Tesla reported its Q2 2023 Earnings and released some Cybertruck updates
Tesla (Edited by NATA)
In its Q2 2023 Earnings Call, Tesla shared exciting updates on its highly anticipated Cybertruck and revealed robust financial figures.
CEO Elon Musk said a series of modifications to the vehicle's proposed configurations and pricing structures to meet the 'Goldilocks' balance - a vehicle that's neither too big nor too small, but just right. Tesla says it is "the first truck that we're aware of that will have four doors over a six-foot bed and will fit into a 20-foot garage."
Cybertruck Poised to Disrupt Electric Vehicle Market
The Cybertruck is currently undergoing worldwide tests for final certification and validation. Its unique design and ground-breaking features, including a sub-19 ft length, have drawn a remarkable response with over a million pre-orders since its announcement. Still, Tesla has kept the market guessing by revealing little about the vehicle's final pricing and configuration specifics.
A released photo suggested the inclusion of a structural battery pack with 4680 cells, a detail Tesla has not confirmed. If true, this would augment Cybertruck's innovative appeal, making it potentially a game-changer in the electric vehicle industry. Tesla has indicated that Cybertrucks would be rolling off the production line in 2023, with a ramp-up in 2024.
On the financial front, Tesla reported record figures for vehicle production and deliveries, producing 479,700 vehicles and delivering 466,140 in the quarter. The company's Q2 revenue was $24.93 billion, surpassing analysts' estimates of $24.32 billion, signifying a 47% year-over-year growth.
Despite these positive figures, Tesla reported a slight year-over-year decrease in operating income to $2.4 billion. The dip was attributed to a reduced Average Selling Price due to product mix and pricing, costs related to the ramp-up of 4680 cell production, and increased operating expenses tied to projects like the Cybertruck and AI advancements.
However, the company's financial reserves continued to grow, ending the quarter with $23.1 billion in cash, cash equivalents, and investments, marking an increase of $700 million driven by free cash flow of $1 billion. Other financial activities, including debt repayments partly offset this.
Tesla's Q2 2023 Earnings Call painted an encouraging picture of the company's future. The combination of Cybertruck's allure and Tesla's robust financial performance suggests that the firm is ready to push the boundaries of the electric vehicle market further. As Tesla gears up for the Cybertruck's production, the world awaits a revolutionary step in the world of electric vehicles.
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Coming to Rivian vehicles over a software update is Google Cast and YouTube support, which will allow for seamless, high-quality content streaming to Rivian vehicles.
This is a big step forward for Rivian’s software integration, especially compared to Tesla, which has yet to integrate native apps or release the long-rumored Tesla native app store.
Google Cast
Google Cast is Google’s version of Apple AirPlay which is supported in a variety of audio and video streaming apps such as Netflix, Disney+, YouTube, and more. By using a supported app, a user will be able to cast content directly to Rivian’s main 15.6” center screen.
Like Casting to a TV or Smart Device at home, this will allow you to play, pause, or skip back and forth using the vehicle’s touchscreen. Google Casting automatically pauses when the vehicle shifts into Drive.
Native YouTube App
Alongside Google Cast, Rivian is also bringing a native YouTube app to vehicles, enabling users to access YouTube’s video and music library from anywhere with a data connection. These features will be integrated right into Rivian’s vehicle operating system, which means they will receive regular software updates, and not be reliant on browser-based capabilities.
Similar to casting content, YouTube content will also automatically pause when the vehicle is shifted into Drive.
Tesla Equivalents
For the time being, there is no way to AirPlay or Cast video from a phone or tablet to Tesla’s front or rear screens. However, for some apps such as YouTube, you can send the video URL to the vehicle and have it open the YouTube app to that video.
To do this, open the YouTube app and find a video. Once you’d like to share it with the vehicle you can tap on share. You’ll then need to share it with the Tesla app which will then send it to your vehicle. On iPhones this requires you to scroll to the right and tap on More, which brings up the native sharing screen and has the Tesla app.
However, this is far more limited than including AirPlay or Google Cast support which will work for practically and video, even personal videos in your photo library.
Elon Musk mentioned back in 2016 that Tesla would add mirroring of phone apps to the center screen, but that has yet to materialize. More recently Musk mentioned a native X App coming to Tesla vehicles.
Tesla Theater
Tesla Theater allows users to stream videos from various platforms, including YouTube, but these are web-based applications, with no native applications available. This leaves some marked limitations on usability.
Tesla most recently announced in their 2024.14 update that the browser will be able to be expanded to full-screen mode when parked, enabling more access to streaming services on the web. Meanwhile, Google Cast and Apple Airplay continue to remain highly requested features.
The greatly anticipated FSD v12.4 is around the corner, with Elon Musk mentioning that it will be going to employees this weekend, with limited external testers next week.
Several significant improvements are coming with V12.4, which is being compared to the leap in performance that was previously seen between V12 and V11.
Improved Comfort and Reduced Interventions
There are quite a few improvements expected with V12.4, which Musk has said will be focused on user comfort by reducing hard accelerations and sudden braking. According to Musk, FSD v12.4 is also expected to have a 5-10x improvement in time between user interventions, which means that Tesla is rapidly approaching its goal for the Robotaxi announcement on August 8, 2024.
Steering Wheel Nag Removal
FSD V12.4 is expected to eliminate the steering wheel nag, as Musk confirmed its removal last week. The camera-based driver monitoring system will be taking over, providing a hands-free experience. These improvements will most likely benefit owners who have cabin cameras with infrared lights the most, while Tesla may continue to use steering wheel nag as a fallback mechanism.
Driverless Autopark
The second key feature that may be included in v12.4 will be Banish Autopark, previously known as Reverse Summon, allowing you to choose a parking spot, exit the vehicle and have the car park itself. Whether this feature makes it in v12.4 is yet to be seen, but Musk has mentioned that parking without a driver is coming soon.
Automatically Seek Parking Spot at Destination
Finally, your Tesla will now traverse a parking lot and automatically enter Autopark mode when arriving at a destination, according to a post from Musk.
Eligibility and Branch
Tesla recently added FSD v12.3.6 to the 2024.14 branch with updates 2024.14.5 and 2024.14.6. This makes it very likely that Tesla’s next FSD version will also be based on 2024.14, meaning that it will be available to any vehicle on 2024.14.x.
For users on update 2024.3.25, this means that they’ll receive all of the features included in updates 2024.8 and 2024.14, which should make it a massive update.
Release Date
Musk has mentioned that FSD V12.4 is going out to employee vehicles for internal testing this weekend, with external testing starting next week. The rollouts typically go slower than predicted but looks like we may see this begin shipping to customers by the end of the month.
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