News
Full Recap of Tesla’s 2015 Annual Shareholder Meeting
At the Tesla Annual Shareholder Meeting, chairman Elon Musk touched on a number of subjects, including cars, the GigaFactory, battery storage and space travel.
Tesla growth chart used at 2015 annual shareholder meeting
During his remarks at the Tesla annual shareholder meeting on Tuesday, chairman Elon Musk touched on a wide range of topics from the AutoPilot system, the GigaFactory, residential and utility scale grid storage, and life on Mars. Here’s a synopsis.
Car Stuff
Musk told the meeting that he anticipates sales volume will continue to grow 50% per year, on average, for the next several years. The company has opened a new casting and machining center near the Fremont factory. Moving production functions there has opened up room at the factory to install a new assembly line capable of producing 3 times as many cars as the current line. A new paint facility capable of handling up to 500,000 cars a year has also been installed.
The Model X is undergoing final pre-production tweaking and will start production in “3 to 4 months.” In response to a question, Musk said that mounting the battery pack low in the chassis makes the Model X one of the safest SUV’s on the road. He went on to say that, like the Model S, it will achieve some of the highest crash test ratings of any car on the road.
“[I]t’s turning out to be a really great car. I think the Model X may arguably be a better SUV than the Model S is as a sedan. We want to make sure obviously that some of the key features of the Model X, particularly the Falcon Wing door and the way the second row seats are done …is…just right, and provide true functionality and true value improvements versus just sort of feeling gimmicky. It’s got to be a genuine improvement in utility and aesthetics, so getting those final nuances right for the Model X is what we’re focused on right now.”
When asked about the affordable mass-market Model 3, he said it would be available only with a single motor at first to keep costs down but would be offered in a dual motor version as well.
He did have exciting news about the Supercharger network. The company is fitting solar panels to as many Supercharger locations as possible. He assured the audience that those that could not be converted to solar power would soon get their electricity only from renewable power sources.
Musk also said the company has created a new liquid cooled charging cord that is significantly thinner and more flexible than the one used now. Not only does liquid cooling make the cable more elegant, it will permit the use of higher powered Supercharger facilities in the future.
He emphasized that the system will continue to expand in North America and other countries to permit Tesla owners to enjoy free long distance driving for life. He did say that owners who use Superchargers for all their daily charging can expect to receive a “note” from the company.
With regard to the AutoPilot suite of autonomous driving features, Musk indicated that the company is busy testing and upgrading the system. “We’re making gradual progress towards what I’d say is a releasable bit of software. But it is quite a tricky thing and we want to make sure that our testing is exhaustive before we release the software. But if we keep making progress, I think we may be able to get it out to all the access customers which is sort of our public beta program around the end of this month.”
Full implementation is not expected for about 3 years, with a lot depending on how regulators in the US and abroad react to it. He said that the system at this point is intended to function like the auto pilot in airplanes — there to help but not to allow drivers to sleep through their journey to arrive alert and refreshed at their destination…..yet.
Musk admitted that interest in battery swapping was far lower than expected. He indicated that the company is focusing more on improving Supercharger performance and less on building battery swap locations.
Tesla PowerWall
One of the biggest announcements of the day concerns the Tesla PowerWall. Some critics have chirped that the units introduced to great fanfare in April were too small to be worth the cost. “I am very happy to announce that we’ve dramatically increased the power capability of the Powerwall. So it’s actually going to go from having 2 kilowatts steady, 3.3 kilowatt peak to a 7 kilowatt power, 5 kilowatt steady, price is unchanged. So, it basically more than doubled the power output of the Powerpack and the price is going to stay the same.”
The company will prioritize deliveries to people who already have a residential solar system or who are installing one. Why? Because an inverter will be already included in their system, meaning adding a PowerWall will cost only about $3,500 for the unit and about $500 for installation. That’s huge.
But even with that announcement, Musk admitted that the PowerWall may not make economic sense for most customers in the US because the differences between the cost of electricity during a 24 hour period are usually not large enough for there to be a pay back on the cost of the system in a reasonable period of time. He cites Germany, Australia and Hawaii as markets where the PowerWall makes more economic sense.
The company focus is on grid scale storage, which it expects will account for 80% of its stationary battery business. “That’s where the economics are very compelling because there is an important difference between price and cost. The cost to the utilities of between day and night is quite substantial because the power usage is often sort of 2:1 at least if not greater than 2:1, sometimes substantially greater than 2:1 between peak day usage and trough night usage.”
Musk told the audience that utility companies look favorably on using Tesla battery storage units because they are more compact than what competitors offer, so they can fit into the footprint of existing substations without the need to acquire more land and the permitting issues that may create. He says utilities are just like residential customers — they appreciate that the Tesla units are basically “plug and play” ready, with no hassles or headaches.
The GigaFactory
Musk said the GigaFactory was coming along smoothly, with production expected to begin next year with full capacity expected within 3 years. In response to a question from the audience, he responded, “Our focus right now is just making sure that we build the Gigafactory version one correctly and that’s going to be quite a difficult challenge over the next few years. We’ll have the first part of it active next year but then we want to try to get to full production in roughly three years…that’s going to be quite a challenge. And I think once we get to that point we want to figure out where to put Gigafactory Two and Three.”
