2025 Annual Shareholder Meeting | Tesla

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Welcome back to Texas, the home of

Tesla.

My name is Brandon Hart. I'm the general

counsel and corporate secretary and

welcome to your 2025 annual shareholder

meeting.

Similar to last year, this meeting will

have two parts. We'll go through the 14

ballot items and the second part, Elon

Musk.

Today, we will discuss business outlook

and may make other forward-looking

statements. Such statements or

predictions are based on current

expectations. actual events or results

may differ materially due to a number of

risks and uncertainties that are

disclosed in our SEC filings. Such

forward-looking statements represent our

views as of today and should not be

relied on thereafter. We make no

obligation to update them after today.

Would like to welcome members of the

Tesla team here, members of Price

Waterhouse Coopers, and members of our

board. Before we get started, why don't

we hear from Robin, our board chair.

Well, good afternoon everyone. It's

wonderful um to welcome you all to the

2025 annual shareholder meeting. I

apologize for the my voice. I've been

speaking to investors for the last

couple of weeks non-stop, I think. So,

we here at Tesla could not continue to

do the impossible without you, our

shareholders. Our ongoing engagement

with you all makes what we do possible.

And I'm thrilled at how many of you made

your voices heard this year as we aspire

to create more value than any other

company in history.

Yes.

Without your support, we could not have

reached the heights that we've already

demonstrated over our relatively short

yet storied history. As we further

expand our ambition in our quest to

build a world of sustainable abundance,

we are excited to continue this

partnership.

Tesla is at an inflection point. I think

I've said that 3,000 times over the last

few weeks. And this last year has been a

critical one in our history. I want to

take some time to review the

acknowledgements and achievements by the

Tesla team of which I and my fellow

directors are incredibly proud of.

We continue to redefine the automotive

industry across production, customer

experience, and ownership. Model Y was

once again the bestselling vehicle

worldwide of any vehicle in 2024, and

with the new Model Y released earlier

this year, it's now better than ever.

Our energy business continues to reach

new heights and we deployed 31 gigawatt

hours in 2024,

more than double what we achieved in

2023.

Fabulous. I love the energy business.

And we are actively investing in both of

these businesses as we aim to maximize

their installed base of production

globally.

The installed base serves as the

platform for our future value. And that

creation over time Tesla will achieve

through services such as robo taxi and

virtual power plants powered by our

realworld AI.

In 2024,

through the use of our products, Tesla

consumers avoided releasing nearly 32

million metric tons of greenhouse gas

emissions. And this is a 70% increase

year-over-year. Our ability to avoid

emissions will only accelerate from here

as we displace larger volumes of fossil

fuel-based alternatives and increase the

utilization of our products through AI.

But emission avoidance is is not only

the thing that we focus on here at

Tesla. Improving safety has been

paramount to our mission since day one.

Our vehicles consistently achieve the

highest safety standards uh when tested

across the world and that safety is

increasingly enhanced with autopilot

technology. In 2024, our global fleet of

vehicles experienced one crash after

driving more than 6.8 million miles.

That's amazing. 6.8 million miles.

And to put that in context, that is 10

times better or safer than the average

driver in the US. 10 times better. And

in 2024,

uh, and is nearly double the safety

performance of our autopilot technology

in 2018.

With many enhancements we expect to make

from here, we believe our autonomy

technology will improve this performance

by orders of magnitude.

Sustainability extends beyond the impact

of product use. The Tesla team continues

to focus meticulously

uh evaluating each step on the product

journey from raw material extraction to

a intermediate processing,

manufacturing, delivery, product use and

the end of life. looking all the way

through to making sure that we uh reduce

our resource impact and the resource use

and bringing uh that to life across the

entire sorry the entire sustainable and

closed loop economy.

For more details on what we do each and

every day, I encourage you all to read

the impact report. It is an amazing

document and it continues to improve

over time in terms of what the team is

doing and we are also laser focused on

ensuring the resulting prosperity of our

efforts can be shared by all. This

applies to our employees, our customers

and even those who have yet to enjoy one

of our products or engage with our

company in any meaningful way. Tesla

spends countless hours ensuring that we

procure the most uh responsibly sourced

and produced inputs. we maximize the

safety of our operations and that all

Tesla employees can benefit from the

appreciation of our equity through our

incentive programs and that we continue

to bring down the cost of our fabulous

products across the range, increasing

that accessibility for all.

At the end of the day, we here at Tesla

are working tirelessly to make the world

a better place for all through

innovation and grit.

To our amazing employees, thank you for

all of your hard work in achieving our

mission. You are the beating heart of

Tesla and we cannot continue to deliver

without you. to the management team who

never get a shout out. Thank you for

your huge efforts.

To our shareholders, all of you in the

room and on the webcast globally, once

again, thank you for your support.

Please know that we are listening to you

and are here to represent your

interests. You are the owners of the

company and your voices, your

perspectives and your input are critical

to what we do here at Tesla each and

every day. My fellow directors and I

serve as uh serve you as your

fiduciaries and oversee Tesla's mission,

purpose and strategy. And these

responsibilities are in in our minds

every day. I would also like to thank

sorry to take this opportunity to thank

my fellow directors for their diligence,

their dedication and their tireless

efforts. Changing the world for the

better uh is always accompanied by um uh

uh difficulties and what I can say is

that you can't do it by checking the

boxes and and just reviewing PowerPoint

presentations. Thank you for rolling up

your sleeves, each and every one of our

directors, the hard work that you do,

lending your unique talents and

delivering to our shareholders.

Our Thank you. Thank you.

Our our accomplishments have been

hard-earned and these last several years

have not been without their challenges.

We still have much to accomplish and I

believe that we have the right team, the

right technologies, the right physical

infrastructure to create a world that

we've only just begun to imagine. The

future is bright. Thank you. Now I'm

going to hand it back to Brandon. Thank

you very much. Thank you.

Thank you, Robin. I will now call the

meeting to order. It is 3:25 p.m. and I

declare that the polls are now open. We

have already received over the past few

weeks voting proxies from our

shareholders. However, if you wish to

vote your shares now, you may do so on

the online portal or with the ballot

boxes you received at the front. Tesla

has appointed Tony Cario, a me member of

the Cario group to serve as our

inspector of elections. In addition,

Broadridge Financial Solutions has has

certified that starting on September 17,

2025,

the proxy materials or notice of

internet availability of the materials

were sent out or mailed to shareholders

of record as of September 15, 2025.

We have a majority of the outstanding

shares represented at the meeting. So, I

declare that a quorum is present. We now

will proceed with the meeting. The items

of the agenda are as follows. There are

six Tesla proposals. The election of our

three class three directors, Ira, Joe,

and Kathleen to serve a term of three

years until their successors are duly

qualified. Number two, to approve seon

pay on a non-binding advisory basis.

Three, to ratify the appointment of

Price Waterhouse Coopers LLP as our

independent registered public accounting

firm for fiscal year 2025.

Four, to adopt amendments to our

organizational documents to eliminate

certain super majority voting

requirements.

Five, to amend and restate the 2019

equity incentive plan. And number six,

the 2025 CEO performance plan to Elon

Musk. The

The Tesla board has recommended that all

our shareholders vote for each of the

director nominees and for the Tesla

proposals except for the one on

supermajority voting where no

recommendation has been made. We also

have eight shareholder proposals that

are described in our proxy statement.

I'd like to remind the shareholders that

Tesla's board has prepared a statement

of opposition on each of them except for

the one regarding XAI. Those statements

are in our proxy. Now, let's go through

the shareholder proposals. The first one

is an advisory vote regarding board

authorization of investment in XAI. Our

board has not made a recommendation on

this. The shareholder proposal is

proposed by Mr. Steven Hawk, who I

believe is here to present the proposal.

Mr. Hawk.

Thank you so much. Good afternoon,

ladies and gentlemen, fellow

shareholders, Elon and esteemed board

members. Thank you for this historic

opportunity. I am Steven Hawk,

shareholder since 2012. Is truly my

honor to present shareholder proposal

number seven.

It is uh the proposal is simple. I urge

the board to exercise its discretion and

authorize a strategic investment in XAI

in some meaningful way sooner rather

than later. This isn't just capital.

It's about formalizing Tesla's role as a

leader in autonomous intelligence.

Turning AI into our new book, not just a

new chapter. Tesla has always been an AI

company, revolutionizing transportation,

energy, and robotics through FSD and

Optimus. But as we approach the

singularity during this tsunami of AI

outsourcing our brain to external

providers, risks, misaligned goals, data

vulnerabilities and loss innovation. XAI

founded by Elon is different. It is m

maximally truth seeeking,

curiositydriven and aligned with

humanity's best interests. Like Tesla's

mission for sustainable abundance, XAI

was seated with Tesla talent enabling

birectional flow for highest caliber

staff attraction and retention.

Integrating Grock models within our vast

real world data would further

supercharge FSD for safer vehicles,

empower optimists to navigate complex

worlds and to optimize energy grids.

Think vertical integration of Tesla as a

neural link of AI platforms. Controlling

the coming Optimus Army with prudent

stewardship. Financially, it's a

no-brainer. XEI's explosive growth could

yield massive returns, strengthening our

balance sheet amid EV pressures with

Elon stewardship the best for shephering

AI safely. Conflicts are minimal. Board

oversight ensures fairness. Xi needs

Tesla more than vice versa. But together

we foster human happiness,

consciousness, and meaning beyond work,

shifting purpose from labor to truth

seeeking in a world of abundance.

Shareholders, we can't be spectators.

Tesla must actively participate. Let's

not outsource our destiny, but rather

own it and maintain power, control, and

safety. I call on the board to formalize

this investment relationship and on you

to support it. Thank you to Elon and

special thanks to Tesla, Bloomer, Mama,

Alexander Merch,

Thank you, Mr. Hawk. The second

shareholder proposal is an advisory vote

regarding adopting targets and reporting

on certain sustainability metrics with

our senior executive compensation plans.

Our board has recommended that our

shareholders vote against this proposal

as explained in our proxy. The

shareholder proposals proposed by

Tulipshare Capital LLC whose

representative Mr. A Rouge has prepared

a pre-recorded message.

