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Q2 2019 conference call (July 24 2019)
  • improving service
  • order pacing in Q3 is ahead of where it was in Q2
  • guides profitability next q
  • JB Straubel transitioning to senior adviser
  • expect gross margin to increase; asp to stay stable; increase FSD revenue
  • battery day: in 6 months, going for 1 TWh production
  • battery capacity now at ~29 GWh; not cell constrai
  • Lathrop is a distribution facility
  • reduced labor hours per car and other costs
2019 shareholder meeting (June 11 2019)
  • best selling car by revenue, outselling luxury cars, a chance for best quarter
  • 63% trade-ins are from non-premium cars
  • re-iterating timeline for autonomy
  • model y possibly better drag coefficient
  • gf1 is half of global battery production
  • kind of announced gf in europe (decision of where by end of year)
  • doubling energy storage business by 2x
  • v3 of solar roof
  • talking about mobile repair service, moving body repair in-house
  • product roadmap: model y, truck (unveil in summer), semi (production end of 2020)
  • battery & powertrain investor day (maybe in summer, by end of year)
  • shutting down the idea of starlink antennas on cars
Q3 2018 conference call (Oct 24 2018)
  • v9 of software, talking about AutoPilot (Navigate On AutoPilot)
  • Steve Bannon talks about AutoPilot HW progress (validation, production line), ready by end Q1 2019; same cost as old hw but 10x improvement in frame rate
  • removed Full Self Driving from ordering flow because it was confusing to user
  • Karpathy says they trained larger NN that require new hw to work
  • Q: cell supply constraints. A: they are expanding Panasonic cell supply, have 3rd party suppliers as well. They made half world-wide car batteries (20 GWh).
  • Q: why better margins on Model 3. A: improvements all over the place
  • Q: plan for total M3 production A: hoping for 1 million Model 3 world-wide
  • Q: what are trade-ins for M3. A: all over the place but many upgrade from much cheaper car
  • working on reducing time car build → delivered to 10 days (from 30 days in August, 20 days now). Terms with suppliers: over 60 days on average.
Q3 2018 earnings report (Oct 24 2018)
  • average 4.3 k cars per week
  • sold 56k Model 3, 70k all cars
  • 20% gross margin on Model 3, targeting 25%
  • ended up with 364 k (out of 455) reservations, less than 20% cancelled
  • Going to Europe early 2019
  • 4 new stores and service locations, 351 locations worldwide
  • mobile service fleet: 373 cars
  • opened several body shops in US, planning dozens more in next few quarters
  • 44 new supercharger locations, total 1352 stations, 11k connectors and over 20k Destination Chargers globally
  • energy storage: 239 MWh (18% from Q2, 118% from Q3 2017), on track to 3x 2017 numbers, 17.2% gross margin (up from 11.8% Q2)
  • Solar Roof delayed, targeting first half 2019 to increase production
  • lowered cost of user acquisition costs for solar leads to better profitability
  • $52m ZEV credits (was 0 in Q2)
Supercharger satisfaction in UK October 2018
Survey of 1600 users of Zap-Map
Tesla: 93% very satisfied, 3% somewhat satisfied, 4% not satisfied
InstaVolt: 65% very satisfied, 22% somewhat satisfied, 12% not satisfied
Pod Point: 50% very satisfied, 32% somewhat satisfied, 18% not satisfied
Shareholders meeting 2018-06-05 (June 5)
  • 500 cars a day (3.5k a week, 15k a month)
  • prediction: 5k/week end of June
  • model 3 outsells mercedes c-class, bmw 3-series, audi a4,
  • prediction: base model end of 2018
  • reliability of model 3 improved 5x
  • worker safety 6% below industry average, shooting for 50% below industry average
  • ~10k superchargers world-wide
  • prediction: supercharger v3 starts deploying end of 2018
  • will accelerate supercharger expansion when v3 is ready
  • installed 1GW of energy storage in Tesla lifetime
  • prediction: plans to install 1GW next year
  • prediction: plans to double installations every year
  • prediction: next quarter plans to build more car batteries than all other factories combined (including china)
  • prediction: exponential growth of solar roofs
  • prediction: expect positive GAAP income and cash flow in Q3 and Q4
  • no plans to raise money
  • prediction: unveil Model Y March 2019, production: June 2020
  • doubling-down on manufacturing as competitive strength
