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.)

How Tesla's FSD Beta Has Expanded Over Time

By Kevin Armstrong
Tesla reveals how many miles have been driven on FSD Beta as of January 2023
Tesla reveals how many miles have been driven on FSD Beta as of January 2023
Tesla

Tesla's Full Self Driving (FSD) technology took a giant leap forward in distributing FSD Beta to 400,000 customers in North America. It is a significant milestone for the development of autonomous driving and highlights Tesla's commitment to bringing this cutting-edge technology to the masses. A new version, v11.3 could roll out any day.

Number of Testers Over Time

Tesla made FSD Beta public a little more than two years ago, around October 2020. It was initially only made available to less than a handful of testers, but that pool grew to about 1,000 users later that year.

Since then Tesla has gradually increased the number of testers. The ramp from the initial 1,000 testers took some time, but by October 2021 Tesla had opened it up further through its Safety Score program. By January 2022, it was available to about 60,000 owners.

In March of 2022, Tesla expanded FSD Beta to Canada, gradually adding additional testers, and eventually increasing the number of testers across the U.S. and Canada to 160,000 in September.

Tesla announced this December that the number of testers had grown to 285,000 and recently said this January that it's now accessible to 400,000 Tesla owners.

FSD Beta Expansion and Milestones

Date Milestone
October, 2020 Opened to select testers
Late 2020 ~ 1,000 added
October 2021 Start of expansion through Safety Score
January 2022 Available to 60,000 testers
March 2022 Expansion to Canada
July 2022 Available to 160,000 testers
December 2022 Available to 285,000 testers
January 2023 Access given to 400,000 owners

Faster Feedback

The deployment of FSD Beta to such a large number of customers will provide an unprecedented level of testing and feedback, allowing Tesla to refine the technology and bring it to an even higher level of reliability and safety. Furthermore, with over 90 million miles driven on FSD outside of highways, the published data shows a clear improvement in safety statistics, demonstrating the potential for autonomous driving to revolutionize the way we travel.

This increased testing level will help improve the technology even further, as the system can learn from a broader range of driving scenarios and road conditions.

FSD Will Make the Roads Safer

The safety benefits of Full Self Driving technology will be a major selling point for Tesla and one of the primary reasons for its rapid growth. Using cameras and other advanced technologies, FSD can monitor the road and make real-time adjustments to ensure the vehicle operates safely and efficiently. As a result, this technology reduces the likelihood of accidents and provides passengers with a safer, more comfortable driving experience.

Overall, making FSD Beta available to 400,000 customers represents a major step forward for Tesla and the entire autonomous driving industry. It's now available to all customers who have purchased or subscribed to FSD in the U.S. and Canada. The next big expansion is expected to be in Europe sometime this year.

With its focus on safety and reliability, Tesla is leading the way toward a future where driving is fully autonomous, and accidents are a thing of the past. As technology continues to evolve, we can expect to see even more impressive advances in the coming years, bringing us closer to a world where autonomous vehicles are a common sight on our roads.

Tesla Accessory, Ctrl-Bar Adds Physical Buttons to the Model Y and Model 3

By Kevin Armstrong
The Ctrl-Bar adds physical buttons to the Model 3/Y
The Ctrl-Bar adds physical buttons to the Model 3/Y
Ctrl-Bar

Tesla's minimalistic interior design is both loved and hated. Much loathing is due to the lack of physical buttons drivers are so used to having at their fingertips to control heat, music and everything else in the cabin. The sleek look is attractive, but for some it can fall short in easy accessibility while driving.

That's where a new product comes into play: Ctrl-Bar. Created by Øyvind Husby of Oslo, Norway, Ctrl-Bar has nearly 300 backers on the crowdfunding website Indiegogo and has beat its target funding goal by more than 280 percent. The objective is to provide a tactile, programmable solution to Tesla's minimalistic interior design.

How It Works

Ctrl-Bar is a device that attaches securely to the bottom of the Model 3 and Model Y screen and offers a quick-access, tactile response that physical buttons can only achieve. The premium black glass finish blends seamlessly with the screen bezel, providing a smooth look. It connects to a smartphone using Bluetooth Low Energy (BLE) and gets power from a hidden USB cable connected to the rear center console USB port. The app runs in the background, capturing only the data needed to run the services and prioritizing privacy. In addition, the Ctrl-Bar screen shows real-time changes, so there is no latency when changing temperatures or other functions. After less than a second, the device will send the command to your vehicle.

Ctrl-Bar Video

The Scrolls, Buttons and Extras

The Ctrl-Bar has two scroll wheels with tactile indents to control the cabin temperature, one for the driver and the passenger. In addition, four push buttons are in the middle of the wheels to provide easy access to programmable shortcuts, such as seat heaters, defrost mode, dog mode, and more. All changes made on the Ctrl-Bar are reflected on the center screen, offering a unified experience.

In addition to controlling essential functions, Ctrl-Bar also provides ambient LED lighting. The device has a series of powerful LEDs that illuminate the center console and front footwells. Users can scroll through assorted color and brightness options to find the perfect lighting for their drive. For an additional subscription, Ctrl-Bar offers speed trap warnings. The device checks for nearby fixed speed traps and visually alerts the driver when they are approaching. If the driver exceeds the speed limit, Ctrl-Bar will give an audible warning reminding them to slow down.

The Ctrl-Bar adds physical buttons to the Model 3/Y
The Ctrl-Bar adds physical buttons to the Model 3/Y
Ctrl-Bar

Creative Company with a Track Record

Greenmission, the company behind Ctrl-Bar, has successfully launched a premium wireless charger for the Tesla Model S/X. With trusted manufacturers and software developers on board, the main obstacles to getting Ctrl-Bar into the hands of Tesla owners are developing the phone app, establishing a reliable connection, avoiding supplier issues and delays, and managing costs. Despite these challenges, Greenmission is confident they can bring Ctrl-Bar to market and provide a much-needed solution to the lack of physical buttons in Tesla vehicles.

Ctrl-Bar is an interesting device that adds some physical buttons for owners who want or need them. It matches well with the interior of the vehicle and still provides a sleek look. However, it will require your phone to have a cellular connection to successfully send commands to the vehicle, since it relies on Tesla's APIs.

Tesla drivers are always looking for ways to improve their experience, and new features will be made available through Over-The-Air updates. Furthermore, users' feedback and suggestions will be considered and worked on in future updates.

Upcoming Release

View the release notes for the upcoming version 2023.2.10.

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

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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 2023.2.10.

Confirmed by Elon

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

Subscribe

Subscribe to our weekly newsletter.