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Tesla shareholders meeting: Elon Musk, a co-founder returns and two new EVs · Elon Musk Podcast

0:05
On Tuesday, Tesla held. In shareholder meeting the Titan
0:09
of electric vehicles was a spectacle packed with surprises
0:13
confirmations and projections that could reshape the EV
0:16
Industries landscape. The Gathering was Laden with
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considerable news, including a lack of a clear succession plan
0:22
for CEO, Elon Musk, the return of a co-founder and the
0:26
tantalizing T's of two new EVS Now, Elon Musk, the charismatic
0:32
and sometimes controversial Figure Head of Tesla is not yet
0:35
identified a successor. This news is somewhat unsettling
0:39
for investors who are aware of how integral musk is to Teslas
0:43
identity, and the success of the company.
0:46
His leadership has guided the company through many triumphs
0:49
and tribulations, making him synonymous with the Tesla brand
0:53
and given the influence and visibility that musk wields, the
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lack of a clear succession plan is a matter of CERN for many
1:01
stakeholders. Now when asked about a potential
1:04
successor during the Q&A session musk was somewhat evasive
1:08
stating that a succession plan would be addressed quote at the
1:11
appropriate time and investors were hoping for a more concrete
1:15
answer or at least a glimpse into the thought process.
1:18
However, musk statement only adds to the uncertainty
1:21
surrounding Tesla's future leadership nonetheless in a
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surprising turn of events for familiar face from Tesla's past
1:28
co-founder JB Straubel, She is stepping back into the company's
1:31
Urban. They parted ways, with Tesla way
1:34
back in 2019, and they're making the return and an advisory
1:38
capability. Now, known for his crucial role
1:41
in developing the Tesla Roadster and is instrumental part in
1:45
creating Tesla's for a Lithium-Ion battery pack
1:48
struggles, return is a welcome development for the company and
1:52
its shareholders. Now while details of the
1:55
advisory role are not yet clearly fully.
2:00
Alleged out yet is reconnection with Tesla is expected to
2:03
provide a significant boost to the company's Innovative drive.
2:07
Now their expertise in Battery Technology and sustainable
2:11
energy could be a game changer for Tesla especially as the
2:15
competition in the EV Market intensifies was troubles.
2:19
Return Tesla is once again consolidating its position as a
2:23
Pioneer and leader in the EV and clean energy space.
2:27
Now, the shareholder meeting wasn't just about leadership.
2:30
Ship though. It also provided tantalizing
2:32
glimpses into Tesla's product pipeline musk reveal, the two
2:36
new electric vehicles are in the works.
2:39
Adding to the excitement and anticipation surrounding the
2:42
company's future offerings. However, keeping with Tesla's
2:46
tradition of maintaining suspense musk, provided no
2:49
specific details about these vehicles.
2:53
Now, that he's while devoid of any concrete information, did
2:56
spark speculation in anticipation among enthusiasts
2:59
and Analysts given Tesla's track record.
3:02
The new offerings are likely to push the boundaries of Av
3:05
technology and the design of these vehicles.
3:08
Now, the possibilities range from a affordable Mass Market
3:11
model to a high-end luxury vehicle or even a new form
3:16
factor entirely as Tesla continues to broaden its product
3:20
range. Now, the unveiling of new EVS is
3:24
a strategic move for Tesla Right Now.
3:26
TV Market is growing at a crazy rate with Established automakers
3:31
and startups alike, introducing new electric models.
3:35
Now it's competition. Becomes fiercer, Tesla is
3:37
striving to maintain its Edge by offering Innovative and varied
3:41
models. That cater to a wider
3:42
demographic. In this move is in line with
3:45
Tesla's mission to accelerate the world's transition to
3:48
sustainable energy. Now, the Tesla shareholders
3:51
meeting was a fixed bag of news, and also there was intrigued and
3:56
there was promised the absence of a clear succession.
4:00
And for musk is a concern, but the return of JB brings a
4:04
much-needed sense of stability and expertise to the company.