Hello shareholders. I am Antoan Aruj CEO

of the impact fund Chulipshare speaking

in support of proposal 8. Our proposal

asked Tesla's board to take a simple but

meaningful step link a portion of the

executive compensation to measurable

sustainability performance. This last

success has always been built on bold,

measurable goals, production target,

market cap milestone and innovation. But

as we enter a new era of scrutiny around

climate, labor and governance issues,

it's time that part of those milestones

also reflect how sustainable that

success is achieved. Proposal 8 is not

asking to replace all the financial

goals. We're asking to strengthen them.

Imagine if one or two trenches of the

future compensation were tied to

tangible outcome such as reduction in

carbon intensity per vehicle, verified

improvement in worker safety or supply

chain transparency. These are metrics

that protect long-term shareholder

value, reduce legal and reputational

risk, and ensure Tesla's leadership is

rewarded not only for scale, but for

sustainable impact. Tesla's mission is

to accelerate the world's transition.

Linking compensation to sustainability

metrics ensure that this mission lives

at the very core of the leadership

decision-making. This is how Tesla can

continue to lead not just in innovation

but also in responsibility. We urge

shareholder to vote for this proposal

and support a compensation framework

that drives both performance and

purpose. Thank you.

Thank you, Mr. ARouge. As a reminder,

the board's response is set forth in the

proxy. Our third shareholder proposal is

an advisory vote regarding an audit of

certain labor practices. The board has

recommended against that as set forth in

our proxy. The shareholder proposal is

proposed by the National Center for

Public Policy Research whose

representative Stefan Padfield has

prepared a pre-recorded message.

My name is Stfan Padfield and I am the

executive director of the Free

Enterprise Project. The free enterprise

project is part of the National Center

for Public Policy Research, which is the

proponent of proposal 9, requesting that

Tesla conduct and report on a child

labor audit. Let me begin by emphasizing

that we are strong supporters of free

enterprise innovation and shareholder

value. We recognize Tesla's

extraordinary contributions to the

electric vehicle market. Our proposal is

not anti-Tesla. It is pro- transparency

and pro-shareholder.

Proposal 9 asks for something very

simple and reasonable, a verified

accounting of whether and to what extent

child labor is implicated in Tesla's

supply chain. Tesla's opposition

statement relies on policies, but

policies are not the same as proof. A

quote unquote zero tolerance policy is

commendable, but without independent

verification, it is only a promise, not

evidence.

The US Department of Labor continues to

list cobalt mining in the Democratic

Republic of Congo among the sectors with

the worst forms of child labor. A 2023

white paper on the financial and

material impacts of child labor authored

by Hace identifies Tesla as a case study

in the ongoing risks that cobalt and

other mineral sourcing pose to

automakers. And while Tesla's own 2024

impact report notes that the company

invested more human and legal resources

than ever before to combat forced and

child labor, it provides no metrics

showing whether those investments are

working. Shareholders deserve data, not

just asurances. We are asking Tesla to

back its admirable words with verifiable

results through a third-party audit or a

transparent report. This is not just a

moral question. It's a governance and

riskmanagement issue. Reputational,

legal, and operational risks can

directly affect shareholder value. So

too can the risk that enthusiasm for

electric vehicles undermines proper

accounting of the often hidden cost that

child labor may be embedded deep in EV

supply chains. If Tesla is truly the

industry leader it claims to be, it

should also lead in transparency. We all

know that proxy vote counts can be

distorted by a plethora of conflicts of

interest. Accordingly, we urge Tesla's

board to see this proposal not as an

attack, but as an opportunity to

properly account for the costs and

benefits of Tesla's mission, regardless

of the final vote. If you have not done

so already, please vote for proposal 9.

Thank you.

Thank you, Mr. Padfield. As a reminder,

the board's response is set forth in the

proxy. Our fourth shareholder proposal

is a vote to amend the bylaws to repeal

a derivative suit ownership threshold.

Our board has recommended against as set

forth in the proxy. The shareholder

proposals proposed by the comproller of

the state of New York as the lead filer

whose representative Thomas D. Napolei

has recorded a pre has proposed a pre

pre-recorded message.

This is Thomas Denapoli, New York State

Controller. As trustee of the New York

State Common Retirement Fund, owner of

more than 3.3 million shares, we urge

shareholders of Tesla to vote for

proposal 10 to amend the bylaws to

repeal the 3% derivative suit ownership

threshold. We filed a proposal along

with New York City Controller Brad

Lander to restore one of the most

fundamental investor rights, the right

of shareholders to hold directors and

officers legally accountable when they

breach their fiduciary duties. When

Tesla asked investors last year to

approve its move from Delaware to Texas,

the board assured us that shareholder

protections were similar in both states.

Yet within months, Tesla's board engaged

in a bait and switch scheme and

immediately turned its back on its

investors by amending its bylaws to

reduce shareholder rights as soon as

Texas offered an opportunity to do so.

The new bylaw allowed Tesla to block

nearly every investor from bringing a

derivative suit unless they hold 3% of

the company's stock, currently about $30

billion in Tesla shares. That threshold

leaves only Elon Musk and a handful of

giant Wall Street funds with any legal

standing to act on their own. It

effectively makes the board immune from

accountability. Tesla claims this rule

is meant to discourage frivolous

lawsuits, but courts already have tools

to dismiss meritless cases. This bylaw

doesn't stop abuse, it stops proper

oversight, and it tells shareholders

that the board no longer wants to be

answerable to them. Our proposal simply

seeks to repeal that bylaw and restore

accountability. It ensures that if

directors violate their duties, all

investors still have a path to protect

the company's long-term value.

Unfortunately, this attack on

shareholder rights is part of a larger

pattern at Tesla. We see a board that

lacks true independence. The board has

allowed our CEO to divide his attention

among multiple outside ventures and then

offered a pay proposal that could hand

him a trillion dollar windfall and even

more unchecked power. These are not

isolated issues. They all stem from the

same problem. A board that refuses to

act as an independent check on

management. Tesla has changed the world

through innovation. But no company, no

matter how visionary, can thrive without

accountability.

Strong governance protects investors and

strengthens companies over time. I urge

all shareholders to send a clear message

that accountability, independence, and

respect for shareholders are essential

to Tesla's future success. Thank you for

your time and consideration.

Yeah.

Thank you, Mr. Dapoli. Our the board's

response is set forth in the proxy. The

fifth shareholder proposal is a vote to

amend article 10 of the bylaws. The

board has recommended that our

shareholders vote against it as set

forth in our proxy. This shareholder

proposal is proposed by the treasurer of

the state of Illinois and trustee of the

Bright Directions College and Savings

Trust as the lead filer whose

representative Michael Far has prepared

a pre-recorded message.

Fellow Tesla shareholders and members of

the board, my name is Michael Ferris. I

serve as treasurer for the state of

Illinois and as trustee of the Illinois

College Savings Programs. I'm here to

present proposal 11, which asks Tesla to

adopt a simple investor protection. If

the board chooses to impose more

restrictive requirements for submitting

shareholder proposals as newly permitted

under Texas law, those changes must be

ratified by a super majority of

shareholders.

At its core, this proposal is about

protecting shareholder rights. If the

board decides to limit our ability to

submit proposals, this amendment ensures

the shareholders have the final say. It

helps to ensure that Tesla remains

aligned with the will of its investors.

Plain and simple. Now, why is this

important? Tesla is navigating a period

of volatility, leadership transitions,

intense competition, and heightened

scrutiny from regulators and customers.

In times like these, strong governance

and active shareholder input can be

critical. They serve as competitive

advantages that position Tesla to lead,

not just react. This proposal seeks to

implement a reasonable safeguard would

reinforce accountability and build

trust. The board itself has emphasized

the importance of investor feedback. In

the proxy statement, Chair Robin Denholm

and director Kathleen Wilson Thompson

wrote, "We are in Texas because it

provides a more predictable governance

framework that allows us to hear from

you, the people who know Tesla best." If

the board actively seeks to hear from

shareholders, it's hard to reconcile

that position with their opposition to

this proposal.

To reiterate what's at stake, Texas law

now allows shareholder submission

thresholds higher than SEC standards,

requiring shareholders or groups to hold

3% of voting shares or $1 million in

stock to submit a proposal. Compare that

to current SEC rules which allow a

shareholder to have holdings as low as

2,000 to $25,000

depending on how long the shareholder

has held the stock. If the board chooses

to adopt the Texas thresholds, they risk

silencing investors who could drive

meaningful governance improvements as

well as narrowing the pipeline of ideas.

Note that this proposal does not limit

the board's direction to evaluate

governance options. It simply ensures

that if the board adopts the Texas

shareholder submission thresholds, a

supermajority of shareholders must

ratify that decision. That's fair. It's

reasonable and fully aligned with the

board's stated commitment to its

investors. Again, I encourage my fellow

investors to vote for proposal 11 as a

clear step towards protecting our rights

as shareholders. Thank you.

Thank you, Mr. Far. As a reminder, the

board's responses set forth in the

proxy. The sixth shareholder proposal is

an advisory vote to elect each director

annually. Our board has recommended

against as set forth the reasons in the

proxy. This shareholder proposal is

proposed by James McRichie who has

prepared a pre-recorded message.

Thank you shareholders.

We've presented this proposal before,

2021 and 2024.

It won a majority both times, even with

board opposition. But Tesla requires a

super majority of shares outstanding. So

those majorities weren't enough. Today,

we ask again, join the 90% of S&P 500

companies that elect all directors

annually. Declassification

means accountability every year, not

every three years. Most institutional

investors support this reform. It's the

retail votes we need here today. A

Delaware court recently found three

major governance failures at Tesla. The

board wasn't independent. The

disclosures to shareholders on its pay

plan were misleading. And the board

failed to negotiate properly on our

behalf. Declassifying the board is part

of the cure. It ensures shareholders can

hold directors accountable each year or

nominate qualified replacements when

needed. Matt Muscardi of FreeFlat Media

calls this one of the most important

votes of the year because it could shift

Tesla's board from a friends and family

plan to independent professionals with

the skills necessary

for Tesla's next chapter.

