Tesla held its 2022 shareholders' meeting yesterday. At the event, Tesla discussed a variety of products and features including FSD Beta 10.13, the Cybertruck, Tesla Superchargers, and a new Tesla factory.
You can watch the entire event below (starts at the 2 minute mark), or read Dan Burkland's recap, which was originally posted on dburkland.com.
Part 1 - Formal Shareholder Items
• Martin - Intro
Robyn Denholm
• Global fleet of cars and vehicles to avoid 8.4M metric tons of green house gas emissions
• Avoided emissions that were equivalent to ICE vehicles driving 20B miles
• By 2030 Tesla plans to sell 20M vehicles / year
• In June 2022 Tesla achieved the highest vehicle production month in their history
• Tesla continues to make an impact w/ Solar & Energy Storage business
• Tesla sold 4 GWH of energy storage products in 2021, enough to power 3M homes
• Solar demand has increased 4x
• Goal is for all factories to be carbon neutral
• Tesla already uses less water per vehicle than any other automaker
• Attempting to achieve a 2M vehicle / year run rate by end of 2022
• Tesla just recently produced their 3 millionth vehicle
• Looking back 10 years ago, Tesla only made 2500 Roadsters and maybe a couple hundred Model S (August
2012)
• “Cleanest exponentials” -Elon Musk
• $TSLA shareholders have approved the 3-for-1 stock split
Tesla
• Important to note the increase in strong free cash flow is occurring before autonomy
FSD Beta 10.13
• “This year I swear” (FSD being released to public)
• “Made some significant architectural improvements with FSD Beta 10.13 release, might qualify for
10.69” -Elon Musk
• “It's gotta earn that” -Elon Musk
• “We are going to solve Chuck's turn” -Elon Musk
• “Roughly 90% success rate w/ Chuck's turn”
• “Might be next week” -Elon Musk
• “It's working well for me” -Elon Musk
• FSD will save lives by driving an order of magnitudes safer than people
• Tesla has the highest operating margin in the entire industry
Tesla
• Every time a competitor advertises for EVs Tesla notices an increase in sales
• Model Y is tracking to be highest vehicle by revenue by end of 2022 and highest by unit by end of
2023
Gigafactories
• Tesla will soon be ready to announce another factory location by end of 2022
• Tesla plans to eventually have 10-12 Giga Factories
• Each factory will have the capacity to produce 1.5-2M vehicles per year
• Fremont factory is highest output car factory in North America
• Elon thinks it's going to be a friendly competition between Berlin, Fremont, and Texas (Shanghai
hard to beat)
• Tesla has produced more energy than it consumes (includes vehicle charging)
Tesla
• Tesla battery recycling is already happening at a rate of 50 packs per week in Nevada
• Continues to scale
• Not that many batteries to recycle since their longevity has been really good so far (more
of a longterm play)
Master Plan: Part 3
• Will be focused on scaling
• “What are all the things needed to achieve a fully sustainable global economy”
• Cathode materials
• Aluminum, Etc.
• Goal is to reiterate this is absolutely doable and that we want it to be done as fast as
possible
Tesla
Vehicle Structure
• Lighter
• Stiffer
• Better NVH
• Better in pretty much every way when compared to stamped underbody construction
Manufacturing
• Model Y requires only 30% of robots needed to produce vehicles as required by the Model 3
• Improved layout of factory where it is now a signal monolithic factory
Tesla
• Eventually all cars will be self driving but it will be hard to replicate Tesla's
manufacturing capabilities
Working at Tesla
• Employees are free to switch between SpaceX & Tesla
• Factory safety has dramatically improved, Elon believes they now have the safest factories
in the business
• Tesla has encouraged employees to submit suggestions on improving factory safety with a goal
of 3 suggestions per employee (They have since met that goal and safety has increased as a
result)
• 3M job applicants over last year
Supercharger Network
• 99.96% uptime
• Continue to deploy V3 Superchargers, V4 set to be deployed next year
• Elon mentioned that more good news regarding the Supercharger network is coming
Safety
• Tesla has a very detailed feedback loop when it comes to vehicle crashes
• Auto seat belt tensioning is an example of how Tesla continues to improve safety via OTA
updates
• Activated via Autopilot AI when a crash is 99.99%+ sure to happen
FSD Beta
Tesla
• Tracking to well over 100M miles by end of 2022
• Wide spread release by end of 2022, will be available to anybody who requests it
AI Day: Part 2
• September 30th, 2022
• Elon believes Optimus will turn the notion of what an economy is on its head
Next Decade
• 10 years ago they had less than 3000 cars, now its more than 3M
• Elon thinks vehicle production should be able to exceed over 100M 10 years from now
Questions
Plans for Cash
• Tesla has used a small amount of its available cash for acquisitions and that will continue
to be the case unless the right opportunity arrises (automation, software, manufacturing,
etc.)