4:08
Furthermore, the tease of two new Evie's shows that Tesla's
4:12
intent to maintain this position at the Forefront of the industry
4:15
is solid. And as Tesla continues to shape
4:18
the EV landscape. These recent developments
4:21
underscore the company's enduring audacity and Innovative
4:24
Spirit. The absence of a concrete
4:26
succession plan is, what concern yet?
4:29
It also, Lights musk singular Vision.
4:32
It is integral role in driving the company.
4:35
Now is Tesla navigates. This uncertainty, the return of
4:38
a seasoned veteran, like JB is undoubtedly a bun, his
4:42
expertise, and familiarity with the company's ethos could prove
4:46
to be invaluable to the face of growing competition in the
4:50
challenges that come with them. Now, furthermore, the t's of two
4:54
new EVS signifies Tesla's continued commitment to Leading
4:59
the charge Jen, the electric vehicle Market with its existing
5:03
line. Up Tesla has already disrupted.
5:05
The Auto industry proving that V's can be desirable
5:09
high-performing and increasingly accessible the introduction of
5:15
two new models. Lonely expand Tesla's reach
5:18
potentially drawing in new customers and setting new
5:21
industry standards for the whole EV market.
5:25
And in many ways these developments encapsulate, the
5:28
essence of Tesla, a He that thrives on Innovation pushes
5:32
boundaries and isn't afraid to keep stakeholders guessing and
5:36
as we look to the Future, the key question will be how Tesla
5:39
navigates the twin challenges of leadership, transition and
5:42
growing competition in the EV Market.
5:45
These aren't small hurdles do, but if any company can tackle
5:48
it, it seems like Tesla in Elon Musk do that and the return of
5:53
JB and the tizen new vehicles and even the uncertainty around
5:58
Musk. Have asked captivated right now.
6:02
And what's going on at Tesla for the future.
6:04
This narrative is not just about a single company, but the
6:07
broader transition towards sustainable transportation and
6:10
renewable energy. And as such Tesla is one that
6:14
will continue to be watched closely that just by
6:16
shareholders though, but by everyone interested in the
6:19
future of our planet. Now, the latest Tesla
6:23
shareholders meeting was reflection on the company's
6:25
Dynamic and sometimes, unpredictable, nature.
6:28
The lack of Of the succession plan for musk has a question
6:33
mark for the company's future but JB is back in the game.
6:38
And that's a good thing for Tesla.
6:40
Now, I want to put you over to the actual Tesla, shareholders
6:46
meeting, the Elon Musk part of the meeting.
6:48
There is more to, it was about 30 minutes of Elon Musk here
6:51
that I think you would find very intriguing.
6:54
So please take a listen to this but before you do, take a second
6:58
and subscribe to the channel or follow.
6:59
Oh it on whatever podcast platform you're on right now.
7:02
For more news like this, I appreciate your help.
7:05
And I will see you in the next one off to Elon Musk.
7:20
I suppose say, I love you guys. We've got a lot of great news to
7:27
talk about today. The Tesla team has done an
7:29
incredible job of executing over the past year and we have many
7:33
exciting years ahead of us. So yeah.
7:41
So with the Tesla master plan, part 3, which admittedly was
7:47
quite technical, we wanted to go into a lot of technical depth.
7:50
It was clear that they weren't what we were saying we're was
7:53
not just we're not really a assertions but that they were
7:55
backed up with physics. And with real data that it's
7:58
realistic. And with the master plan, part
8:01
3, we want to basically the goal is to give people hope,
8:06
realistic hope, and maybe hopes, even the wrong word, but simply
8:10
to say that there is A path to a fully sustainable global economy
8:15
that we are on that path that we are accelerating that path.
8:19
And that's and that so long as we don't get complacent about
8:22
it, it will happen. Yeah.
8:32
I'll just rush through a recap of the master plan, part 3, but
8:38
the some of the Salient points are that it will actually take
8:41
Take less energy to go to go sustainable not more energy.
8:47
It's actually more Innovative. And some of these things may
8:49
sound very obvious, but it's more energy.
8:51
Efficient to go, sustainable, not less.
8:56
There's less mining that is required for sustainable any
9:01
energy economy, not more. Also very important.