We're also endorsed by Nell Mow,

co-founder of Value Edge Advisors and

ISS, one of the most respected proxy

advisors.

John Chaved's related proposal number 13

calls for simple majority voting. We'll

need that reform, too, for this proposal

to succeed.

Tesla's Musk premium, once a source of

strength, is fading along with his

global reputation. Remember, Tesla is

his only publicly traded company. It's

the liquid piggy bank that fuels his

other ventures. Yes, Elon Musk is

brilliant, but no company should depend

on a single personality.

Either he stays long enough to keep

using your capital elsewhere or he moves

on when the tapped runs dry. Either way,

shareholders must prepare for Tesla's

future. a democratic professional

company led by a capable independent

board. Let's build Tesla to attract

customers, employees, and investors who

all contribute to its innovations.

Vote for proposal number four,

declassify the board. Vote four,

proposal number 13, eliminate

supermajority requirements. Together,

let's restore accountability,

independence, and trust at Tesla. Vote

now before the polls close. Your vote

can make a real difference in Tesla's

future and your future as well. Thank

you.

Thank you, Mr. Mc Richie. As a reminder,

the board's response was contained in

the proxy. Our seventh shareholder

proposal is an advisory vote regarding a

proposal that 54% at last year's

meeting. Our board has recommended

against for the reasons set forth in the

proxy. This shareholder proposal is

proposed by John Chaveetin who is on the

line to present this proposal. Mr.

Chaveetin.

Hello. This is John Chaveetan. Proposal

13. This proposal is about Tesla being

governed by a democratic majority vote

standard.

This proposal 13 is proud to be on the

same topic as the Tesla proposal six.

Ser requests that Tesla take the steps

necessary so that each voting

requirement in the Tesla charter and

bylaws that calls for a greater than

simple majority vote be replaced by a

democratic requirement for a majority of

the votes cast for and against such

proposals or a simple majority vote

standard.

is important to vote for both proposal

13 and proposal six which are on the

very same topic. In fact, it's more

important to vote for proposal six

because proposal six is a binding

proposal and this proposal 13 is an

advisory proposal. It is important to

vote for proposal 13 because proposal 13

is a backup proposal in case the Tesla

proposal six does not get enough votes.

This proposal 13 has one advantage over

proposal six in that it requires less

votes to be approved by shareholders

than the Tesla proposal six since this

proposal 13 is an advisory proposal. But

it's still important to vote for both

proposals. Adoption of proposal six will

pave the way for annual election of each

Tesla director sooner than this proposal

13. annual election of each Tesla

director will tend to keep Tesla

directors away from their current status

as being lap dog enablers for Mr. Musk

and Mr. Mus outrageous executive pay and

Mr. Mus outrageous distractions from

Tesla. Please vote yes for Tesla being

governed by a Democratic majority vote

standard proposal 13 and vote for the

Tesla proposal six on the same topic.

Thank you, Mr. Chaveetin. As a reminder,

the board's responses set forth in the

proxy. Our eighth and final shareholder

proposal is an advisory vote to seek

shareholder approval before adopting

certain bylaw amendments pursuant to

Texas law. The board has opposed it for

the reasons set forth in the proxy. This

shareholder proposal is proposed by Eric

and Emily Johnson and Bruce Bryce Mathan

as co-filers whose representative Bruce

Abear from Newground Social Investment

has prepared a pre-recorded message.

Good afternoon. I'm Bruce Herbert of

Newground Social Investment in Seattle

and I stand to move proposal number 14,

a simple request that Tesla hold a vote

before adopting any bylaw that would

restrict the ability to file a

shareholder proposal. Here's why this

matters. Texas recently passed a law

that allows companies to set skyhigh

barriers to shareholder participation

instead of the SEC's current one-year

ownership threshold of $25,000.

These Texas rules would require owning

$1 million of stock or 3% of the

company. In Tesla's case, roughly $30

billion before one could file a

proposal. And Tesla could enact this

without a shareholder vote. simply by

issuing a notice. This is not

shareholder democracy. It's silencing

shareholders like nearly every one of us

in this room. Whether you are an

individual, retiree, or institution, the

backers of such thresholds presume you

must be ultra rich in order to have a

good idea, which on its face is a

baseless and undemocratic proposition.

The shareholder proposal process serves

both Tesla and the capital markets. This

is because stockholders frequently spot

emerging risks long before they hit the

headlines. Whether in the form of labor

relations, climate impacts, or failures

in governance, shareholders provide an

efficient early warning system that

helps companies to stay ahead of the

curve. We are a lowcost, high value

cornerstone that keeps companies and

capital markets healthy. In closing,

corporate democracy is not a nuisance.

It's an important safeguard. It's how

shareholders ensure accountability and

informed long-term value creation. The

idea here is quite simple. Before

limiting shareholder rights, put it to a

shareholder vote. Therefore, to keep

Tesla engaged, accountable, and

forward-looking, please vote for

proposal number 14. Thank you.

Thank you.

Thank you, Mr. Abear. As a reminder, the

board's response set forth in the proxy.

Please note now is your final

opportunity submitting votes for them to

be counted.

I declare that the polls are now closed.

Based on the proxies that we have

received and the votes submitted at the

meeting, I'd like to announce these

results on a preliminary basis.

With respect to the shareholder

proposals items 8 through 14, our

shareholders have supported the

recommendations on the Tesla board on

all of them other than proposal 12.

With respect to proposal 7 regarding

XAI, while we have received more votes

in favor than we did in against, there

were a significant number of

abstensions.

Since this is an advisory vote, the

board will examine the next steps in

light of this level of shareholder

support.

Now, moving on to the Tesla proposals.

First, on the proposal to adopt

amendments to our organizational

documents to eliminate certain

supermajority voting requirements, our

shareholders have not approved.

Second, on the seon pay advisory vote,

our shareholders have approved.

Third, on the ratification of the

appointment of Price Waterhouse Coopers

as our Tesla's independent registered

public accounting firm for the 2025

fiscal year, shareholders have approved.

Fourth, on the election of our three

class three directors, Ira, Joe, and

Kathleen,

our shareholders have reelected them.

Fifth, on the amended and restated 2019

equity incentive plan, our shareholders

have approved

Sixth and finally on the 2025 CEO

performance award to our founder and CEO

Elon Musk with over 75% voting in favor.

Approved.

We love

you.

I I declare this meeting is now closed.

Elon Musk

welcome.

So uh

what were

what were what we're going to

And those bots are just dancing. There

are no wires. Those are actual robots.

Thanks, guys. Uh first of all, I'd like

to just give a heartfelt thanks to uh

everyone who supported the the

shareholder of votes. Uh I super

appreciate it. Thank you everyone.

Um I'd like to take thank the Tesla

board for their immense support. We have

a fantastic board, fantastic group of

shareholders.

Thank you all.

and uh and and what we're about to

embark upon is not merely a new chapter

of the future of Tesla, but a whole new

book

and I'm going to talk about that.

So, this this really is uh

this really is going to be quite the

story. Um and uh Optimus is a

fundamental part of that. The the sheer

scale of Optimus

I mean

I'm I'm going to say a bunch of things

that probably I shouldn't say, you know,

but

um

but but that's what keeps it

interesting.

I mean, have you have you watched any

other annual shareholder meeting? I

mean, honestly, I was like I mean, if

you need to go to sleep, sure. I mean,

that other shareholder meetings are like

snoozefest. I mean, but ours ours are

bangers. I mean, look at this. This is

sick.

And we got like the the cyberpunk

nightclub here with real robots just

standing there and uh milling around and

dancing

and um you know around our engineering

headquarters in Palo Alto. Uh the robots

just walking around the office 24/7 with

no one minding them. they just and then

they go charge themselves

and um yeah so the the the scale of of

of Optimus I like I said that's really

going to be something else um I think

it's going to be the biggest product of

all time by far

yeah

so

like bigger than cell phones bigger than

anything um I guess a way to think about

about it is that uh every human on Earth

is going to want to have their own

personal R2-D2 C3PO.

So, who wouldn't?

But actually, Optimus will be even

better than them, you know, like you

know, R2-D2, it's kind of would beep at

you and it's kind of hard to figure out

what he's got talking about. Um, you

know, you see C3PO to translate, but uh

Optimus is going to be

I like everyone's going to want one. uh

I think with in terms of uh industry

providing products and services I think

it's probably I don't know three to five

robots in industry for every you know

one that's a personal robot. I I I think

there could be tens of billions of of

Optimus robots out there. Um, now

obviously it's very important we pay

close attention to safety here. Uh,

because uh we we do we do want the the

the Star Wars uh movie, not the Jim

Cameron movie. Um,

I love Jim Cameron's movies, but you

know uh

you know what I mean.

So

um

yeah and yeah so so we're gonna launch

on uh the the fastest production ramp of

of any product of any large complex

manufactured product uh ever. Um, and

starting with building a million unit

production line uh in in Fremont. Um,

and uh that's that's that's line one.

Um, and then a 10 million unit uh per

year production line here on the

I don't know where we're going to put

the 100 million unit production line. on

Mars.

Maybe on Mars, I don't know. Um but uh

but I think it's it's going to literally

get to 100 million a year. Uh maybe even

a billion a year. Um and um

you know, people often talk about like

eliminating poverty, giving everyone

amazing medical care. Well, there's

actually only one way to do that, and

that's with the Optimus robot. with with

humanoid robots you can actually give

everyone

amazing medical care. Uh so

uh in terms of optimist will be more

precise optimist will ultimately be

better than the best human surgeon with

a level of precision that that isn't

possible that that is beyond human. So I

think that's that's a pretty wild

concept to say okay if you you know

there's always people always talked

about eliminating poverty but actually

optimist will actually eliminate

poverty. Optimus will actually give

people incredible medical care.

So um

I mean and and so you start getting like

sort of some pretty wild sci-fi sort of

scenarios uh where

uh and some of these things I say will

obviously be taken out of context and

used in snippets and you know sent

around but whatever. I was still going

to say them, you know, like I think we

may we might we may be able to give

people a more uh if somebody's committed

crime, a more humane form of uh

containment of future crime, which is if

if you if you say like you now get you

now get a free optimist and it's just

going to follow you around and stop you

from doing crime.

