Tesla Talks Robotaxi Details, Hardware 5.0 and More - Complete Shareholder Meeting Recap and Notes

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Did you miss the Shareholder Meeting? Want to know what Elon Musk said?

We’ve got an easy-to-read recap for you below, split by sections. We’ll be writing more in-depth about many of these topics over the upcoming days as we unpack all the awesome news!

Robotaxi

• Fleet monetization planning is ongoing.

• Owners will be able to send their cars to the Robotaxi fleet and summon them back when they need them.

• Tesla will take a margin, but most of the income will go to owners.

• Tesla has plans to solve driverless interventions in the future, but expects them to be edge cases of edge cases.

FSD

• Headed towards Unsupervised FSD!

• New subversions are essentially new full versions; 12.4 and 12.5 are massive updates.

• Expect a 2-5x increase in performance between versions.

• Major versions will include a 2-week free trial.

• 10 thousand miles between interventions for some internal builds.

• Hardware 4 training will begin later this year, Hardware 3 will continue to be developed.

• Hardware 5 is 18 months from retail release.

Optimus

• Optimus will be able to do many simple and difficult tasks:

  • Teaching

  • Companionship

  • Babysitting

  • Factory Work

• Tesla expects 2 humanoid robots per person in the future.

• Tesla expects 1000-2000 robots working in its factories by next year, with a limited production run.

• 22 degrees of freedom in the next generation hand, one new major hardware revision coming this year.

Cybertruck

• China and Europe-compliant Cybertruck coming after production is scaled and costs are reduced.

• Foundation series ending soon, non-foundation series starting next quarter.

Semi

• Semi is in low-volume production, high-volume production starting soon.

• Companies are actively choosing Semi due to economic advantages.

• Massive potential impact on carbon emissions

• Big impact on the profitability.

Other New Products

• New products are coming soon, and Tesla is working hard on them.

• Possible 12-passenger van, added to the “To-do” list.

Supercharger

• 58K global sites, and continuing to grow.

• More superchargers deployed this year than the rest of the industry combined.

• Tesla is providing adapters to other car companies and providing them with support for Supercharger access.

• Tesla is moving to fill gaps and relieve congestion where possible.

Battery Production and Stationary Storage

• New 4680 innovations, best cell from a manufacturing and efficiency standpoint.

• 4680 will be a continuing focus to improve over time.

• Tesla has made their battery supply chain stronger and is working on further vertical integration.

• 2023 had 15GWh of Megapack production, 2024 is looking closer to 40GWh.

• 100-200% growth rate in the energy storage market.

• Tesla is constrained by Megapack and Powerwall 3 production, can’t keep up with demand, even as they scale rapidly.

AI and Compute

• AI growth is on a weekly basis, with Tesla taking in video and training on decision-making faster than ever.

• Tesla is not compute-limited for FSD, but scenario-limited.

• There is an AWS-style opportunity for parked vehicles to run distributed inference and compute.

• Tesla intends to introduce LLMs with customizable learning personalities to Optimus and its vehicle lineup.

Investor Facts

• Elon Musk expects $5-10 Trillion valuation for autonomy, and $20 Trillion for Optimus.

• Musk mentioned that Ark Invest has the closest scenario – with Robotaxi releasing in 2025 or 2026, for a 110x valuation increase.

• Elon’s stock award isn’t cash, and he has no intent to cut-and-run and is with Tesla for the long haul to accomplish the mission.

Other Items

• Tesla Home HVAC, with a built-in HEPA filter, humidity control, super-efficient, super-quiet, with Powerwall integration – one day.

• Kids Factory Tour Event – for children under 12!

If you’d like to watch the shareholder meeting, you can view it here, along with all the stockholder vote results.

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Tesla Releases FSD V12.6.1 for Model 3 & Model Y

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Last night, Tesla released software update 2024.45.25.15, which includes FSD V12.6.1. This update adds support for all HW3 vehicles, including the Model 3 and Model Y. We’re excited to see the continued support for HW3 owners. 