9:06
And I heard a question raised about Cobalt Mining.
9:09
And You know what we will do? A third party audit.
9:22
In fact, we'll put a webcam on the mine.
9:28
And if anybody sees any children, please let us know.
9:35
So I don't want to go off on a tangent too much on that front,
9:43
but it's very important to appreciate that most of our
9:46
battery packs are iron-based majority of a battery packs or
9:51
iron-based, not Cobalt. And and there are other battery
9:54
packs are nickel-based, not Cobalt the nickel batteries, use
9:58
a little bit of cobalt as a binder, but only a tiny amount
10:02
in contrast. Your phone's all use, 100%
10:06
Cobalt. I recommend complaining to the
10:10
phone manufacturers, but even for the small amount of cobalt
10:23
that we do use, we will make sure six ways to Sunday that
10:26
weird that no child labor is being exploited.
10:29
Obviously, we are a company that cares a lot about doing the
10:31
right thing, and we don't want to delude ourselves.
10:34
Or delude anyone else? Yeah.
10:36
Okay. Again just recapping master
10:45
plan. Part 3.
10:47
It's really the point is to say that it is very durable.
10:51
It is happening. We need a three-fold increase in
10:54
solar and wind. We need to really study site. 29
10:58
fold increase in vehicle stationary thermal battery
11:00
production in a nutshell. The way to think about
11:03
sustainability is the faster we can make battery packs.
11:08
The faster we can move to a sustainable energy economy.
11:11
That's the fundamental limiting factor.
11:13
So, let's grab some water here. Yeah, this is, I can't emphasize
11:27
that point enough the rate of of lithium ion battery production,
11:32
fundamentally decides the rate at which the world transitions
11:34
to sustainability because the batteries are needed for all
11:37
forms of transport and for stationary storage, given the
11:41
intimate nature of solar and wind power.
11:44
So the and we do invite people to critique our analysis because
11:49
any given analysis is going to be to some degree wrong.
11:53
We're that's why we put it out there.
11:55
Look for critical feedback to say, perhaps we've got some
11:57
things wrong. Have some things need to be
11:59
adjusted, but it generally, the feedback we've gotten is that
12:03
actually, our analysis is quite accurate and we've not seen any
12:08
rebuttals, thus far that weird cause us to change our
12:11
assumptions. So, it means roughly 240
12:16
terawatt hours of battery pack or 240,000 gigawatt hours of
12:19
battery need to be produced, but it'll only take point Two
12:23
percent of land area for solar and wind because a very it's not
12:27
like we need to carpet the Earth with solar and wind.
12:30
It's just literally a fraction of a percent roughly at 10
12:34
trillion dollar, manufacturing investment, which relative to
12:38
the global economy is actually a small number.
12:41
Yes, roughly 10 percent of the world economy.
12:44
I think obviously I think temps and the world economy is a small
12:47
price to pay for a sustainable energy future.
12:54
It's also true that even when factoring in the cost, or your
12:57
missions required to produce an electric vehicle which for now
13:01
are a little higher than gasoline vehicles.
13:04
When you look at the emissions over time electric vehicles.
13:07
Absolutely win by a long shot and as we're seeing the cost at
13:12
the emissions required, to produce an electric vehicle are
13:15
dropping rapidly over time. And we're going to get, we're
13:18
going to get to the point where it Electric vehicle is lower, is
13:22
cheaper than gasoline vehicle. So in 2022, we avoided releasing
13:28
about 13 million. Tons of CO2 reduced
13:32
manufacturing ghg per vehicle by 30 percent and reduce water
13:36
usage by 15% despite massive increases in output.
13:41
So we also made our Factory safer, which is really
13:45
important. So, we track the injuries per
13:47
person. And we believe at this point, we
13:50
are Best in industry or have a lowest injuries per person.