But other than that, you get to do

anything. Just it's just going to stop

you from comm committing crime. That's

that's really it. um you know you don't

have to put people in like prisons and

stuff. I think u it's pretty wild to

think of the the various of all the

possibilities but I think it's it's it's

clear it's clearly the future. Um

and um

you know my book recommendation for the

maybe the best mostly utopian sci-fi

future are the inbanks books the culture

books. So if you're curious like what

what do I think the future's probably

like? I think it's probably a bit like

that. um or you know um ASMO to some

degree but but but I think it's and

Heinland um but

uh in banks if if you're like saying

what what what does Elon think the

future probably will be like for AI and

robots it's kind of banksian um so

um

now now and and and things do get kind

of wild from an economic standpoint Um

because at a certain point uh with AI

and robotics you can actually increase

the global economy by a factor of 10 or

maybe a 100. Um there there's not like

an obvious limit. Uh so

um

like Optimus is kind of like an infinite

money glitch. uh

you know uh and I'm maybe there won't

even be money in the future um or or

money but if it might be measured in

terms of wattage like how much uh you

know power can you bring to bear from an

electrical standpoint. Um

so uh I guess what I'm saying is hang on

to your Tesla stock.

So, uh, yeah, man, it's pretty wild. Um,

thank you.

You're welcome.

Um, let's see. I think we got some

slides to go through. Um

we say adlib a lot of the stuff but

so the the

you know when we started Tesla the the

goal was to accelerate the advent of

sustainable energy and that is uh that's

what we've done and Tesla has really led

the way in with with electric vehicles

with battery packs uh with a lot of

solar and uh many other companies have

have then followed our lead and done

that and electric cars which used to be

uh non-existent are now prevalent. Um

and uh and the Model Y for example is

the number one selling car of any kind

on earth.

Um but obviously now with with AI and

robotics uh we need to update our

mission. Um and our mission um I think

it's a good it's it's the it's a great

mission which is to achieve sustainable

abundance

which is it's like because I often ask

people like what is the future that you

want? What's the best future you can

imagine?

Um you know because we want to try to

make that future like make the best

future you can imagine. and and I guess

probably the best future is if people

uh you know can have whatever they want

from a goods and services standpoint or

medical standpoint. Um and but at the

same time we we don't destroy nature and

we we keep the rain forests and the the

beautiful national parks and and all the

all that stuff. And so that's that's

what I mean by sustainable abundance

uh is that people, you know, can have

whatever they want um have all the needs

met. Uh, but we still keep all of the

natural beauty that we want.

I mean, if somebody can think of a

better future, I'm all ears. Uh, but I

think that's that's probably the best

the best way to go. Um, so yeah. Um,

see so

yeah. Um, as you know, every Tesla is

designed to be autonomous. So, the

it's sometimes difficult to explain to

people if they've not, in fact, I'm sure

you've all encountered this where you

try to tell people that the Tesla can

drive itself and they they think you're

crazy or something. Um, I mean,

especially like apart from the Cybert

truck, our our cars look pretty normal.

Um, I mean, they're good-looking cars,

but they don't look super they look

normal.

Um,

but I guess uh it's kind of like having

a cat or like and and uh the cat's just

sitting. Let's say you've got a cat and

it's like just sitting there on the

couch and you try to tell people that

the cat uh can actually um it's actually

puss and boots and and it and it can

actually put on boots and a hat and and

swashbuckle and sing and dance. And

people are like, "No way, man. That's a

cat."

until the cat does all those things.

You're like, damn, what the um so, uh

we've got, you know, millions of Tesla

cars out there that are the

kind of like puss and boots. They're

they're intelligent, but people don't

know that they're intelligent. They look

like normal cars, but actually they're

super smart and can drive themselves. So

as um I think that's probably the single

biggest thing we need to do is to

educate uh potential customers that you

you can either have a car you can either

have a cat that's like normal cat or you

can have frozen boots and puss and boots

is very cool.

Um, so, uh, that's so we these days when

people come to our stores, um, or even

people that have the car haven't turned

it on, we find and sometimes people have

paid for FSD and they haven't turned it

on, we're like, what? You should at

least try it once. Um, and so, so now we

like we the sales team, the service team

will actually sit with customers and

say, look, let let us show you how it

works and how easy it is. And then once

they've tried it for even just a few

days, uh they they can't live without

it. Um and and and now with version 14,

we're actually getting to the point

where we almost feel comfortable

allowing people to text and drive, which

is kind of the killer app because that

that's really what people want to do and

do do. Uh

um and uh actually right now the you

know the version's you know the car is a

little uh strict about keeping eyes on

the road. Um and uh but I'm confident

that in the next month or two uh we

should we we're going to look closely at

the safety statistics but we will allow

uh you to um

text and drive essentially.

Yeah.

So

yeah.

That's that's uh it's it's certainly

better in the current situation which

often people will actually turn off FSD

to text then turn it back on which is

less safe.

So um so yeah that's probably the single

biggest thing is is just get people

aware of of FSD. Um and then obviously

we need to get it approved in in Europe.

So we certainly appreciate the support

of our customers in Europe uh pushing

the regulators to approve FSD because

you can't even get a super even just

normal supervised FSD is not allowed in

Europe currently um which doesn't make

any sense and I've had these like crazy

conversations with regulators that seem

like a France novel where where I'm

like well look we have you know billions

of kilometers of data that shows that

FSD increases safety. Um, and they're

like, "Well, we have to have all these

committee meetings." I'm like, "Yeah,

but people's lives are at stake here."

So, definitely a pressure from our uh

customers in Europe to to push the

regulators to approve would be

appreciated. Um, and then we have

partial approval in China and we hopeful

hopefully we'll have full approval in

China uh around February or March or so.

That's what that's what they've told us.

Uh yeah, but uh

yeah, the the fact that every Tesla car

is capable of full self-driving, every

car we build and have built for the last

several years is capable of uh full

self-driving is is pretty wild and most

people don't don't know that. So, um,

and then we've got the the first car

that is specifically built for,

uh, unsupervised full self-driving to to

be a robo taxi. It's called a cyber cab.

It doesn't even have pedals or steering

wheel.

Um yeah.

So, no, no, there's no side view

mirrors. There's no Yeah. So it's it's

and and it's it's very much optimized to

min for for the lowest cost per mile in

in an autonomous mode. Um and that

production is happening right here in

this factory and we'll be starting

production in April next year.

So the the way that um Cyber Cab is

designed is it's it's it's designed uh

obviously for a purely autonomous world

but also the manufacturing

system is uh unlike any other car. uh it

the manufacturing system of the cyber

cav it's it's sort of it's closer to a

high volume consumer electronics device

than it is a a car manufacturing line.

So the net result is that I think we

should be able to achieve

I think ultimately less than a 10-second

cycle time basically unit every 10

seconds uh maybe ultimately take a few

years to get there but it's

theoretically possible to get to a

5-second

u production time and um so so what that

would mean is you could

on a on a line that would normally

produce say 500,000 cars a year at uh a

one minute cycle time uh like Model Y

the this this would be maybe

as much as you know two or three million

maybe ultimately

you know it's theoretically possible to

achieve a 5 million unit production line

uh if you if you can get to the 5-second

cycle

So

it's a lot of cars.

So the these will be everywhere in the

future.

So

and wanted we wanted to look futuristic.

So it like it changes the look of the

roads. Um

now the

yeah um

the ingredients when you look at at at

what Optimus is what's required to make

Optimus and the various ingredients uh

what do you need to do to make to do

high volume uh humanoid robot production

uh I think it's worth considering that

really the cars we make are already

robots but there four-wheel robots. So

Tesla is already the biggest robot

manufacturer in the world because every

car we make is a robot. Um and when you

break it down to the fundamental

elements, you've got you've got

batteries, power electronics, u motors,

um gearboxes,

you've got uh you know connectivity,

uh you've got a vision based AI. Hi

Optimus.

Um and um

you know all the various pieces that you

need for a humanoid robot. You need the

AI chip. You need the AI software. You

need to be able to manage a large fleet.

And um and so really Optimus is a robot

with arms and legs as opposed to as

opposed to a robot with wheels.

So,

you know, Tesla's ideally suited, I

think, to to make to succeed in this

arena. Um,

you you you will see certainly many uh

companies showing demonstration robots.

There's really three things that are

super difficult about robots. One is the

engineering of the forearm and hand

because the human hand is an incredible

incredible thing actually. It's super

dextrous. So uh engineering the hand

really well the uh real world AI and

then volume manufacturing

those are generally the things that are

missing one or more of those things are

missing from other companies. Um so

Tesla is the only one that has all three

of those.

U yeah. So yeah.

So this is the Optimus kind of uh

initial it's kind of the prototype

production line.

The the high volume production line will

be very automated obviously but this is

this is really the production line that

we use to make the prototypes. So you

can get a sort of rough sense for what

it takes to build the robot.

Um

going to pull the finger.

Um and then as I've said before, I think

once we reach about a million units per

year uh of sustained production or in

excess of that, I think probably the

cost of production uh is around $20,000

in current year current year dollars.

So

this will be certainly very affordable.

Um

and uh yeah, like I said, I think

Optimus will ultimately

increase the size of the economy

probably by a factor of 10 or more. Um

you know, next year we saw production

with Optimus version 3. Uh this what

you're seeing here is Optimus version

2.5. Optimus 3

is is an incredibly good good design.

The Tesla engineering team is amazing.

Um, when you see Optimus 3. Yeah.

Uh, you it will seem as though that

there's someone like like a person in a

robot outfit. Um, which is how we

started with Optimus.

Um, it really is going to be something

special. Um, and then Optimus uh,

Optimus 4, you know, that that hopefully

starts production in 27 and then Optimus

5 in 28. So, it's kind of like an annual

release cycle with significant

improvements uh, with each one and and

gigantic increases in the scale of

production.

So

yeah, sust sustainable abundance via AI

and robotics. That's the future we're

headed for.

And as you as I think most people here

know, the safety statistics show that uh

miles driven on FSD are much safer than

miles driven with without it. So uh what

this will translate to ultimately is

saving the lives of millions of people

uh and preventing hundreds of millions

of accidents.

