, aimed at India’s middle class
No discussion about localizing production in India at this time
Giga Berlin and Giga Shanghai likely have enough capacity
Tesla acknowledged that vandalism, unwarranted hostility, and brand image have suffered in several markets, and likely played an impact, but did not have a functional impact on demand
In Q&A, Tesla’s executive team mentioned:
Biggest impact was reduced Model Y production
Tesla remained a best seller in Q1 in multiple regions, and interest remained high
Tesla experienced the highest number of test drives in this quarter, ever
Tesla isn’t immune to macro economic effects
Elon’s Opening Statement
Elon’s opening statement was interesting - and normally we just integrate it right into the rest of the points, but we’ll break it out here because it is fairly important.
Elon acknowledges blowback for his time at DOGE
He believes that his work there is still important
DOGE team has made a lot of progress
Elon wanted to focus on fighting waste and fraud to benefit the US
Most of the work with DOGE is done
Time with DOGE will drop significantly as of next month
Elon will continue to work with DOGE throughout the current term
1-2 days per week as needed
Elon says he will return to focusing on Tesla
DOGE’s mandate ends in July 2026, so Elon will likely have to step away entirely then unless it is extended
This will be a bumpy year for Tesla
Elon is optimistic about the future of the company, but acknowledges 2025 will be challenging, but he doesn’t go into details
Still believes the future of the company is on large-scale autonomy
Both cars and humanoid robots
If Tesla can execute on autonomy, it is well placed for the future
Financial
Tesla saw a 20% YoY decline in total automotive revenues
Partially due to a 15% decline in gross profit, and 9% rise in operating expenses
Tesla saw non-GAAP earnings per share drop to $0.27, from $0.45 in Q1 2024, and $0.60 in Q4 2024.
Tesla attributed the majority of the decline in its vehicle deliveries due to the ramp of the Model Y across all four of its factories globally. The first time any automaker has launched a new model across all factories at the same time.
Tesla’s average selling price (ASP) also declined due to a mix of sales and financing incentives.
Overall, operating income decreased 66% YoY to $0.4B, which is a 2.1% operating margin.
Tesla saw growth in the energy generation and storage sectors (Tesla Energy), and also a higher regulatory credit revenue for this quarter.
Tesla’s continued ramp of the Cybertruck has seen a lower cost associated with its production as of Q1 2024.
Tesla’s CAPEX for 2025 will be in excess of $10 Billion
Tesla is still evaluating what and where to invest.
Listen to Event
You can listen to the entire event below, which starts at the 7 minute, 9 second mark.
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