Tesla held their Q3 2022 earnings call on Wednesday
Tesla
Tesla has grown at an incredible rate, but according to Elon Musk, we haven't seen anything yet. So the company's CEO made the earnings call a can't miss event for investors and enthusiasts. The third quarter earnings call highlighted expected growth, buybacks and resumes. After the call, Musk tweeted: I will not let you down, no matter what It takes. Here is a quick recap of what we learned from the 58-minute call.
First, there are some quick points before we get into more detailed highlights. Musk says quarter-four is shaping up to be "epic" and promises a record-breaking performance. Tesla is not "recession-proof," but is resilient. Musk does not see any reason to slow down production, as demand is still far more than supply. RoboTaxi is progressing. The program would provide autonomous vehicles as cabs, but hinges on the full self-driving program.
Tesla Will Have the Largest Market Cap
In his opening remarks to investors, Musk made an extraordinary prediction. He said that Tesla would have the largest market cap in the world, surpassing second-place Saudi Aramco and first-place Apple. Not only would his company take the lead, "In fact, I see a potential path for Tesla to be worth more than Apple and Saudi Aramco combined."
The combined market cap of those two companies is more than 4.4 trillion. Tesla is worth just over $690 billion. Musk says it won't be easy, but "It will require a lot of work, some very creative new products, manage expansion and always - luck… We have an incredible product portfolio. I think we've got the most exciting product portfolio of any company on earth, some of which you've heard about, some of which you haven't." He later added that this prediction did not include Optimus coming to market. Tesla recently updated its humanoid robot to be put to work in Tesla factories before being available to the world in 2027.
Buybacks Could Happen in 2023
The topic of buybacks regularly surfaces during these earnings calls. Musk said that it has been discussed, "extensively at the Board level. The Board generally thinks that it makes sense to do a buyback." He added that the company would be looking at doing a buyback of $5 to $10 billion, and even if 2023 is a down year, "it's likely that we'll do some meaningful buyback."
Unfortunately, the buybacks won't happen before the 1% tax on buybacks kicks in on January 1, 2023. Some speculate this is the real reason the buybacks were pushed to next year, to avoid the optics of trying to dodge a new tax.
Tesla is Becoming the Go-To for the Brightest Minds
A.I. Day 2022 was a big hit, not only for showing off Optimus and Full Self-Driving improvements but generating interest in the company. While A.I. Day is viewed by many as a way for the company to show off its latest achievements, it's a recruitment drive.
Tesla includes several staff members to discuss projects, while Musk encourages people with interest to apply. "We've seen a massive influx of world-class artificial intelligence engineers and scientists resumes. So, it generated a tremendous amount of interest from some of the best AI researchers in the world. I can't emphasize the importance of this enough because I think finally it has become clear to the smartest AI technologists in the world that Tesla is among the very best."
50 Percent Annual Growth
Tesla is going to need all the help it can get. The company is still committed to growing by 50 percent yearly in both deliveries and revenue. "We expect to sell every car that we make for as far into the future as we can see. So, the factories are running at full speed, and we're delivering every car we make and keeping operating margins strong," said Musk.
Despite the company's strong growth, he admits Tesla is still tiny in the big picture: "We are still a very small percentage of the total vehicles on the road. Of the 2 billion cars and trucks on the road, we only have about 3.5 million. So, we've got a long way to go to even reach 1% of the global fleet."
That said, there has been a monumental shift to electric vehicles in the past year, prompting Musk to say, "I think the public, at large, realizes that everyone's moving towards electric vehicles and that it's foolish to actually buy a new gasoline car at this point because the residual value of that gasoline car is going to be very low. So, I think we have to be in a very good spot."
That means there are two billion cars that could be retired in the coming years and replaced with electric vehicles. Therefore, the consumer pool will only get bigger and demand for EVs will continue to grow,
After years of anticipation, the wait is over. Tesla's Robotaxi network officially launched with its first public rides for early access users in Austin, Texas, on Sunday, June 22nd.