So a massive increase in the in um

you know lives saved and and tragedies

avoided. Uh, it's going to be amazing.

And how many people here have tried

14.1?

Okay. All right. Cool.

Um, yeah, you can see the even with the

point releases, it's getting quite a bit

better. Uh, it should be pretty smooth

at this point. Um, but really 14.2 2 is

there are major changes 14.2 and then

14.3. Um and uh I think I think by 14.3

is when we'll really be at the point

where you can just uh pretty much fall

asleep and wake up at your destination.

So,

um, and then I've been putting a lot of

time into the new Tesla chip design, uh,

because in order to have a functional

robot, you have to have a great AI chip.

Um, and it needs to be an inexpensive

chip and it needs to be very power

efficient. So we we we believe the uh

AI5 chip will be probably about a third

of the power of uh say something like a

Blackwell um an Nvidia Blackwell which

is a great a great chip um for roughly

comparable performance

um and

and much less than 10% of the cost.

So,

this is a chip that is that is very much

optimized for the Tesla AI software

stack. So, it's uh it's not meant to be

a general purpose chip. It's meant to be

an amazing chip for the Tesla AI

software. Um,

and uh I mean a couple things that I

think

make like how is Tesla able to achieve

such an improvement? And I think it is

because uh- because we are specialized.

We're not trying to,

you know, Nvidia has to serve the

superset of all past and future

customers. So all of their requirements,

all of the software that they've written

has to work, which is a very difficult

problem. Um whereas uh we just need to

make it work for our software. Um and

and so we we're able to simplify the

chip dramatically. Um and then we we

also uh I think I think we're unique in

this but like we we have an integer

based uh system. Um and integer

operations are fundamentally more

efficient than floatingoint operations.

So we can do floatingoint but we but the

vast majority of of our inference is

done in integer. um which is if you're

familiar with sort of logic gates like

the simplicity of of integer and uh it's

integer is much more power efficient

much more silicon efficient um but you

have to you actually have to train for

uh integer uh inference which everyone

else is training for floating point um

those that's kind of like a niche

technical detail but it's actually very

important

so Um

yeah, this this is this is going to be a

great chip.

Um so this this chip will be um made in

basically in four places. Uh TSMC

Taiwan, Samsung Korea, TSMC Arizona, and

TSMC Texas.

and and we already know uh what

improvements to make for AI6. So I I I'm

hopeful that we can within less than a

year of AI 5 starting production, we can

actually transition in the same fab to

AI 6 and uh double all of the

performance metrics.

So

I'm super hardcore on chips right now,

as you may be able to tell.

Um, I got chips on the brain. I dream

about chips literally.

Um,

I can I can I can draw the the the the

the you know the the at least the broad

brushstroke physical design of the AI5

chip by off by heart at this point. Um,

it's it's it's a good chip. It's a good

chip sir.

Um, so this this is this is really key.

Um,

now one of the things I'm trying to

figure out is how do we make enough

chips? Um, so

uh,

you know, I have a lot of respect for

our the the Tesla partners TSMC and

Samsung. Um yeah, you know, maybe we'll

we'll we'll do something with Intel. Uh

we haven't signed any deal, but it's

probably worth having discussions with

Intel. Uh but um

even when we extrapolate the best case

scenario for chip production from our

suppliers, uh it's still not enough. So

I think we may have to do a Tesla

Terraab.

So,

it's like giga but way bigger.

Um,

I I can't see any other way to get to

the volume of chips that that we're

looking for. Um,

so I think we're probably going to have

to build a gigantic chip app.

It's got to be done.

So anyway, uh some of the stuff I've

already talked about. Um yep, we've

we've uh done a tremendous amount for

sustainable energy. Um and that uh

that's only going to grow over time.

um the world is moving towards a a solar

battery economy. Um which is ultimately

the that's that's where that's where it

was going to go anyway, but what Tesla's

done is accelerate um accelerate that

outcome.

Um sometimes people don't understand

quite how much energy comes from the

sun. So the sun is 99.8% 8% of all mass

in the solar system. Jupiter being.1%

and then.1%

is miscellaneous. Uh Earth being in the

miscellaneous category. Um so the the

total amount of energy like so sometimes

people what say like well we'll we'll

build fusion reactors on Earth. It's

like well actually the giant fusion

reactor in the sky is basically

impossible to beat. um to such a degree

that even if you uh could burn Jupiter

in a thermonuclear reactor, the amount

of energy produced by the sun would

still round up to 100%. That's how much

energy the sun produces.

So solar power is necessarily the

future. Um and I think uh there's going

to be a lot of solar powered AI

satellites

and um I think Tesla's going to play a

role in that.

Um, we've obviously refreshed the

product line, so S3XY. Uh, if uh if

people haven't tried the Model S, 3X or

Y or the Cybert truck, I recommend at

least getting a test drive or a test

ride as the case may be, try out the the

full self-driving. Um, and I think

you'll be blown away. To those who do

not, if you might be listening and don't

have a Tesla, you should try one.

Um so

and of course, we've got the, uh, Cybert

truck, which is the toughest truck of

all time. Uh, it's literally

bulletproof, uh, faster than a Porsche

911 and can out tow a a Ford F350.

So, it's a it's a great car, great

truck.

Um and then starting next year we uh we

manufactured the Tesla Semi.

So

this this is already

we already have a lot of um prototype

Tesla semis in operation. Uh Pepsco and

other companies have been using the

Tesla Semi for quite some time. Um but

we will start volume production uh at

our um Northern Nevada factory uh uh in

2026. So we got we got two big products

or three three massive products starting

production next year. We got Optimus, we

got Tesla Semi, and we got the Cyber Cap

and then battery packs.

So the

uh if if you look at total uh US power

generation capability, it's roughly a

terowatt.

Um but the average power usage is less

than half a a terowatt and that's

because the there big differences in

power usage uh between uh day and night.

So the the the daily and seasonal

variations in power consumption mean

that uh the United States and and really

every country is only using about half

is only producing about half as much

electrical energy as it could because

without batteries there's no effective

way to buffer the energy. Um so what

batteries actually enable is uh even if

you don't build any incremental power

plants, you could double the energy

output of the United States just with

batteries.

Now this is a super big deal. Um and in

fact I think that's really where most of

the incremental energy production in the

United States is going to come from is

literally batteries.

So a bigger deal than it may seem.

And then we've got we keep improving the

battery design. So the the mega block

which makes it really easy to deploy

battery uh utility scale batteries. Um

so we've we've just simplified and and

brought more of the components to be

internal to the batteries. So you can

just show up and drop off a battery and

it works. Um and then

hopefully with uh well not hopefully

over time we will actually add uh more

and more of the power electronics so

that uh mega pack will actually be able

to output up to 35 kilovolts directly.

Um so you you won't need a substation is

what I'm saying. You can just literally

drop it off kind of like the way that a

power wall you just connect it to the

house. The utility wires go in one side

and the other side goes to the house

mains and that's it. Um, so we want to

get Mega Pack to the point where you

just literally take the utility wires

and you plug them in and it just works.

So

then we've got uh the we've also built

the world's largest Supercharger

network. So we do a lot of things here

at Tesla.

Um that's the biggest uh supercharger

network uh in the world by far. Um and

uh ultimately you'll be able to go

anywhere on Earth using a Tesla

supercharger and it's pretty close to

anywhere on Earth, but it's uh you know

it's going to be ultimately just

anywhere. It'll just work anywhere. So

um the Supercharger team has done done

great work expanding that and improving

the efficiency of the Supercharger

network. Um, and uh in in North America

they did such a good job that the uh uh

the other car companies basically said,

"Well, they'll just use the Tesla

Supercharger network." Like like, "Okay,

sounds good to us."

Um, you know, it's always important to

have a a slant on safety in the factory.

So, we continue to improve uh safety for

our factory workers. we're we care a lot

about their well-being. Um, and uh, you

know, like one way you can just tell

like if a company is a good company or

not, if you if you just walk through the

factory or walk through the office and

catch the vibe and the vibe in the Tesla

factory is is is good. People are happy.

You know, that's how you know it's a

good company.

Um we we've also put a lot of investment

into uh raw materials. So um the

uh

we we've built in in South Texas and Cor

Corpus Christi uh the biggest lithium

refinery um outside of China, I believe.

Uh so it's it's going to it's starting

off at with 50 uh gawatt hours of of of

lithium. uh and we'll expand from there.

So this is a very very important to have

uh um you know

in a worst case scenario that we have

the ingredients necessary to make a

battery. Very important. Um and uh and

then we've got here on this site the the

cathode uh factory which is just the

sort of giant building uh about a half

mile that way. Um and um and we're just

making sure that we from a supply chain

standpoint are uh resilient against any

potential geopolitical challenges.

And then also at this factory we also

make the 4680 cell uh which is getting

better and better. Um and that 4680 cell

uh will be used uh in the cyber cab

cyber it is being used in the cyber

truck and will be used in in the cyber

cab and also in Optimus. So that that's

going well. U but we continue obviously

to get sales from many suppliers. It's

kind of like the the chip bad thing. We

we'll take as many chips as our

suppliers can provide us, but then

beyond that, if they can't provide us

with any incremental sales or chips, we

we kind of have to make them ourselves

or we get stuck.

That's the uh Tesla semifactory.

So, it's going to be pretty cool to see

these going down the road in scale.

Yeah. So that's that's the that's the

basic uh plan sustainable abundance

role.

All right. So

yeah, I guess we can go into Q&A now.

Maybe at the uh next annual shareholder

meeting, we'll have Optimus take some of

the questions.

That'd be cool.

So let's see. Alexander, well, thank you

for your help, by the way.

Yeah, please go ahead.

Is that a mic? Is it No, let me hold it.

It's okay. Well, what a year has been,

right? I mean, just a year ago,

President Trump got elected on the same

day. These 12 months have been a heck of

12 months. Thank you to the board

because I think they had to weather

quite some storms. Yes. Institutional

investors and obviously thank you to you

and we stand with you. I think we we

showed it and we will show it.

