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.)

Cybertruck to be waterproof and serve as a boat briefly, may also appear in Cyberpunk 2077

By Kevin Armstrong
Cybertruck may appear in Cyberpunk 2077 game
Cybertruck may appear in Cyberpunk 2077 game
Cyberpunk

Cybertruck deliveries will start next year, but if you can't wait that long, you may want to head for Night City. Cyberpunk 2077 has teased that the highly anticipated vehicle in the real world may appear in the popular video game. But, if that's not enough, Elon Musk announced another exciting and unique feature for the futuristic-looking truck - it will be waterproof.

Let's start with the floating Cybertruck, which should not be a shock to anyone following the Tesla CEO. He bought the Lotus Esprit that James Bond used to jump off a pier and transform into a submarine in The Spy Who Loved Me. He purchased the movie prop for just under $1 million in 2013 and told USA Today, "I was disappointed to learn that it can't actually transform. What I'm going to do is upgrade it with a Tesla electric powertrain and try to make it transform for real."

In 2016 he tweeted that the Model S "floats well enough to be a boat," but he did not recommend trying it. Now he has claimed the Cybertruck could be used as a boat — briefly. Musk tweeted: Cybertruck will be waterproof enough to serve briefly as a boat, so it can cross rivers, lakes & even seas that aren't too choppy.

Cybertruck may appear in Cyberpunk 2077 game
Cybertruck may appear in Cyberpunk 2077 game
Cyberpunk

In a later tweet, he gave some idea of the distance he has in mind: Needs be able to get from Starbase to South Padre Island, which requires crossing the channel.

Twitter user @Erdayastronaut shed some light on why Musk would be singling out that area and distance. The tweet reads: "One of SpaceX's biggest problems is attracting talent to work at Starbase, which is extremely remote. South Padre is an awesome place to live, but it's almost an hour drive to Starbase despite being only 5 miles from Starbase because of the shipping channel." A quick check of Google Maps demonstrates what the user is describing.

South Padre is only five minutes from Starbase if you cross the channel
South Padre is only five minutes from Starbase if you cross the channel
Google

Musk's tweet also caught the attention of the Washington State Department of Natural Resources. Officials there seem to be a little concerned about the wording. The official account tweeted: Our derelict vessel crews are begging you to understand that anything that "serves briefly as a boat" should not be used as a boat.

CD Projekt RED also noticed Musk's tweet, and the makers of Cyberpunk used the opportunity to show two concepts of the Cybertruck as it would appear in Night City. Musk and Cyberpunk have had an ongoing relationship for a few years. Most recently, he demonstrated the power of the onboard computer's gaming system by playing Cyberpunk in a Tesla. However, CD Projekt RED did not mention if the Cybertruck in Cyberpunk would float.

Cyberpunk 2077 will be playable in the new Model S

Tesla hints at 'Reverse Summon' being available this year

Future Feature
By Kevin Armstrong
Tesla now mentions 'Park Seek' or what we know as reverse summon on its website'
Tesla now mentions 'Park Seek' or what we know as reverse summon on its website
Tesla

Tesla's team of Autopilot engineers is validating significant advancements to Full Self Driving Beta, including parking lot improvements. While Smart Summon and Reverse Summon were not specifically mentioned during the 3.5-hour AI Day 2022 event, parking lots were discussed, and Elon Musk gave a timeline of when enhancements are expected.

Reverse Summon or 'Park Seek' as Tesla appears to be calling it, is the opposite of Smart Summon. Whereas Smart Summon drives to you from a parking spot, users who activate Reverse Summon would have their Tesla drop them off at a location, perhaps closest to the entrance of a mall, and then find a parking spot. This feature was described by Musk on July 1, 2020, when he gave it a two to a four-month timeline.

Ashok Elluswamy, Tesla’s director of the Autopilot program, started the FSD portion of AI Day, saying, “FSD beta software is quite capable of driving the car. It should be able to navigate from parking lot to parking lot, city street driving, stopping for traffic lights and stops signs, negotiating with objects at intersections, making turns and so on.”

Several team members described how FSD has advanced and soon will be an integrated stack, meaning one code base that includes everything the program needs to navigate the car in a parking lot or on a busy highway. Musk is currently using this new stack, “it works quite well for me, but we need to validate it in all kinds of weather, like heavy rain, snow, dust and make sure it is working better than the production stack across a wide range of environments.”

Paril Jain, the Manager of Autopilot Motion Planning, expanded on what else will be included in the integrated stack, “we do expect to also include the parking lot stack as a part of the FSD stack before the end of this year. So, that will basically bring us to you sitting in the car in the parking lot and drive till the end of the parking lot, at a parking spot, before the end of this year.”

It has been previously reported that Reverse Summon would have three different modes to find parking spots that the owner prefers. The methods would include closest to the entrance, nearby a cart return, and the end of the parking lot for those who like to avoid tight spots that cause door dings. Musk said that the integrated stack is on track for release before the end of the year and maybe as early as November.

Tesla has also updated it's website to reflect this news, although no timeframe is given. The Autopilot section of Tesla's site now has a section titled "To your Destination." The description reads "When you arrive at your destination, simply step out at the entrance and your car will enter park seek mode, automatically search for a spot and park itself. A tap on your phone summons it back to you."

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Although we share official Tesla release notes, we are not affiliated with Tesla Motors. We are Tesla fans and supporters.

Tesla News

Upcoming Release

View the release notes for the upcoming version 2022.36.

Confirmed by Elon

Take a look at features that Elon Musk has said will be coming soon.

Subscribe

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