13:53
We're now actually quite a big company from headcount
13:56
standpoint. This is our direct employment
13:58
number, so this does not count contractors and for every
14:02
manufacturing job depending on how you count it, there are at
14:05
least five sometimes up to ten jobs created because you got to
14:10
look at the total supply chain as well as the all of the
14:14
support functions. When you create a factory like
14:16
this, you actually create jobs for teachers lawyers,
14:19
Carpenters. Has electricians and restaurants
14:22
and everything. That's required to support the
14:25
person of the factory. And this is why countries and
14:27
states are so interested in having manufacturing facilities
14:32
in a location. Anyways, it's a lot of people,
14:35
gainfully employed doing very useful things.
14:40
We received just 3.6 million job applications last year and and
14:45
once again the the top two most desired companies for engineers
14:51
on Earth were SpaceX and Tesla at the end, the day, the
14:55
competitiveness of Any Given company is a function of what
15:00
where are the most talented people interested in working?
15:03
That is the team that's going to win.
15:05
In fact, if I say this is generally generally the case, if
15:08
you look at any given. For me and say where are the
15:11
most smartest? Most driven people going to
15:14
work. That company is going to win.
15:17
So whether it's Tessa or any other company.
15:21
We're also excited to announce our next gen Drive Unit, which
15:24
is a big reduction in silicon carbide.
15:27
It's half the factory space. Notably there are zero Rare
15:30
Earth elements required. so, And we're also changing to a 40 volt
15:43
48 volt. Low voltage architecture in the
15:46
cars before the yeah this is a big deal actually.
15:49
So cars have been operating with 12 volt batteries for basically
15:54
about a century. So, for the first time in, I
15:58
think over 100 years, we're actually going to change from 12
16:02
volt voltage of outside of the Drivetrain to a 48, volt
16:07
architecture. And to First approximation, that
16:10
means we need only about a quarter as much copper for in
16:14
the car as would be needed for a 12 volt battery.
16:18
So that's a big deal because people often worried about is
16:21
there enough copper? Yes, there is And if it's t,
16:24
beta is growing hyper exponentially so that that child
16:30
is going to look like a wall, basically.
16:33
And I just question for those in the room are have, how many
16:36
people have tried out? FST beta.
16:41
So what do you think of the latest build?
16:46
So it's really getting to the point where it's at least for me
16:49
when I drive around. It's the several days between a
16:52
dimensions. And I think we're getting to the
16:54
point where there's really just one last piece of the system
16:58
that needs to be a neural net, which is the planning and
17:01
Control Function. And so we expect to have that
17:04
last piece become neural net. So it will be end to end from
17:08
video into control out as a neural net.
17:11
And, yeah, so, the thing to appreciate is, it's not that
17:15
full self-driving, will be as good as a person.
17:18
It will be much, much better like a lot like overtime and ten
17:23
times more 10 times safer than a person.
17:27
So even going to be a contest, frankly.
17:29
So this is a really big deal and I think some people realized I
17:32
think you guys probably realize it.
17:33
But being able to do a software update and have several million
17:38
cars suddenly go from manual. Driving to autonomous, I think
17:45
will be the single biggest asset value increase in history.
17:49
Sorry. The normal usage of a passenger
18:01
car is roughly 10 to 12 hours per week, call it, and maybe an
18:05
hour and a half per day. And when you drive around
18:08
classic cars, just parked in parking lots because out of the
18:12
168 hours in a week. They're using less than 10%
18:17
maybe 7% of the hours of the week.
18:18
A cars in use. But once it is autonomous, it
18:22
can be used. Probably, I don't know, 50, 50
18:24
hours a week, maybe more It's effectively a five-fold increase
18:29
in the value of a car overnight. I'm actually surprised that so
18:34
few people realize this or maybe they just don't believe it's
18:37
real but it is. So this is really an insanely
18:41
big deal. We're also the largest idea
18:45
maker in the world. So, yeah, and I think that will
18:57
continue and while the same time being the highest margin of any
19:04
car maker in the world, Now, making electric vehicles.
19:16
Preferably is hard as illustrated by the difficulty of
19:19
our competitors. Our number up, a number of our
19:21
competitors are making Evie's at a significant loss but we are
19:26
not, we are actually making Evie's profitably and almost no
19:30
one else is This is hot. And I'd say for this is, It's a
19:35
massive credit to the Tesla team for.