• Spending CapEx and R&D money as fast as they can without wasting it
• Share buyback may be in the cards as long as there isn't another force majeure event
Factories
• 12 factories seems to be the perfect number with a maximum production rate of 2M vehicles
per factory
Cybertruck
• Specs and pricing will be different (a lot has changed since 2019)
• Inflation and various issues are to blame
• Production equipment & tooling will begin getting installed in Giga Texas, volume
production still targeted by mid-2023
US & China Tension
• Elon hopes for peace and respect between the US & China
Supercharger Locations
• Permits are extremely hard to obtain in some areas (ex. Malibu)
• Tesla continues to prioritize new Supercharger locations by busiest locations
• Elon mentioned there will be an online poll where people can vote where they want new
Supercharger locations built
• Trying to do more fun things when it comes to Supercharger locations (ex. Futuristic Diner
in Hollywood)
4680 Output
• Tesla is making a decent number of 4680 cells each week and Elon projects that they'll be in
high volume production by end of 2022
• 4680 production does not yet impact vehicle output however it will in 2023
Master Plan
• New master plan not yet ready, plan to finish it by end of August 2022
Supply Chain
• Most of commodities that go into Tesla vehicles are trending down (cost) over next 6 months
which suggests that we are past peak inflation
• Elon thinks we will have a relatively mild recession for 18 months (just a guess) and that
inflation should drop rapidly
Autonomy
• AI is going to increase utility of passenger vehicles by 4-5x
• Vehicles will still cost the same to produce so gross margins are expected to rapidly
increase
• Elon still believes folks will have the option to own a car, rent it out when they aren't
using it, or simply rent somebody else's vehicle (ex. Uber)
• “Optimus will bring the future to now”
Media
• Elon annoyed that most analysts don't drive Teslas which prevents them from having a good
understanding of the Tesla customer experience
Succession
• Elon believes in strong product roadmap that will lead to success for quite some time
• Elon intends to stay with Tesla as long as he is useful, plans to continue to closely focus
on factory & product design
• Tesla would continue to do well even if he was kidnapped by aliens (or returned to his own
planet haha)
• The only publicly traded securities Elon owns are $TSLA and $TWTR
• Believes he has a good sense of where to point the engineering team at $TWTR to make it
radically better
• Thinks Twitter would accelerate his original vision of x.com by 3-5 years and be something that is very useful to
the world
Tunnels
• Elon wanted to clarify he is pro-train
• Elon believes tunnels could solve virtually any traffic problems around the world and allow
above ground road space to be reclaimed for parks
Dojo & Tesla Communicating w/ Each Other
• Goal #1 is to be really good at video training
• Approaching at being the 3rd most powerful super computer in the world (geared for AI
training)
• Fundamentally focused on NN training which has never been done before
• Some merit with Teslas communicating with each other but not needed for FSD (traffic,
accidents, pot holes, etc.)
Ordering a New Tesla?
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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.
After a long wait, Tesla has finally launched the refreshed Model Y - the world’s best-selling vehicle - in China. The vehicle is available for pre-order throughout the Asia-Pacific market, so let’s dive into everything new.
Currently, Tesla’s order page expects the first vehicles - the Launch Series - to begin deliveries to customers in May 2025, just about four months away. For now, there are just two variants - the Rear Wheel Drive, and the Long Range, All Wheel Drive model.
Launch Series Edition
Similar to the Foundation Series Cybertrucks, the Launch Series Model Y’s are a limited release and include a set of additional options.
You’ll get an exclusive Launch Series badge on the rear liftgate and doorsill plate. Plus, the Launch Series badging shows up in the puddle lights too. The charging console also has “LAUNCH” as a wordmark on the trim, and the interior comes with an exclusive black vegan suede finish.
Launch Series for the Long Range AWD also comes with Acceleration Boost, the first time Tesla has ever included the feature outside of an “in-app” purchase.
What’s New
There are a lot of new things in the 2025 Model Y, from a new and sharp-looking exterior, an improved interior, and even better specs to round off the whole package. There are even several surprises that we didn’t know about. There’s a lot to like here.
Exterior
Tesla has redesigned the front and rear of the vehicle with iconic new light bars, which they mention increase vehicle aerodynamics, efficiency, and range. Part of this includes redesigned body castings for the Model Y refresh, reducing parts from 70… to just one. That’s fewer gaps, all designed to make an even quieter ride than before. We’re excited to see how all these improvements perform - after all, increasing stiffness is the key to a better ride.
The front bumper camera is also visible - so that’ll be the first for a Tesla vehicle outside of the Cybertruck. Hopefully, they’ll include it in FSD and Actually Smart Summon as well, but right now, at least on the Cybertruck, it’s only used for Autopark or, of course, to use it manually.