FSD V12.6.1

V12.6.1 is now going wide, according to Ashok Elluswamy, Tesla’s VP of AI. This update is going to the Model 3 and Model Y for the first time - as only the Model S and Model X were included in FSD V12.6. 

V12.6 is a big step forward for HW3 - it includes End-to-End on Highway, Improved City Streets Behavior, and Smoother and More Accurate Tracking - all contributing towards a better, smoother, and more comfortable build of FSD. You can read our comparison between FSD V12.6 and V13.2.2 here. 

In short, FSD V12.6 performs considerably closer to V13 than V12.5.4.2 - which is a massive improvement. It performs as well as the Cybertruck version of FSD V13, which is still missing a few features when compared to other HW4 vehicles, but it’s a great sign for HW3. A lot of the improvements can be pointed to in the improvements to lane selection and decision-making - the vehicle tends to hesitate far less on V12.6, meaning the ride is a lot smoother. Many early V12.6 testers mentioned that it felt more like V13-mini than anything else.

Legacy Model S & X

We haven’t seen this update hit any legacy Model S and Model X vehicles just yet. We’re not sure whether Ashok’s statement of “generally” applies here - but it should. If you do get the update, please let us know.

Legacy Model S and Model X vehicles are still on an older FSD build and potentially won’t see another FSD update for a little while longer. While they do have the same FSD hardware as other vehicles, there are enough hardware differences that require a build specifically for these vehicles.

Release Date

FSD V12.6.1 is going out now to the redesigned Model S and X with HW3 and all Model 3 and Model Y vehicles with HW3. The initial wave went out last night, and we expect to see more later today or tomorrow. If this release ends up going “wide,” we should see much larger waves go out next week.

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Tesla Issues Physical & OTA Recall for Hardware 4 Computer

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Tesla has issued a recall for some vehicles due to issues linked to a revision of the Hardware 4 (HW4) computer that was introduced this past November. This recall affects all vehicles with the revised hardware except for the Cybertruck, as it uses a slightly modified version of the HW4 system.

Many vehicle owners have reported a complete failure of their Autopilot computer, which not only leaves the vehicle without FSD and Autopilot but also disables many of the active safety features that make a Tesla what it is.

Let’s take a look at this recall - because the recall is partially physical and partially a software recall.

HW4 Failure

Tesla has identified the failure and flagged it to the U.S. NHTSA (but not Transport Canada or Euro NCAP at the time of publishing) as a recall.

Tesla mentions that the vehicle’s FSD computer circuit board may short circuit, resulting in the loss of the rearview camera image. The recall itself is focused on the rearview camera - as not having a functional rearview camera breaks a Federal Motor Vehicle Safety Standard. However, it does impact more than just the rearview camera.

As previously mentioned, users have experienced the full loss of Autopilot and FSD on these vehicles, as well as reduced traction control and removal of safety features such as automatic emergency braking, collision avoidance assist, and forward collision warnings. 

While the vehicle remains driveable, it is not necessarily a good idea to drive the vehicle with many of these features, especially with the reduced traction control noted by many people. We’ve already noted that while Tesla has been sending tow trucks to pick up some vehicles, it is also prompting owners to drive the vehicle to their service center in some cases.

Remedy

Unlike most of Tesla’s recalls, this one isn’t entirely an OTA recall, owing to the fact that people have already experienced circuit board shorts and are already waiting for replacements.

The software portion of the recall has already been mostly completed for any vehicles with Tesla software update 2024.45.25.3 or greater. However, a significant portion of the tracked fleet remains on update 2024.44.25.2 (approximately 20%), so we recommend updating your HW4 vehicle whenever you receive the notification.

On the hardware side, Tesla is immediately identifying and replacing hardware that has had circuit board failure. Tesla is also reaching out to customers who have expressed intermittent issues with Autopilot features, active safety features, or vehicle cameras that don't display correctly. If you have experienced any of these issues in a late 2024 vehicle, we recommend submitting a service ticket with Tesla to ensure that your vehicle isn’t affected by this recall.

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