The launch was a veritable firehose of new information, revealing everything from the booking process and in-car experience to new FSD features expected in the next version of FSD. Here’s a complete recap of everything we learned from what is sure to be a historic first day.
The Robotaxi App
The experience begins in a new, dedicated Robotaxi app. For now, access is invite-only and that app is not available in the App Store. Invitees received a special link to download the Apple-only app onto their device. Once you’re in the app, you’re asked to log in with your Tesla account, which will then bring over all your settings from the Tesla app, such as your profile photo and payment details.
While the app is only available for iPhone users today, an Android version is already confirmed to be in the works.
Booking a Trip
Once you’re in the app, you can set your destination and hail a ride. Once you have a ride booked, the app provides live tracking of the approaching Robotaxi, including its exact location and the estimated time of arrival.
One limitation noted by early-access testers is that the pickup point is currently fixed, and you can’t change it. The pick-up location will be relatively close to where you requested the ride, but some users noted having to walk up to a block to get to the pick-up location chosen by the app.
After initiating a ride, your phone will display a Live Activity, providing an auto-updating view of your taxi's location and ETA. This is similar to the Supercharger Live Activity that Tesla launched recently.
The Live Activities on iOS for the Robotaxi App
Joe Tegtmeyer on X
In-App Tips
While many early Robotaxi users are expected to be Tesla owners, Tesla is creating a user-friendly experience by offering in-app tips, such as how to open the Model Y doors.
When your ride arrives, its exterior lights pulse, letting you know this vehicle is picking up a passenger at the given location. This helps it differentiate between other Tesla vehicles on the road and other Robotaxis potentially dropping someone off at the same location.
The helpful tip on how to open the door handles.
@DirtyTesLa on X
The exterior lights pulse prompt in the app.
@DirtyTesLa on X
Information Synced to Robotaxi
To get that special Tesla touch of magic, once your vehicle arrives, it automatically syncs the rider’s personal vehicle details to the Robotaxi.
That means when you go to play Spotify, YouTube Music, or other media, you’re already signed in and it’s using the same account you use on your own personal Tesla. Even Netflix and other video services are signed in, so that you can start streaming them in the back seat.
The hub of the passenger experience, for now, is the 8-inch rear touchscreen of the new Model Y. The UI is clean and simple, displaying the trip map, estimated arrival time, and controls for media and climate.
The screen also provides passengers with access to key safety features, including a large “Pull Over” and “Support” button. For the early access program, a human Safety Monitor sits in the front passenger seat and has access to one additional control on the main screen - Stop in Lane.
Once you’re inside the vehicle and have fastened your seatbelt, the ride doesn’t begin immediately. You must tap the “Start Ride” button on either the rear passenger screen or within the Robotaxi app for the vehicle to start moving.
@DBurkland on X
The Ride and Geofence
One of the most important questions is: How does it drive? The first impressions have been overwhelmingly positive. Early-access riders have mentioned that FSD’s performance is extremely smooth, noting that it handles turns, speed bumps, and stops with a new level of grace. While FSD V13 is already incredibly smooth, Tesla may have tweaked it for this Robotaxi version, or it could be taking things a little slower with the initial rollout.
Robotaxi slows down really nice for speed bumps. Extremely smooth stops as well pic.twitter.com/H8R2pXllWB
The service operates within a defined geofence in Austin, which initial reports suggest takes about 30 minutes to go from one side to the other.
Interestingly, you can actually book a trip that has a destination or start point outside the geofenced area. In these cases, the Robotaxi will simply take you to the edge of the service area or choose a pickup location that’s within the service area.
The current service area for Robotaxi
@SawyerMerritt on X
Robotaxi Command Center
The significance of this day hasn’t been lost on Tesla’s teams. Ashok Elluswamy, VP of AI, shared a photo from what appeared to be a launch party at the Robotaxi operations center.
The command center features various TVs showing real-time information from the active Robotaxis. According to what Musk shared a couple of weeks ago, Tesla planned to have 10 Robotaxis on the first day, which aligns with what is displayed on the list on one of the TVs.