The refreshed Giga Casting
Not a Tesla App
Indirect Rear Light Bar
The rear light bar is actually not aimed away from the car - but at it. According to Tesla, it's the first indirect reflective body panel taillight - and it looks cool. Tesla has also redesigned several curves on the car - it looks far more aerodynamic and cuts a sharp figure over the original Model Y. These changes will improve range and performance.
The rear light bar
Not a Tesla App
Tesla has also introduced a new color - Glacier Blue - exclusive to the 2025 Model Y Refresh for now. The standard color option is Stealth Grey, while Pearl White Multicoat, Glacier Blue, Quicksilver, and Ultra Red are all available as options.
The new Glacier Blue
Not a Tesla App
Tesla has also removed the hitch option from the Model Y Refresh. This is a big change - it was the only non-premium level Tesla vehicle to include a tow hitch. We’re hoping that Tesla does include a tow hitch in versions coming to North America and Europe - as many users do use them. If it is indeed gone, that’ll mean the only vehicles left in the lineup with tow hitches will be the Cybertruck, Model S, and Model X.
Interior
First up - ventilated seats and ambient lighting will be the first two things you see, along with new soft-touch finishes across the interior. Tesla has really hit the mark with the interior of the Model Y Refresh - it looks clean and sharp.
Updated interior with ambient lighting
Not a Tesla App
The updated interior still features a 15.4-inch touchscreen - the same size as previous models but also includes an 8” rear touchscreen for all versions of the vehicle, similar to the refreshed Model 3.
Tesla has added improved connectivity to the vehicle - improving the range for the Phone Key, clearer calls, and faster cellular and Wi-Fi connectivity. This is likely a chipset improvement for the infotainment module - and includes a newer version of Bluetooth, as well as support for 5G. We’ll dig into these details once we know more.
The updated speakers are cleverly hidden away inside the trims, and we expect a lot of improvements for Tesla’s already fantastic audio - especially in the Long Range AWD version.
One of the coolest features is power reclining seats - you’ll be able to recline or raise your rear seats at the touch of a button in the rear of the vehicle and potentially in the vehicle menu, too. That’s going to be an amazing convenience feature for families and those moving luggage around.
Turn Signal Stalk
Not a Tesla App
In a surprising move, Tesla says they have listened to customer feedback and added a precision-engineered turn signal stalk. There’s only a single stalk on the left side of the steering wheel while the gear shifter remains on the screen and Autopilot remains as a steering wheel button.
The steering wheel buttons are similar to the Cybertruck, which provide “clicky” feedback. Since the turn signals have moved over to a stalk, Tesla is introducing customizable steering wheel buttons. You’ll likely be able to set them to features like turning on the front or rear cameras, voice commands or other features.
Handling
Just like the Model 3 refresh, Tesla has worked some magic on the suspension, improving vehicle handling and comfort while also offering more responsive steering and an even quieter ride. This includes updated tires, wheels, and a new suspension.
New Wheels, New Suspension
Not a Tesla App
No word yet on Adaptive Suspension - that’ll likely be a hold-out for the Performance variant, which will show up later in 2025.
Specs
Vehicle
Range*
0-60mph
Charging Speed (15m)
2024 AWD
501 km / 310 mi
5.0s
239km
2024 LR RWD
525 km / 326 mi
7.9s
250km
2025 AWD (Juniper)
551 km / 342 mi
4.3s
266km
2025 RWD (Juniper)
466 km / 289 mi
5.9s
229km
*Range for the Model Y Refresh is WLTP, while for the 2024 vehicle, it is EPA estimates. WLTP estimates are generally on the higher side owing to geography and temperature in the Asia-Pacific.
There’s a lot to take in right here, spec-wise. The Model Y Refresh AWD is faster than its predecessor and has a considerably longer range. According to Tesla’s spec sheet, it also charges slightly faster - even faster than the current LR RWD with its LFP battery. That’s a great improvement across the board.
Beautiful Curves
Not a Tesla App
The RWD is less of an immediate improvement - but this is a Standard Range RWD - not a Long Range RWD, so the comparison isn’t exactly comparable to the 2024 LR RWD. It seems likely that Tesla will replace the Long Range RWD with the 2025 Standard Range RWD once it arrives in North America and Europe. However, even the RWD has a pretty hefty improvement in the 0-60 section.
When Does It Arrive
Tesla says that it’ll be shipping the Model Y Refresh in just a few short months - customer deliveries of the Launch Series should begin deliveries in May - if you’re in the Asia-Pacific region. For customers in Europe and North America, we’ll probably have to wait a few months before the 2025 Refresh arrives here - likely in the early summer months.
Tesla won’t keep people waiting too long - after all, it's the much-awaited refresh of the world’s best-selling vehicle. We’re super excited to see more of it and hopefully get our hands on it for a test drive in the future.
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