Tesla's 2022 Shareholders' Meeting Recap & Video |

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.

• 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

• Sustainability drives everything Tesla does

• 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

• Important to note the increase in strong free cash flow is occurring before autonomy

• “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

• 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

• 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

• Not that many batteries to recycle since their longevity has been really good so far (more of a longterm play)

• Will be focused on scaling

• “What are all the things needed to achieve a fully sustainable global economy”

• Goal is to reiterate this is absolutely doable and that we want it to be done as fast as possible

• Better in pretty much every way when compared to stamped underbody construction

• 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

• Eventually all cars will be self driving but it will be hard to replicate Tesla's manufacturing capabilities

• 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

• Continue to deploy V3 Superchargers, V4 set to be deployed next year

• Elon mentioned that more good news regarding the Supercharger network is coming

• 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

• 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

• Elon believes Optimus will turn the notion of what an economy is on its head

• 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

• 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

• 12 factories seems to be the perfect number with a maximum production rate of 2M vehicles per factory

• 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

• Elon hopes for peace and respect between the US & China

• 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)

• 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

• New master plan not yet ready, plan to finish it by end of August 2022

• 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

• 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”

• Elon annoyed that most analysts don't drive Teslas which prevents them from having a good understanding of the Tesla customer experience

• 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

• 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

• 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.)

Most modern cars come with access to a Controller Area Network (CAN) that lets you access information about systems in the vehicle.

It's often used to help diagnose vehicle issues and find out if a certain part may need to be replaced.

Teslas, just like other vehicles will display critical alerts or warnings on the screen based on CAN data.

The warnings can be as simple as being low on windshield wiper fluid. They could also alert you of critical issues such as airbag errors or heat pump issues.

For owners or shops who wish to troubleshoot or repair their vehicles, Tesla also includes a Service Mode.

Service Mode gives you access to more details about any alerts the vehicle has shown, as well as letting you reset certain systems.

Not every vehicle alert is customer-facing, meaning that some alerts only show up in Service Mode. These alerts could be temporary warnings without any customer impact, so they're of limited use to the vehicle owner, but they could be useful to a technician diagnosing an issue.

Although Service Mode displays additional details about vehicle alerts, they've also been somewhat limited.

Alerts are triggered based on certain readings from the vehicle's CAN, which provides real-time information on a slew of vehicle systems and any errors they report.

If the vehicle detects a high temperature or low voltage in a given system, it may trigger an alert. The user may see an alert such 'X system not available', although usually the reason is omitted.

In Service Mode, some additional information may be shown about a given alert, such as why it was triggered, such as due to low voltage.

However, up until now the additional information provided in the alert in Service Mode has been somewhat limited.

In a recent update, Tesla has added individual CAN readings to the alert, known as the alert payload, or crack data. Instead of seeing a simple 'low voltage detected' message, technicians or DIY owners can now see the exact value of the voltage when the alert was triggered.

Twitter user @greentheonly shared this news on Twitter, showing a screenshot that shows the plethora of information that is now available to Model S and X owners. Model 3 and Model Y owners do not yet have access to this data, but it's reportedly coming soon in a future update.

Adding alert payload data to Service Mode is a significant shift, as Tesla kept this information close to the chest and encouraged owners to take their vehicles to Tesla service centers. However, with this kind of information now available, third-party electric vehicle shops will have the data to fix Teslas. Not only shops but do-it-yourself types will also have access to the same information previously available to the technical support team.

That said, it’s important to note that Tesla’s warranty can be voided “due to improper maintenance, service or repairs.” The warranty paperwork, which you should read before ever tinkering with a Tesla, or any expensive item, clearly detailed how the company “strongly recommends that you have all maintenance, service and repairs done at a Tesla Service Center or Tesla authorized repair facility in order to avoid voiding or having coverage excluded under this New Vehicle Limited Warranty.”

@greentheonly’s tweet got a lot of attention. In a follow-up tweet, the user tells readers to enter service mode, and the information can be found in the service mode menu. The tweet is accompanied by a short video showing how to get to service mode. The screenshot shows active alerts with drop-down menus that provide more details.

Reddit comments were supportive of having more information. One poster said: “After they made the service manuals free, I’ve found I can do literally whatever I’d like! I no longer need service to answer questions about parts, processes, or fixes. Just look it up in the manual!”

While another, clearly a DIYer, posted, “This pleases me. Hopefully, between this and the free service manual online, most repairs should be able to be done at home.”

But another commenter believes Tesla is still holding too much back, “Now give us gateway config tasks on the toolbox, and we'll actually be able to make meaningful changes to our car.”

Keep in mind that Service Mode is aimed at technicians and is not meant to be accessed by customers. The information displayed is not consumer friendly and will often require some vehicle knowledge to be useful.

Service mode will also disable various safety systems while in use, and it is not recommended to be accessed by customers.

One criticism we've heard is that Tesla does not allow you to transfer its FSD package to a new vehicle.

Given that Tesla has steadily raised the price of FSD to the current $12,000 USD, it can cost early adopters thousands of dollars more to get FSD on their newer vehicle.

Tesla has now launched an offer that lets current customers upgrade to a new Tesla and receive a 50% discount on the FSD package.

The offer is available to owners with or without FSD on their current vehicle.

Tesla is testing this new loyalty program in China, seeking to retain customers and ensure they choose Tesla again when upgrading to a newer car.

This promotion will incentivize customers to upgrade their Tesla by offering them a more reasonable price for FSD. In addition to offering a 50% discount on FSD for returning customers in China, Tesla is also offering 15,000 km of free Supercharging and a free home charging service valued at 元8,000 ($1,185 USD).

Tesla has previously launched local incentive programs such as 10,000 miles of free charging and $1,000 toward a home charging solution.

Tesla has previously offered a similar FSD promotion in China back in 2021. There's no indication that Tesla will expand this promotion to other areas, but it certainly sets a precedent.

Tesla will likely continue to offer incentives that encourage sales where necessary, based on the conditions of each market. Although Tesla is the dominant leader in the EV race, competition is increasing.

Tesla is competing with western manufacturers like Rivian, GM and Ford, in addition to Chinese EV makers, that are aggressively expanding their investments in the EV market.

View the release notes for the upcoming version 2022.24.1.

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