Tesla's 2022 shareholders' meeting recap & video

By Dan Burkland
2022 Tesla shareholders' meeting
Tesla

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.

Part 1 - Formal Shareholder Items

• Martin - Intro

Robyn Denholm

• 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

Stockholder Proposals

• Proxy Statement: document

Part 2 - Elon's Presentation / Q & A Session

• 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

2022 Tesla shareholders' meeting
Tesla

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

FSD Beta 10.13

• “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

2022 Tesla shareholders' meeting
Tesla

• 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

Gigafactories

• 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)

2022 Tesla shareholders' meeting
Tesla

• Tesla battery recycling is already happening at a rate of 50 packs per week in Nevada

• Continues to scale

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

Master Plan: Part 3

• Will be focused on scaling

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

• Cathode materials

• Aluminum, Etc.

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

2022 Tesla shareholders' meeting
Tesla

Vehicle Structure

• Lighter

• Stiffer

• Better NVH

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

Manufacturing

• 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

2022 Tesla shareholders' meeting
Tesla

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

Working at Tesla

• 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

Supercharger Network

• 99.96% uptime

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

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

Safety

• 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

FSD Beta

2022 Tesla shareholders' meeting
Tesla

• 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

AI Day: Part 2

• September 30th, 2022

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

Next Decade

• 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

Questions

Plans for Cash

• 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

Factories

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

Cybertruck

• 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

US & China Tension

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

Supercharger Locations

• 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)

4680 Output

• 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

Master Plan

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

Supply Chain

• 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

Autonomy

• 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”

Media

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

Succession

• 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

Tunnels

• 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

Dojo & Tesla Communicating w/ Each Other

• 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.)

Tesla Rolls Out Innovative Towing Solutions for Cybertruck and Supercharger Network

By Kevin Armstrong
Pull through supercharging added to UI
Pull through supercharging added to UI

Tesla’s latest update includes a special feature for Cybertruck that may eventually be rolled out to the rest of the lineup. It appears Tesla is getting ready for the summer road trip season early by focusing on enhanced security for drivers who tow trailers and improving accessibility to its Supercharger network for such vehicles.

Cybertruck's New Trailer Alarm Feature

A standout feature in the latest update is introducing a trailer alarm system for the Cybertruck. This innovative feature extends the vehicle's alarm system to monitor the connection status of a trailer hitched to the vehicle. In practical terms, this means the vehicle's alarm will now also protect the trailer, ensuring an added layer of security for owners' valuable cargo.

Activating or deactivating alongside the vehicle's alarm system, this feature can be conveniently managed through the vehicle's settings under the "Towing and Hauling" section, where the "Trailer Alarm" option is located. Owners who prefer not to use this feature can disable it, tailoring the vehicle's security settings to their preferences. At this point, we only have confirmation of the feature in Cybertruck, but it would make sense to add it to the other models that haul trailers as well.

Enhanced Supercharger Network Accessibility

Tesla is also improving the Supercharging experience for drivers with trailers. Recognizing owners' difficulties when charging vehicles while towing, Tesla has been progressively introducing pull-through stalls at Supercharger stations. These stalls are designed to accommodate vehicles with trailers, eliminating the need to detach trailers before charging – a significant improvement over the traditional back-in stalls that dominate the network.

Wes Morrill, a Cybertruck engineer who has become more vocal on X, posted that the “Supercharger team is always looking for opportunities to install these at new locations. Will show trailer friendly stalls on the in-vehicle UI to make it easier when road tripping with a trailer.”

Amid rising gas prices, Tesla's updates offer a cost-effective solution for summer road trips. The new trailer alarm and UI improvements for finding Supercharger stations address towing challenges, enhancing the Tesla experience. This initiative showcases Tesla's commitment to innovation and sustainable travel, enabling owners to bypass the impact of fuel costs and enjoy their adventures.

Tesla Expected to Release 'Actually Smart Summon' and 'Tap to Park' Updates Next Month

By Not a Tesla App Staff
Smart summon in April update
Smart summon in April update

Elon Musk announced that Tesla will finally reintroduce Smart Summon and Autopark to its vehicles. According to the CEO, these features are scheduled for release in April. Tesla removed ultrasonic sensors (USS) from their vehicles in 2022, and with it removed several features, including Autopark, Smart Summon and Park Assist. However, since then, they’ve added High Fidelity Park Assist, a feature that recreates the surrounding environment in 3D. Although, it’s currently only available to vehicles without USS, that’s expected to change in the near future, and could also come bundled in with the new Autopark feature.

This update in April is not only expected bring these features back to vehicles without ultrasonic sensors, but Tesla is also expected to release drastically improved versions of these features, known as Actually Smart Summon and Tap to Park.

Major improvements coming for Summon & Banish (Autopark) next month - Elon Musk

Improved Autopark

Greentheonly, who regularly decompiles Tesla firmware, has indicated that Tesla's latest software, version 2024.8, already contains the code necessary for these new features, but they need to be remotely activated by Tesla. Additionally, Green says the new Autopark system will offer users the choice between parallel and perpendicular parking options. The new Autopark is expected to let drivers visually select a parking spot, exit the vehicle, and let it park itself.

New ‘Tap to Park’ Feature

With the introduction of High Fidelity Park Assist, Tesla laid the groundwork for more sophisticated features like "Tap to Park."

Tap to Park builds on the original concept of Park Seek, a feature discussed by Tesla in October 2022 that aimed to automate the parking spot search process. While the initial vision for Park Seek suggested a vehicle could autonomously search for parking, "Tap to Park" simplifies this idea.

With the deployment of FSD Beta v12.3 going to more users this weekend, the company continues to leverage AI to reduce code in favor of neural networks trained with real-world driving data.

Just last week, Musk posted on X: "Really cool stuff coming both this month and next." Since that post, FSD beta version 12.3 has started going to more users, and now it seems two other long overdue and highly anticipated updates are coming with Actually Smart Summon and Tap to Park. Still no word on auto wiper improvements.

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