Elon Musk - Full Speech at the 2025 Annual Tesla Shareholder Meeting (6.11.2025)

Sixth and finally on the 2025 CEO

performance award to our founder and CEO

Elon Musk with over 75% voting in favor.

Approved

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[Applause]

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I I declare this meeting is now closed.

Elon Musk

[Applause]

[Applause]

We must be

[Applause]

Welcome.

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So uh

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what were

what were what we're going to

[Laughter]

[Applause]

[Applause]

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And those bots are just dancing. There

are no wires. Those are actual robots.

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[Applause]

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

to just give a heartfelt thanks to uh

everyone who supported the the

shareholder 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.

[Applause]

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 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 but other shareholder meetings are

like snoozefest. I mean but ours ours

are bangers. I mean look at this. This

is sick.

Yeah. We got like the the cyberpunk

nightclub here with real robots just

standing there and uh milling around and

dancing.

and um you know round out our

engineering headquarters in Palo Alto uh

the robots are just walking around the

office 24/7 with no one minding them.

They're just and then they go charge

themselves

and um yeah so the the the scale of of

of Optimus 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

[Applause]

like big bigger than cell phones, bigger

than anything. Um I guess a way to think

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 you just 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 need C3PO to

translate, but uh, Optimus is going to

be

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 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 going to

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

>> 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.

[Applause]

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 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 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's 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.

[Applause]

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

>> 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.

[Applause]

>> 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 weren't trying 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 rainforests 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.

[Applause]

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 cyber 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

pussing 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."

And 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 puss and 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 Fronka 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.

[Applause]

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.

[Applause]

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 Okay. So,

[Applause]

it's a lot of cars.

So, the these will be everywhere in the

future.

So,

and wanted we wanted it 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 are four wheeled

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,

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

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 solved 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 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. Um

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 about 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? 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 uh made in

basically in four places. Uh TSMC

Taiwan, Samsung Korea, TSMC Arizona, and

TSMC Texas.

and and we already know what

improvements to make for AI 6. 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 chips on the brain.

I dream about chips literally.

Um,

I can I can I can draw 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% of all mass in

the solar system. Jupiter being 0.1% and

then 0.1% 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. So 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 the 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

Supercharge Network." Like like, "Okay,

sounds good to us."

Um, you know, it's always important to

have a a slide 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've also put a lot of investment

into uh raw materials. So um the

uh

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 with 50 uh gigawatt 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. Uh but we continue obviously

to get sales from many suppliers. It's

kind of like the the chip thing. We'll

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 it No, let me hold it.

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 of

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 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 Bookshare 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 in 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 been 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.

>> 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 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 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 and 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 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 volumeing

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 uh 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 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 that 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 founder series guys

that have stuck in there,

>> can we be unvited to this unveil?

>> Oh yeah, sure. Absolutely. Definitely.

>> Okay.

>> Yes.

>> So all founder 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 roster reservation

holders. Um the

I I I I I feel confident in saying it

will be the most exciting

uh product unveil ever.

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

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.

>> Hi, Elon. Congrats on the uh, proposal

plan. That was amazing. uh the

compensation question back to chips. So

chips 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 foundaries

and second question how big is a

terraactory? Can you put that in scale

instead

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 this 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 starts 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 I

brought my dad here from Brazil. Uh we

actually won the Tesla vision contest

with the 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 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 a

Mars city um Tesla vehicles and and

Optimus robots um are natural natural

fit for building um and operating a moon

base and 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. two two billion. If you

add up old 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 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 cab

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 cavs

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. Um, do you see a path for uh

optimists to have consciousness uh

downloaded to it?

>> You mean human consciousness or

>> Yes.

>> 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 with

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

cadv2 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

>> 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

SpaceX 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.

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

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 Hang'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 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 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 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 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 gawatts is a lot I mean the

average as said the average power

consumption in the US I think is around

uh 460 gawatts 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

fant.

>> Oh yeah.

>> We'd like to 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. We'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. Sure.

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

for the factory.

>> All right.

>> Good afternoon. I'm u 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."

>> 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.

Uh 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 we 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 will

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.

>> Yep.

>> 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 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 Tesla also do

insurance however it's not 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 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 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. The 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 limit 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 I think there's potential for

accelerating that.

So,

yeah. Did the XI investment thing get

approved? Uh,

>> 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

>> even the the app is

>> the app itself. Yeah. Just the app. 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.