  • prediction: on cell level less than $100 kWh by end 2018 (depends on commodity prices)
  • prediction: less than $100 kWh on a battery pack level in 2 years (by June 2020)
  • plans to build out gigafactory for 4-5 years
  • close to announcing china gigafactory which will combine car/battery/powertrain production, in Shanghai
  • will announce European factory by end of 2018, 10-12 factories world-wide in the future
  • will improve Tesla Semi design
  • will recycle batteries
  • works with insurance companies to get insurance 20-30% lower than BWM 3, working on improving repair cost
  • free trial for Autopilot
  • making rapid progress on Autopilot software (including new release this week); expects exponential improvements
  • model 3 test drives starting end of 07 2018
  • doubling service centers every year
  • creating Tesla body shop repairs locations; top 10 metro location by end of month
  • compact car in less than 5 years
  • lease on Model 3 end of 2018 / beginning of 2019
  • talking about virtual plant in Australia that uses 50k PowerPacks; about projects in Puerto Rico
  • prediction: can improve charging time 3-4x (that would be 150kW*4 ~= 600kW)
  • prediction: 30-40% improvement in battery density in 2-3 year, 6-8 years to double
  • all-wheel drive production starting this month, scale up in July-August, high-volume production in September
  • defends not using lidar
  • plans to have the same profit margin in storage business as in car business, ~20-30%
  • no motorcycles (because Musk almost got killed once)
Q2 2018 earnings conference call 2008-08-01 (August 1)
Autopilot: Stuart: autopilot v9 (auto on-ramp, off-ramp), integrated with navigation. More safety features. Karpathy: leads vision team, neural networks. Pete Bannon: hardware v3 is working to speed up running neural networks. Claims 10x speed improvement over previous hardware (2000 fps vs. 200 fps at the same cost).
Q: what improved gross margins? A: spinning up production lines has issues and it takes time to debug and optimize production process.
Unexpectedly more orders for high-perf version.
Most frequent trade-ins for Model 3: Toyota Prius, BMW 3, Honda Accord, Honda Civic, Nissan Leaf.
Q: gigafactory 3 in China, how much will it cost? A: less than half of Giga 1 capex, $2 billion for ~200k. They are finding ways to improve production and make more with same capex.
Q: capital spending, how will fund? A: will not be raising equity. For china loan from local banks. There is no notice from regulators that prevent them raising equity.
Q: self-driving can be used as military-grade weapon. Concerns about regulation in China? Didn't come up.
Q: who is bigger competitor: BMW or Amazon? Not Amazon. Praising BMW.
Q: detailed question about margins. A: somewhat generic answer.
Q: what's holding back coast-to-coast fully autonomous ride. A: could do it in a limited fashion. Focusing on safety and improving basics like recognizing traffic lights etc.
Q: how to better sell Autopilot. A: agrees it would be good.
Q: Is GA4 permanent, is it a model for the future? A: permanent for now. Good because flexible. Also talks about simplifying manufacturing and Model Y.
Q: what average transaction in the future? A: Reiterating target of 25% margin on Model 3
Q: another question about manufacturing. A: a lot of manufacturing is software and Tesla is better at software. Anti-outsourcing lesson.
Q: how close to cash positive. A: re-iterating cash-flow positive and GAAP positive in Q3.
Q: still planning 1 million in 2020. A: aiming for a million, somewhere between 500k and 1 million, maybe 750k.
Q: where will they make Model Y A: not made a decision yet, maybe will announce this year. Hoping to announce European Gigafactory.
Q: how much Model 3 sales pull from other cars? A: no details other the above top 5. Expects battery production to be limiting factor. Not enough cells for PowerWall production.
Q: will have reservations for Model Y? A: no decision yet.
Q: technical details on production. A: Currently body production is a bottleneck.
Q: will Giga 1 produce cars? Technology in Semi. A: No comment about production. Semi will re-use some Model 3 production.
Q: car vs. energy production allocation. A: Makes sense to prioritize Model 3. Still, growth in storage is 300% this year, going for 3-4x in 2019.
Q: comment about new strategy of being profitable A: getting to scale that can't spend money efficiently.

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