Other TVs are showing live views from the Robotaxis’ cameras, displaying six of the vehicle’s cameras, which appear to include the front camera, repeaters, B-pillar cameras, and rear camera. The only cameras excluded appear to be the front bumper camera, the front-facing wide-angle camera, and the cabin camera.
Another TV is displaying a weather radar, while another is displaying a live view of the Robotaxi vehicles on a map. However, one of the most interesting is one near the middle, which is displaying Robotaxi statistics. The display shows that there have been 112 rides across 499 miles as of the time the photo was taken. Another statistic shows a value of 35, but it’s unclear what this number represents. Given the 10 expected Robotaxis, this likely has to do with how many users are queued for a ride, or includes active riders plus users waiting for a ride.
Many team members have also taken to X and commented on the significance and status of the launch, celebrating a decade’s worth of hard work finally coming to a culmination. While there’s still a lot of work to do, the launch is a huge first step to Tesla opening up its Robotaxi service to everyone and releasing FSD Unsupervised for customer-owned vehicles.
Check out this smooth start-to-finish ride from Sawyer Merritt:
Here is my experience (in 4K) from earlier today in one of the world's first ever public Tesla Robotaxi rides in Austin, Texas with FSD Unsupervised! No-one is in the driver seat and the safety monitor in the passenger seat does not have a steering or pedals.
Next up? We expect Tesla to open up rides to the general public and gradually expand its geofence area. There’s also a new FSD update coming that increases parameters by 4.5x, which should make the vehicles even smoother and more capable.
With the first Tesla Robotaxi rides starting shortly for early access users in Austin, Tesla has published a detailed set of rules for its first passengers.
They outline everything from who can ride to how you can behave in a car with no driver, and are designed to ensure safety. Tesla is using a safety monitor during the initial rollout phases, so the front passenger seat will not be available for customers.
Who Can Ride
Tesla has laid out clear guidelines on who is eligible to be a passenger, as well as some expected in-car conduct.
You must be at least 18 years old to book a ride and to ride alone. Riders are permitted to bring one guest, provided that the guest is also over the age of 18. You cannot book a ride for another person; the account holder must be present for the entire trip.
That’s all pretty straightforward, and we expect Tesla to relax some of the rules in the coming months. That means that once the safety monitor is gone, the number could increase to three or four.
How to Behave
All passengers must remain seated with their seatbelts fastened for the entire duration of the ride. There is a strict prohibition on smoking, vaping, or consuming alcohol or other drugs inside the vehicle.
Riders are also asked to be courteous and leave the Robotaxi in the same condition as they found it. Those who damage or dirty the vehicle may be charged an additional, currently unspecified fee after the ride.
Hands Off: Driverless Vehicle
This is where the rules get a bit more interesting, focusing on the unique fact that the Model Ys that Tesla is using still have driver controls.
Riders are prohibited from sitting in the front-left driver’s seat. Additionally, riders must not tamper with, modify, or attempt to physically manipulate any vehicle equipment, including the steering wheel and pedals.
Interestingly, Tesla also has a rule on reverse-engineering and intellectual property protection. While photos and videos of the experience are permitted, riders are prohibited from bringing onboard instruments or equipment intended to record, measure, or conduct surveillance on Robotaxi.
Service Animal Exception
For riders with disabilities, Tesla has outlined a specific policy. Only small service animals that are trained to work or perform tasks are permitted in the vehicle. No other pets are allowed.
However, riders are not required to provide proof; however, support may ask you to confirm that the animal is required due to a disability and what task it is trained to perform.
At this point, we’re not sure whether Tesla will allow non-service animals in its Robotaxi Network in the near future. It would make sense if they did - many people travel with their pets, or need to take them from one location to another - but for now, only service animals will be allowed.
Tesla is definitely taking a safety-first approach in the initial launch, and with the presence of the Safety Monitor, they’re being very cautious. There is a long way to go before the average person becomes comfortable with an autonomous vehicle with no one in the driver’s seat, and building public trust is a good first step.
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