19:38
I can't tell you how hard manufacturing is.
19:39
Like, probably heard me say that prototypes are easy
19:43
manufacturing is hard and then manufacturing at scale with
19:47
positive, cash flow is excruciating, it's Mega pain but
19:54
the Tesla team has done it. And as you can see, our free
19:58
cash flow for your has been increasing steadily, we're
20:02
making good progress. It should be said that animates
20:05
of these comments that the that interest rates make a very big
20:11
have a very big effect on the affordability of cars.
20:15
So the vast majority of people buy cars based on the monthly
20:20
payment. So it's like how much money, how
20:23
much is the monthly payment? And it's not a sort of Value for
20:27
money. It's just do, they actually have
20:29
enough money? Can they afford it?
20:31
So people. So for the vast majority of
20:34
people is just, can they afford to pay the payment as interest
20:37
rates increase and credit tightens?
20:41
Like, it's safe to say that these various banks that have
20:45
died, are probably somewhat distracted from handing out Auto
20:49
loads. If they're on the way to the
20:52
cemetery increasing the auto loan portfolio is not the first
20:56
thing on. Their mind.
20:58
So this is going to be a challenging.
21:00
I said challenging, 12 months. I want to be realistic about it.
21:03
That Tesla is not immune to the global economic environment.
21:08
I expect Things to be just at a macroeconomic level difficult
21:15
for at least the next 12 months, like Tesla will get through it
21:19
and will do well, and I think we'll see a lot of companies
21:22
actually go bankrupt. So I don't make sure that this
21:25
is not just the good news parade.
21:28
It's important to understand that no company is immune to the
21:32
macro macro economic environment, but that said it
21:36
won't be Darkness forever. I expect probably a year of
21:39
difficulty. Globally for everyone.
21:42
And then my best guess is that the global economy turns around
21:47
in roughly 12 months, and then Tesla will be in an extremely
21:52
good position. So anyone who is a long-term
21:55
investor? I think will do extremely well,
22:09
And here, I want to give a big shout-out to the Tesla internal
22:14
software team. So it's actually a really big
22:18
deal that Tesla has such a powerful internal software team.
22:23
I mean, that's offered team is responsible for handing the
22:26
entire customer experience from buying the car delivering the
22:30
car, operating the factories service and support we
22:34
Internally wrote all of the Insurance and financial
22:37
software. The it's the supply Tyrion will
22:41
just take stuff the data centers infrastructure.
22:44
And the analytics inside, this is all internally written, Tesla
22:48
software. I think there's almost no
22:50
companies. The world can do this because
22:52
they do not have a very talented internal software team, so
22:56
they're generally Reliance on third-party enterprise resource
23:00
planning software. So Tesla is not.
23:04
This is a hidden To the company that often doesn't get a lot of
23:07
attention, but is incredibly powerful.
23:09
So once again, I'd like to thank them for their work.
23:19
And as predicted, we are highly confident, that model wire will
23:23
be the number one, best selling car on Earth this year.
23:34
And in fact in Europe the best selling car of any kind.
23:37
Yeah. What whatsoever it's already was
23:39
that in q1, I should say. It's not will be, it was that in
23:42
q1 and China. The best-selling SUV and United
23:46
States. The best-selling non pickup
23:48
vehicle in the United States and q1.
23:49
It's going well. I don't know if this is like the
23:56
optimal picture but the it Tesla cars are actually the safest
24:00
cars in the world. We put immense effort into
24:03
vehicle safety and we keep updating the safety.
24:06
So we keep improving the automatic emergency braking
24:10
system, just with a software update, and we keep improving
24:13
the airbag deployment with software updates.
24:17
So, we close the feedback loop on.
24:19
Like, when we see an accident, we analyzed the accident, we
24:22
say, what can we do from a software standpoint?
24:25
Because this is actually I'd like you can do to first of all
24:27
avoid the accident because the best accident is no accident.
24:30
And then if the accident occurs, how do we deploy the are blacks?