So we would like to express a wish,

please. This is a nice venue. We love

coming to the factory and I think it's

actually great we're doing this at the

factory but there are thousands of

retail investors who are crying because

they cannot they come to me. I love

playing the mama but I now give it to

you. Please okay organize a bigger

venue. We're bigger than Berkshire and

we will do better than Bergkshire.

Okay. Sure.

We can pay to make it happen.

Yeah.

Uh actually Tesla will be way way way

bigger than B brochure long term. It's

going to be kind of nutty. Um so um all

right, we'll do the next one. Maybe

we'll do it in the

Yeah, like the Yeah, maybe the the the

downtown arena or the the the soccer

stadium or something like that

and get your security check. We want to

make sure that you're safe. What if I

just

and weave?

But you know, we want a party and if you

can bring the other Elon companies there

as well, investors would really

appreciate it.

All right, sounds good.

Thank you very much for listening to

this.

All right,

Elon, as a father, I just want to first

thank you for the everything you're

doing in the world, especially freedom

of speech. Thank you. And one question,

will you or Tesla ever consider FSD tied

to a owner's account rather than a

vehicle to encourage more frequent

upgrades provided the transfer is to

only a brand new Tesla vehicle while

fostering brand loyalty? If the vehicle

is sold or trader without upgrade to

another Tesla FS, the ownership would

end.

Well, we we have done that a few times.

Um, I guess, uh, I guess we could extend

it again.

Um, all right. We'll extend it. We'll

extend it for at least another quarter.

Um, and then and then play it by year

after that. All right.

Uh, howdy Elon. Congrats on not having

to show up to work for free anymore.

Yeah. Yeah.

Uh we now have over a $40 billion war

chest. We're cash flow positive and yes

remain that.

Uh we know how you feel about fiat

already. Is it time to take a look at

Bitcoin? What's your belief on that?

Also, you've hinted towards that there's

a wheelchair accessible model in the

works. Were you referring to the

Rabovian? And if so, can we please speed

up production to help the least

fortunate?

Sure. Um, yeah, the obviously we need um

a vehicle that's big enough to to fit a

wheelchair if it's wheelchair

accessible. Um, so I think um

that that's that's that's that is uh the

Robovven or Robus or whatever we call

it. Um I mean the it's it's not like we

we're slowing down because we we want to

slow down. It's it's like, you know,

we're spinning like a zillion plates

here. Um so, um but I do I do think it

would be very cool because I think

aesthetically as well, it's just it just

would change the look of the roads and

make it feel like the future. So, um so

it won't be long before we make that. Uh

but it's but since we do have Optimus,

you know, the

we've got Cyber, Optimus, and Semi all

next year, it'll we'll probably have to

be maybe the year that you know a couple

years from now or something like that.

Um but we certainly will make uh a

wheelchair accessible vehicle.

Hi Satoshi. Um I was I was privileged

enough to uh attend the investor day and

uh you also talked about the factory

being a product. I saw the dry cathode

method and and so forth and I wanted to

know the progress in that and also would

optimist be working on that in the

future uh production line in the future.

Yeah. Um I I guess the dry cathode man

that's turned out to be a lot harder

than we thought. Um so

uh

I mean it it does look like it's going

to be successful and it will have some

cost advantage relative to wet cathode.

Um, but if I had to wind the clock back,

I would probably have gone with wet

cathode instead of dry cathode. Um,

because it it just turned out to be a

lot harder to make it uh, you know, high

volume capable of high volume production

with with super high reliability. Um, so

yeah, um, but we will be we will be

scaling up uh, battery cell production

at Tesla um, and looking for cell

production from our suppliers as well.

um because we're we're going to be

ramping up production very dramatically

at Tesla. So um now now that we we we

believe we have u full self-driving that

we have autonomy solved uh you know or

or at least or within a few months of

having it uh unsupervised autonomy

solved at at a reliability level

significantly better than human. Um it's

not that that means it's time to ramp up

production. Um because the value

proposition is now much greater than a

regular car. The killer app really is uh

for people can you text and drive or can

you sleep and drive? You know, can you

um can the car take you to your

destination or do you need to pay

attention and be uh and have to drive

it? Um, and before we allow the car to

be to be driven without paying

attention, we need to make sure it's

very safe. But but like I said, we're

we're on the cusp of that. Um

um I know I've said that a few times,

but um but we really are at this point

and and you can feel it for yourselves

with with the the 14.1 release. Um, so

the you know the what we're we're going

to try to we're going to push to expand

vehicle production as fast as we

possibly can. Um so aspirationally would

aim to increase vehicle production by

about 50% by the end of next year. Um,

so yeah. Um,

so that's it's it's very hard to

increase production, but that's that's

roughly, you know, I don't know, maybe

we get to like I'm just guessing at at

an exit rate to by the end of next year

of around 2.6 6 2.7 million vehicles

annualized production and then aim to

get to maybe 4 million by the annualized

rate by the end of 27. Um and then maybe

5 million by the end of 28. That th

those are rough those are our

aspirational goals. Um so these are this

this is a gigantic increase in in

output. uh which means that the entire

supply chain has to move in in uh in

unison with that uh with that increase

in in volume. Um and uh the nature of

the nature of producing a large complex

product is that it moves as fast as the

least lucky dumbest element in the

entire system and there's 10,000 plus

items. Uh but um but this like I said

this really is a new it's not just a new

chapter for Tesla it's a new book and

and that new book is massively

increasing vehicle production um and uh

ramping up Optimus production faster

than any thing's ever been ramped up

before in history.

So

awesome Elon. Thank you. Uh thank you

from all of us. Um you know the retail

shareholders

really really care and so I I echo the

sentiment of you know a larger venue

where more can more can come. Um

you know as a testament to that I was

here I was fortunate enough to be here

last year and since then touring the

factory talking to you know people that

work here I'm just a retail shareholder

but increased my holdings 12 times.

Right. So, I you know, I I know it's

really engaging and gives people a

confidence and and so thank you for

having us and I I do echo that. I hope

it grows. Um

last year, I'm the one that asked you

about your well-being and safety.

Oh yeah.

Full life.

And you know, it was a broad, you know,

general question and it was before, you

know, some of the uncertainty that's

unfolded since then. And uh

yeah,

so I I hope it had a positive, you know,

impact and um you know, we all care.

Um and so

my question this year,

you've talked recently about the most

mindblowing product demo of all time and

a shot at it being the most memorable

product on ever.

Roadster.

Yeah. Yeah. and I have patiently been

waiting on my Founders Series

Roadster reservation.

So, on behalf of the Founders series

guys that have stuck in there,

can we be unvited to this unveil?

Oh, yeah. Sure. Absolutely. Definitely.

Okay.

Yes.

So, all founders series can be invited.

Yes. Yes. I mean, it's the least we

could do, frankly, for people that have

are long our longsuffering uh roasted

reservation holders. Um the

I I I I I feel confident in saying it

will be the most exciting

uh product unveil

and I hope that whether it goes well or

doesn't go well.

Since I'm up here, can I get the first

one?

Well, I I guess the it's it's according

to who whoever um put down their deposit

in in that sequence. So, that's the but

you'll get you'll get a very early one.

Um and um I mean the the new roster is

very much sort of like a it's not even

the icing on the cake, it's the cherry

on the icing on the cake. So, I mean

it's really kind of like um

you know it's it's it's like it's not

essential for sustainable abundance. Let

me put it that way. Um, but I do think

there should be uh, you know, very cool

technology in the world that is um, that

has, you know, that's way beyond

anything that's ever existed. And I

think I'd like those like even if I

could never have access to those things,

I'd like to know that they exist and and

see the future happening. So I think I

think it will be inspiring to a lot of

people. Um, and and just it's it's

extreme. It's like

the coolest car, if it even is a car,

uh, that has ever that will probably

ever exist.

Yeah.

So,

hi Elon, congrats on the uh, proposal

plan. That was amazing. Uh, the

compensation question back to chips. So,

chips chips chips.

Chips. Chips will be the limiting factor

to the to the future. So on that

it's chips and electricity are the two

limiting factors.

Yeah. And we got the energy and power

and energy packs ready to roll. So I

think on the chips I think you said TSMC

Samsung perhaps Intel 14A and several

different sites. I heard a couple US

factory sources which is

I mean we're like everyone

you know it's like

Yeah.

Yeah.

And and so I guess the is there an open

door in the future of investing directly

into some of those boundaries? And

second question how big is a

terraactory? Can you put that in scale

in

the semiconductor terraactory?

Yeah. Well, the the I mean thing is that

we actually have agreed to buy all the

chips that are made from the fab, you

know. Uh

so it's basically a money printing

machine for TSMC and Samsung. It's like

literally the faster you make the chips,

the faster we send them money, but it's

still not going at the fast enough.

Uh so that's why I think

as far as I can see the only option is

to go build some like uh very big chip

fab. Um and then you got to solve memory

and packaging too. So uh but otherwise

you just you just tap out at whatever

the the chip production rate is. Um

and um so I guess terror would be you

you'd want to say it's it's got to be at

least a 100,000 wafer starts per month

size fab

and maybe that would be one of 10 in a

complex. So ultimately be a million

wafer stars per month.

Yeah, exactly. You can tell when you

when it gets the giggle factor that's

probably a good sign that that we're on

to something special.

But I wouldn't be surprised if longterm

it's like a million wafers a month.

Yeah.

Hi Lon. Uh I'm a long-term uh investor.

So I've been uh holding the shares for

12 years. I worked at the autopilot team

development uh for 10 years and uh

brought my dad here from Brazil. Uh we

actually won the Tesla vision contest

with a Cybert truck B video. So I hope

you got to see that at some point. Uh so

thanks for the free Model Y and uh my

question is about obviously market

expansion but not only South America,

Brazil but also into Mars like with the

upcoming rendevous of Mars and Earth. Uh

what's going to be in the payload? You

know what are we going to send there?

Well uh Optimus is going to play a big

role. Optimus and I think Tesla vehicles

will play a big role on the moon and

Mars. So for a moon base and a Mars B a

Mars city um Tesla vehicles and and

Optimus robots um are natural natural

fit for building um and operating a moon

base in a Mars city.