24:33
And the sort of the seatbelt pretensioners, to minimize the
24:37
probability of injury. And so, even for cars that
24:41
people have owned for many years, we are behind the scenes,
24:45
continuously improving the safety of your car.
24:48
And there are even some things that I think a lot of people
24:50
aren't aware of that. We actually have automatic
24:53
cabin, overheat protection. Never in the history of the
24:56
company has a child or a pet died in a Tesla.
25:04
All right, so it's one of those like little known features, but
25:13
because we have a large battery and we're monitoring things all
25:16
the time, we can make sure that the cabin temperature never gets
25:19
to lethal levels. And I think this is a big deal.
25:22
Oh yeah. And then while lots of cars will
25:25
say they've got five stars or whatever.
25:27
There's Nuance to that when we do the European and caps active
25:32
safety tests, It's we got the highest scores that they've ever
25:35
seen. Yeah.
25:43
So we got a 98 percent score on the active safety system, which
25:47
obviously isn't good enough and we will break.
25:50
We have got a game plan for getting rid of the last two
25:53
percent. And then it's worth noting
26:02
things. Like the total cost of ownership
26:04
of a model, 3 is now comparable to that of a Toyota Corolla
26:09
superchargers. We were making good progress so
26:12
a supercharger up time is now 99.95 percent.
26:16
So yeah, and we have superchargers practically
26:24
everywhere at this point. Going to mega pack because this
26:30
is stationary storage is an important part of solving the
26:32
sustainable energy problem and to make of the Tesla mega pack,
26:36
is now more competitive than a natural gas peaker plant.
26:40
So we have very strong demand for the Tesla mega pack, and
26:44
we're going to make a lot of them.
26:45
Yeah. And a while back, I predicted
26:53
that the Tesla stationary battery pack business would
26:57
actually grow faster than the automotive side of things.
27:00
And that's exactly what has happened.
27:02
You can see it's an exponential curve growing at a rate that is
27:06
even faster than our vehicle sales.
27:09
Yeah, sorry. We're expanding your factory,
27:12
Nevada for the Tesla semi production line and for the 4680
27:16
and in-house cell production. And yeah, some Mega Factory.
27:23
Stuff. This is.
27:25
So we're aiming for 40 gigawatt hours, a year, both in
27:28
California and in China. But I think long-term this will
27:32
be much much greater than this. I would say or I wouldn't be
27:35
surprised if long-term the stationary retro pack activity
27:39
went on excessive 500, gigawatt hours per year.
27:43
So the demand is likewise the infinite here?
27:47
As we look ahead to tackle, the what we see is the choke points
27:50
in the supply chain, one of them is lithium refining and I've
27:54
been a few times on Tesla earnings calls where I've said,
27:57
Can someone please just do lithium or finding because it's
28:01
there's a shortage of it. And but we really see very
28:05
little activity. Let's outside of China for
28:08
lithium refining. It's not that we wish to take on
28:10
extra problems, but since nobody else was doing it, we felt we
28:14
had to do this and we've just broken.
28:16
Ground on a lithium Refinery and Corpus Christi, I wish will be
28:20
doing more lithium refining that I think probably everything
28:24
outside of China. Andrew signed a deal for a next
28:34
gigafactory in Mexico. Giga, Mexico.
28:37
And I think that's going to be a fantastic Factory.
28:41
Yeah, we're laying the groundwork for ultimately,
28:44
getting to 20 million Vehicles here.
29:04
So it's a truck is a hard car to make, it's because it's a such
29:08
a, radically new design. It actually, you can't just use
29:12
conventional methods of manufacturing.
29:14
We had to invent a whole New set of manufacturing techniques in
29:19
order to build an exoskeleton based car instead of an
29:22
endoskeleton based car. So, it's extremely non-trivial
29:26
to build the Cyber truck, but we're making good progress on
29:30
that. We have the, yes.
29:32
So that's thing. I, when I in the factory, I two
29:36
of the seven trunk lines. See how we're doing there, and,
29:39
and sorry for the delay, but we're finally going to start
29:42
delivering production cyber trucks later this year.
29:45
And I think the product If anything, is better than
29:48
expectations. Savage truck is the car is the
30:00
car. I will be driving on a
30:01
day-to-day basis and people always want to know what our
30:04
next product is. But this is not the time to.
30:12
We obviously need to have a proper dedicated, product
30:15
launch. I just want to emphasize that we
30:19
are actually. We building a new product, we
30:21
are actually designing new product.
30:22
We're sitting on our hands here. There are Two new products that
30:28
I think you'll be very excited about.
30:34
And both the design of the products and the manufacturing
30:38
techniques are Head and Shoulders above anything else.
30:44
That is present in Industry. Yeah.
30:46
Anyways, if I were to guess, I would say is these two new
30:56
products, just these two new products alone, I would say
30:59
this. We'll probably make out of this.
31:03
Just elon's gas don't sue me but you Lawns guess is that that
31:10
that will probably make in excess of 5 million units?
31:12
A year of these two models combined these are all real by
31:15
the way. but I think the thing that's
32:06
most most notable is, if you look at the difference between
32:09
the last time we showed off Thomas and this is a video that
32:12
was taken basically yesterday and The Optimist team was up all
32:15
night, making this video The office team has done an
32:18
incredible job so I just yeah. And it's the motors.
32:28
The controller's, the electronics and everything in
32:31
The Optimist. Robot is a Tesla designed
32:33
system. So this is we actually try to
32:36
find Drive actuators and whatnot that were off the shelf.
32:40
We found that there weren't any in order to make an effective
32:44
humanoid robot. You actually have to design the
32:47
motors and gearboxes and the electronics from scratch because
32:50
it's a very different application from anything else
32:52
that exists. So, we took our world-class
32:55
motor and Power Electronic Steam and and say and said, okay, we
32:59
need to design several actuators that are that don't exist in the
33:03
world and they did Optimus. It's working quite well and then
33:07
for full self-driving. As for self-driving gets closer
33:11
and closer to generalized real world AI.
33:16
That same software is transferable to a humanoid robot
33:21
just we humans can obviously walk around with their arms and
33:24
legs but we can drive a car. Airplane, steer a boat ride a
33:29
horse. If you have a generalized
33:31
understanding, if you have generalized real-world AI which
33:35
is what we are developing for for self-driving, it can be
33:39
transferred to basically anything.
33:42
And so Optimus will use the same ever, see computer as the car
33:47
and the Optima stuff is I think somewhat somewhat extremely
33:52
underrated computer because they people just cannot And the
33:57
consequences. Now obviously, we need to make
33:59
sure that we don't have a Terminator scenario.
34:01
That's very important is, it's all fun and games until
34:05
Terminator shows up, but if you say, if you have had a
34:10
generalized, humanoid robot, what would be the effect of
34:15
ratio of humanoid robots to humans?
34:19
Because I think basically everyone would want one and
34:22
maybe people would want more than one Which means the actual
34:27
demand for something like Optimus.
34:29
If it really works which will is, I don't know, 10 billion
34:35
units, it's some crazy number. It might be 20 billion units If
34:39
the ratio is a two-to-one on people, humanoid robots was
34:43
people. It might actually be that, it's
34:46
some very big number is what I'm saying and a number vastly in
34:50
excess of the number of cars, So, my prediction is that
34:56
Tesla's long-term value will be a majority of long-term value
35:01
will be Optimus. And that prediction, I'm very
35:04
confident of so right? Let's see.
35:17
So I think with that we can do questions perhaps we had was we
35:23
also want to make sure please retail investors please vote and
35:26
only retail investors for most companies.
35:28
Don't vote. But your we really care about
35:31
your vote of small investors, not just large investors.
35:34
So please do register to vote and your vote is very important
35:38
and I think that's yeah that's it.
35:17
Let's see. So I think with that we can do
35:19
questions perhaps we had was we also want to make sure please
35:25
retail investors please vote and only retail investors for most
35:28
companies. Don't vote.
35:29
But your we really care about your vote of small investors,
35:33
not just large investors. So please do register to vote
35:36
and your vote is very important and I think that's yeah that's
35:40
it.