So sorryII cy Cybertruck also.

Yeah. Yeah. Cybertruck. Um you will need

to drive around in a pressurized vehicle

if there's a you know a person inside.

Um, but yeah, it it'll be it'll be

something cool. Uh, next level moon

buggy or and Mars buggy.

So, all right.

Hi, Mr. Musk. Uh, Gorov, uh, been a fan

of yours since 2006. I think I saw a

piece in Popular Science magazine. It

was really cool and I think I was 15 at

the time. Um, shareholder since 10 years

now. It's been really, really rewarding.

It's changed my life. Uh so thank you

very much to you and Tesla. Uh my

question is regarding uh Tesla's mission

for a sustain sustainable future as it

pertains to autonomy. Um I personally

fully expect a deflationary period um

after um well unlocked by autonomy

basically uh both in moving humans and

goods and whatnot. um

excluding Optimus even. Um yeah,

what efforts um are is is Tesla going to

focus on to reduce the dollar per mile?

Rough math um I think like 30 cents a

mile would be really nice. Um 50 cents

is pretty good too. I mean looking at

inflation later on. And then um I guess

a second part of that, how low does it

have to be for people to just stop

buying cars like where it doesn't make

economic sense to do that? Um I expect

that to affect economies of scale and

then further increase the pricing of

vehicles there on out. So like how like

what is that node at which inflection

happens?

Well, in terms of cost per mile, I mean

we do see a path with a lot of work to

get below 20 cents a mile in current

year dollars.

Um and um

and and I I somewhat agree that there's

things will probably be deflationary um

as productivity increases because you

can think of money supply as being the

ratio of goods and services to um the

like what's what's the growth in goods

and services to versus the growth in the

money supply. That ratio is basically

inflation. Um and um and so if the

output of goods and services grows

faster than the money supply, then you

necessarily have deflation or vice

versa. U they try to make it sound

complicated, but it's not. Um

so um I'm not sure that that even

government over overspending can

actually I think government overspending

will will not be will be lower than the

increase in productivity of goods and

services uh which would imply deflation

as you expect.

Sorry.

What about economies of scale and the

impact it has to how you respond as an

automotive company when people stop

potentially buying cars?

Economies, sorry. Economies of scale

in like auto manufacturing for instance.

It only makes sense if lots of people

buy your vehicles.

Oh. Uh the total number of vehicles will

decrease. um you know the the sort of

vehicle fleet out there is about two

billion cars but two two billion if you

add up all cars and trucks that are not

at a scrapyard I think it's around two

billion um but the that that number

would decrease uh with autonomous

vehicles so the total fleet size would

drop um I actually think uh miles driven

will increase because it is now much

less painful to travel somewhere um so

if if somebody's thinking about

traveling across a busy city then

they'll take into account, well, how

much pain do I have to deal with if I

have to go through two hours of traffic,

I probably won't uh won't do it. But if

you're just say sitting in a cyber cab

watching a movie or doing some work,

then it's just like sitting in a little

lounge and and I I so I think you'll see

um probably a significant increase in

total miles driven u but at the same

time a decrease in the total uh active

fleet of vehicles.

Um, I'd just like to reiterate how

grateful we all are to have you uh on

board ready to lead us to another 7

trillion in market cap at least.

At least

obviously.

Thank you.

Um my question is how much of a concern

is it that when cyber cab starts

production in Q2 next year that

regulation won't be there yet to where

you can deploy cyber cabs being produced

or are you guys confident that uh every

cyber cab you guys make you'll be able

to deploy?

Yeah, I think I think the rate at which

we we receive regulatory approval will

roughly match the rate of cyber cabab

production.

Um it'll be maybe a little tight, but um

that's it's it's about right. Um and I'd

like to thank thank Whimo for paving the

the path here. It's very helpful. Um so

uh yeah, but it I I think we'll be able

to deploy all the all the cyber caps

that we produce. Um, and

the other thing is like once it becomes

like extremely normal in cities, it's

just going to become

like the the regulators will have just

fewer and fewer reasons to say no. Um,

and then you've got this, you know,

you've got the AC the accident

statistics at scale and you can show

that autonomous miles save lives then

and you've got unequivocal, you know,

billions of miles to prove it, then I

think it's it's hard for regulators to

say no.

Yeah true.

All right.

First of all, Elon, thank you so much

for everything you do for the Tesla uh

shareholders.

Thank you. Do you see a path for uh

optimists to have consciousness uh

downloaded to it?

You mean human consciousness or

Yes.

Yeah. Yeah, I mean it's not like uh

immediate um but if you say it down the

road uh would you be able to say

with a neural link have a snapshot of or

at least an approximate snapshot of

somebody's mind and then upload that

approximate snapshot to uh an optimist

body. I think I think that at some point

that technology becomes possible. Um

and it it it probably less than 20

years. Yeah. But of course you won't

quite be the same, you know, be a little

different. Um because you'll be in a

robot body and uh the the the mental

snapshot will not be precise. It'll be

probably pretty close but not not

exactly the same. On the other hand, you

know, are you the same person that you

were five years ago? Nope. I mean, a lot

of things have changed. Uh so,

uh yeah, but I guess at some point if

you want to be uploaded to a robot body,

my guess is that becomes possible.

Hi, Elon. Um spacebased data center is a

great idea and I agree with that. um was

curious on your views on space-based

solar power. The idea of beaming down

microwave energy down to earth so that

you can just point it to where it needs

to go without transmission, without

distribution lines and it's more energy

dense. So, you know, less land use just

curious on your views.

Well, space solar power and and until

the advent of something like Starship um

where the cost per ton to orbit um you

know drops by orders of magnitude um the

cost of getting payload to orbit is so

high that there was no possibility of

space solar power uh solving anything

really. Um, now with with Starship, um,

like I see a path to Starship cost per

ton to orbit being lower than airflight.

Uh, like if you were to fly,

you know, do a longdistance uh,

airflight with cargo, like say took a

747 from here to, you know, Sydney,

Australia or something like that. I

think um

I think ultimately Starship will be able

to do that trip for less cost per ton

than an aircraft. So then you so now

that now you've got that that opens up a

a wide

range of possibilities. Um

like the the most obvious one I think is

is actually uh solar powered AI

satellites. sort of to move the AI uh to

to or to to orbit um and and essentially

deep space over time. Uh because the the

you can actually access over a billion

times more energy uh from the sun in

deep space than you can on earth. uh the

the the scaling

if you if to to scale to cautev

any to make any progress on a cautious 2

scale uh which is using some non

trivial amount of energy from the sun uh

you kind of have to do space solar

power. Um now you you could only beam a

tiny amount of that back to earth or you

would melt earth. Um so earth actually

receives a very very tiny amount of of

the sun's energy. We're I mean earth is

a tiny dust moat. Um we see like earth

to scale with the sun we look like a

little crumb. Um so the the

to scale civilization

like I said to be at all relevant on a

kadeshv two scale um like to even use a

millionth of a percent of of the the

sun's energy you you really have to be

uh have use solar power in in deep

space. Um and and you could beam some of

that back to earth too. Um, but you can

only beam a tiny bit of it back or you'd

melt oath

and this will be our last question.

We'll do Okay, we'll do a few more.

We'll do a few more. Sorry. Uh, sorry.

All right, Elon, look around you. This

is a very, very small sample of Tesla

soldiers. Maybe actually I should say

Elon Musk soldiers.

Well, thank you for your support.

So, thank you everyone.

So, So, I just like to say thank you

from the bottom of my heart uh for your

support. Thank you and thank you

everyone out there.

So,

I I know for sure a lot of them sold the

farm to buy Tesla

and they stuck with Tesla through thick

and thin good days and bad days.

Yes. So my question to you is how do you

feel about repeating this success but in

a safer way where you get qualified

Tesla retail investor only to invest in

Space X avoiding all these market

manipulator those crooks and the short

sellers.

Yeah

it's it it is a tough problem that you

highlight. I mean the basically the

unfortunately over time the parasitic

load of being a public company has just

grown over time. Um and um and so you

get all these like you know spurious

lawsuits obviously and

um they just make make it very difficult

to operate effectively as a as a public

company. Um,

so, uh, but I I I do want to try to

figure out some way, uh, for Tesla

shareholders to participate in in

SpaceX. That would be very cool. Um,

I

I haven't been giving a lot of thought

to how to give people access to SpaceX

stock because I I do I do want

supporters to have SpaceX stock, but

there's there's a sort

2500 shareholder threshold for you know

before you become a de facto public

company. Um

but uh I don't know maybe maybe at some

point Tesla may at some point SpaceX

should become a public company um

despite all the the downsides of being

public.

All right.

Okay. First of all, thank you very much

Elon. just a amazing job you're doing

not only for Tesla shareholders but the

humanity in general. So we got a couple

of questions many of us are asking like

we want to know many of us think you are

one of the most consequential business

people on earth ever and we want to

understand how do you think like uh for

example like a couple one how did you

know in the master plan part two this is

like 2018 or something like that you

calculated at that point it takes six

billion miles of FSD miles driven before

maybe the world the regulatory would

approve it and then the second is like

when you were deciding if Tesla's going

to have, you know, the hardware chips,

AI chips. Did you know at that time that

at some point when you get to AI5, it's

going to be used not only for cars but

for bots and for AI data centers like

this? Was that luck a little bit or was

it like you kind of knew that that was

going to happen?

Well, I generally I mean in terms of the

estimates like the you know for the

self-driving stuff I I generally try to

get things to within an order of

magnitude. Uh so if so I I it seemed to

me like probably um and and this was

technically in in kilometers but it it

it would be more closer to 10 billion

kilometers which is roughly 6 billion

miles uh than it would be to 1 billion.

Um, but I think I thought it would not

take a 100red billion kilometers. So, it

was really just you're trying to when

when you're trying to guess something

where there's a lot of uncertainty, you

just try to get it um get the estimate

to the nearest order of magnitude. Um,

you closest factor of 10 and and that's

that's why I said, you know, probably

around 10 billion kilometers or six

billion miles. Um and then uh yeah um

the the the chip the reason Tesla

created a chip team um and it's

important to know like the vast majority

of like Tesla is like a dozen startups

in one. Um and you know the the only

we've only really done one major

acquisition which is Solar City and then

at some very small ones. So all of this

is almost all of this is organic. So uh

I built the chip team from from scratch

and the you know the AI AI team from

scratch. Um the it was just because it

became a limiting factor. So um for

hardware 2 uh we used Nvidia but Nvidia

was at at that time uh focused on making

uh really AI server hardware which

obviously was a smart bet. They're the

most val currently the most valuable

company in the world. Um and and you

know Jensen Wangi's team have done an

incredible job at Nvidia. My hats off to

them. Um you know I'm a huge admirer of

of Jensen and and Nvidia. They've

they've done done amazing work but but

they were they didn't want to do a co a

lowcost power efficient uh car computer

at the time AI car computer. So I was

like, well, okay, I guess we we need to

start a chip team to solve that. Um, so

then that's when I hired Jim Keller and

we we built the chip team. Um, and did

AI3

uh then AI4

um and then we to be honest we made a

few we made some mistakes there with

with with AI5, but now AI5 is back on

track. Um, and uh and and we'll have a

very rapid cadence to AI6 and and so

forth. And this will really this is

really necessary uh for

you know for the for the card to like

like with with AI4 I think we can get to

you know two or 300% better than human

safety maybe 400% better uh but with AI5

I think we can do a thousand% better um

or or maybe even better than that uh so

than than human safety. So,

um, at a certain point actually it might

be too much intelligence for a car. Um,

because like I was thinking like what if

you get stuck in a car and you have too

much intelligence. But then the one of

the things we could do is when the car

is idle is use the car as a massive

distributed uh uh AI in inference fleet.

So um you know with the consent

customers we're like do you want your

car to earn money for you while it's

sitting in your garage at night? you

know, um I don't know, we'll pay, you

know, $100 a month or $200 a month or

whatever the right number is, uh if you

allow te Tesla to do, uh AI inference

workloads, uh when you're not using your

car.

Um so, and that will also help the AI in

the car not get bored. Um,

so

because like I sort of imagine like what

if I got stuck in a car,

you know, and then well and the

highlight of your day was driving. It's

like, you know, but they don't always

want to drive. So then what do you do

the rest of the time? Um,

so, so, so I think Tesla could actually

end up having the the largest, uh,

the Tesla might have end up having the

most amount of AI inference compute uh,

in the world. Um,

like if if you think like maybe if we

had a 100 million car fleet and at some

point we may have more than 100 million

car fleet. Um, and they'll have AI6,

AI7, you know,

and uh, if you're able to run a kilowatt

of inference on a 100 million car fleet,

now you've got a 100 gawatts of

distributed inference with built-in

cooling um, and and power electronics

and and distributed power. U, so,

you know, probably the market's valuing

that at 0.0 right now is my guess. But

but but it seems like an obvious thing

to do.

um if you if you've got distributed

uh inference AI and you've got the power

and the cooling which is very difficult

to do the power and the cooling um

and 100 gigawatts is a lot I mean the

average said the average power

consumption in the US I think is around

uh 460 gawatt for the that's the entire

electrical consumption of the US so the

if you did 100 gawatts that would be a

pretty big

Um

but yeah, it's basically something as a

limiting factor

and then we take actions to address the

limiting factor.

A quick followup. Thank you for that

very much. Uh a request for you. So you

guys just unveiled the cyber bear. Looks

fantastic.

It's beautiful. We'd want you guys or

you know maybe do a cyber bull here in

Giga Texas. Uh my name's Herbert. I've

got a Brighter with Herbert channel on

YouTube. This is the Cyber Bulls. We are

representing the Tesla Bulls and we

stand with you, Elon. But wouldn't it be

cool to have a cyber bull right here in

Texas?

Like a cy a cyber longhorn.

Cyber Longhorn.

All right.

We'll we'll we'll do a cyber longhorn

for the factory.

All right.

Good afternoon. I'm um very excited to

ask this question. I've dreamed of

giving away a Tesla for a very, very

long time. And I finally wore EVJ down

enough that they're willing to foot the

bill for it. But it turns out to give

away a Tesla, I have to have your

permission to say, "We're giving away a

Tesla."

So, it's simple.

Just give it away.

You don't have to do anything. Tesla

doesn't. We're going to go through the

normal channels. We'll buy it from a

store.

All that stuff.

You can give away Tesla. It's totally

cool.

Yeah. Um, yeah, but certainly you don't

need my permission to give away a car.

Um, I'll we'll take like maybe a couple

more questions and and then call it a

night.

So, all right.

Hi, Elon. My name is Jonathan. Um, you

mentioned that the Roadster will have

more tech than all the James Bond

vehicles combined.

Do you think there's any possibility

that any of that tech will make it into

the current vehicle lineup?

Um no.

And to follow up on that, do you have

any estimate of uh production or

delivery timelines for the Roadster?

Um I I guess uh well so we're aiming for

uh the so the the product unveiled uh

will be of of of the Roadster 2, which

will be very different from what was

shown previously. Uh that that demo

event will be April 1st of next year.

I have some deniability cuz like I could

say I was just kidding.

U but uh we are actually tenatively

aiming for April 1st uh uh for this what

I think will be the most exciting

whether it works or not uh demo ever of

any product. And then um

I guess production is probably about a

you know 12 to 18 months after that.

I think production is probably a year a

year or so after that.

Oh well I can't give away the secrets.

Uh but you won't be disappointed.

All right take one last question I

guess. Hey.

All right.

Three last questions.

Okay.

Hi Elon. I'm really excited about this

uh future of sustainable abundance that

we're talking about. Uh I mean you're

going to be saving a lot of lives with

FSD, but the number of lives that would

be saved and improved with this future

vision you have is really inspiring and

very exciting. Um so even today you've

mentioned though that in a post scarcity

world the role of money could diminish

or become obsolete

given that much of today's power

including yours is tied to wealth. Do

you think achieving this abundance would

require powerful people to relinquish

their power and how might we address

resistance from those who hold power to

make this vision a reality?

Well, I mean, I think actually long

term, uh, the AI is going to be in

charge to be totally frank, not humans.

Um,

if if if artificial intelligence vastly

exceeds the sum of human intelligence,

it is difficult to imagine that that any

humans will actually be in charge.

So,

we just need to make sure the AI is

friendly.

Yeah.

Thank you.

Is that is that the question? Go ahead.

Sure.

Yes.

Okay. Sorry, Elan. Okay. Okay. Yeah. So,

uh I'm Cybercat on X and uh uh I'm doing

YouTube and content creator. There's one

thing I always heard about uh uh Tesla

owners or people who want to buy Tesla

complain about that is about a super

expensive insurance, right? And uh uh

this the thing is uh Tesla I know uh

Tesla also do insurance. However, it's

not cover cover every place like like

based on Boston. I don't have too much

options. It's super expensive. And the

other point is the FSD is very safe

right now. I've been using FSE for about

four years, right? It's getting to a

point it's like almost unsupervised.

However, the insurance still does not

take this into consideration. They don't

ask you whether you have FSD or not. and

they don't know how much you travel with

uh FSD and that is not a part of the uh

risk prediction kind of thing right so I

feel like u uh what is what's your

thought about insurance going forward

especially when we getting close to the

autonomy uh what is path like uh uh

either using your own or

with the external partnership for

example there's a company called

lemonade

we we need to not have the questions be

super long. Um the

the uh I mean Tesla insurance uh is

trying to expand as as quickly as

possible, but the regulatory structure

for insurance is extremely complex and

and uh works on a state-by-state basis.

Um so it's it's really somewhat of a

racket. Um

uh and uh the the rules for insurance

are different for with every state. Uh

it's it's a very very complicated thing.

Um so uh you know the I mean yeah so

there's but I I'm aware that insurance

often is too expensive and doesn't take

the right things into account. Um but so

all I can say to that is yeah we'll keep

expanding Tesla insurance of when the

car is operating as a cyber cap Tesla

will simply selfinsure. So that kind of

solves that. Um but uh insurance is is a

yeah a real pain in the neck for sure.

Um but okay

I do need to end this at some point. Um

I'll take yeah one question and one

question there.

All right. Thanks Elon for taking my

question. I appreciate it. My question

has to do with compute and what the

buildout or what how much is necessary

to train optimists and actually get them

to a very household meaningful um

robot that can do things and if the

partnership with XA with XAI would um

help accelerate that.

Uh yeah this there is a lot of training

compute needed for Optimus um and um

because the the the the AI chip in the

robot is relatively weak because it's

it's really limited on limited on power

uh you can make up for that with a lot

of training uh to have a lot of training

result in in a um a very efficient uh AI

that can run on a a low power chip in in

the robot. So it it is we we we will

actually have to spend a lot of money on

on training like uh you know ultimately

it'll be like tens of billions of

dollars on on training compute. So it's

a big number.

Would a partnership with XAI help

accelerate that?

Uh yeah I think potentially. Yeah I

think that that that could uh

uh yeah think there's potential for

accelerating that.

So

yeah, did the XI investment thing get

approved? Uh

yes.

No. Yes.

Okay.

Okay. Okay. Okay. Whatever. Um

um you know whenever like it's it's like

uh you know Tesla and some other company

that I have an interest in then it's

like always quite complicated to uh you

know do things um has to go through a

lot of hoops to happen. Uh but uh you

know I do think there's a lot of

potential for collaboration with XAI in

the future um and with SpaceX. So all

right.

Okay. This is the last one.

Yeah. Sorry. Thank you so much.

Captain Alon X. I support you. Thanks so

much for everything you do.

Um very simple question. I'm from

Israel. I don't represent a lot of

people, but uh people do ask me and I'm

going to ask you any chance to have the

app in other languages like Hebrew for

example. Some people struggle with you

know

even the the app is

the app itself. Yeah. Just the app the

app is not in Hebrew.

No.

Oh,

and a lot of people don't speak English.

So it's

Oh okay.

Shoot. I I thought I thought we had it

in in all languages. Okay. Well Well,

definitely the app needs to be in all

languages. All right.

So, all right.

Heat. Heat.