He says the GigaFactory will have the capacity to build 50 gigawatt-hours of batteries a year. “And that should allow for 500,000 cars to be produced a year plus have 15 gigawatt-hours left over for stationary. The way it’s looking, demand for stationary is higher than expected, so we’re looking at potentially expanding the output capability of the Gigafactory to meet the higher demand for stationary.”
SpaceX
An audience member asked when SpaceX would be going public and Musk responded that a SpaceX IPO was a long way off, primarily because the stock market is focused on quarterly reports and has an attention span limited to 1 to 2 years maximum. He said the timeline for SpaceX was quite a bit beyond that. Then he dropped this bomb:
“I’m trying to build a city on Mars and that ends up sacrificing profitability for a really long time. I think it would be not super loved by the public markets. I’d expect with SpaceX that we will probably go public once we will have a regular flights to Mars.”
The Take Away
One stockholder asked Elon Musk what his goals for the company are. He gave this answer, which may serve as the overarching statement that underlies everything he and his various companies are attempting to accomplish.
“Our goal at Tesla is pretty straight forward; it’s really to accelerate the advent of sustainable energy and particularly sustainable transport. So in order for humanity to have a good future or for life…we have to figure out how to make that future sustainable, meaning not to have crazy amounts of CO2 in the atmosphere and ultimately get into situation of hydrocarbon scarcity, which would be economically disastrous.
“So, that’s what we’re focused on. Our primary goal is to accelerate the advent of sustainable transport and then, with the batteries, help the advent of sustainable energy production.”
Quoted material is courtesy of Seeking Alpha transcription service.
News
Tesla Cybercab display highlights interior wizardry in the small two-seater
Photos and videos of the production Cybercab were shared in posts on social media platform X.
The Tesla Cybercab is currently on display at the U.S. Department of Transportation in Washington, D.C., and observations of the production vehicle are highlighting some of its notable design details.
Photos and videos of the production Cybercab were shared in posts on social media platform X.
Observers of the Cybercab display unit noted that the two-seat Robotaxi provides unusually generous legroom for a vehicle of its size. Based on the vehicle’s video, the compact two-seater appears to offer more legroom than Tesla’s larger vehicles such as the Model Y, Model X, and Cybertruck.
The Cybercab’s layout allows Tesla to dedicate nearly the entire cabin to passengers. The vehicle is designed without a steering wheel or pedals, which helps maximize interior space.
Footage from the display also highlights the Cybercab’s large center screen, which is positioned prominently in front of the passenger bench. The display appears intended to provide entertainment and ride information while the vehicle operates autonomously.
Images of the vehicle also show an additional camera integrated into the Cybercab’s C-pillar. The extra camera appears to expand the vehicle’s field of view, which would be useful as Tesla works toward fully unsupervised Full Self-Driving.
Tesla engineers have previously explained that the Cybercab was designed to be highly efficient both in manufacturing and in operation. Cybercab Lead Engineer Eric E. stated in 2024 that the Robotaxi would be built with roughly half the number of parts used in a Model 3 sedan.
“Two seats unlocks a lot of opportunity aerodynamically. It also means we cut the part count of Cybercab down by a substantial margin. We’re gonna be delivering a car that has roughly half the parts of Model 3 today,” the Tesla engineer said.
The Tesla engineer also noted that the Cybercab’s cargo area can accommodate multiple golf bags, two carry-on suitcases, and two full-size checked bags. The trunk can also fit certain bicycles and a foldable wheelchair depending on size, which is quite impressive for a small car like the Cybercab.
Elon Musk
Elon Musk’s xAI wins permit for power plant supporting AI data centers
The development was reported by CNBC, citing confirmation from the Mississippi Department of Environmental Quality (MDEQ).
Mississippi regulators have approved a permit allowing Elon Musk’s artificial intelligence company xAI to construct a natural gas power plant in Southaven. The facility is expected to support the company’s expanding AI infrastructure tied to its Colossus data center operations near Memphis.
The development was reported by CNBC, citing confirmation from the Mississippi Department of Environmental Quality (MDEQ).
According to the report, regulators “voted to approve the permit” of xAI subsidiary MZX Tech LLC to construct a power plant featuring 41 natural gas-burning turbines “after careful consideration of all public comments and community concerns.”
The Mississippi Department of Environmental Quality stated that the permit followed a regulatory review process that included public comments and community input. Jaricus Whitlock, air division chief for the MDEQ, stated that the project met all applicable environmental standards.
“The proposed PSD permit in front of the board today not only meets all state and federal permitting regulations, but goes above and beyond what is required by law. MDEQ and the EPA agree that not a single person around our facilities will be exposed to unhealthy levels of air pollution,” Whitlock stated.
The planned facility will help provide electricity for xAI’s AI computing infrastructure in the Memphis region.
The Southaven project forms part of xAI’s efforts to scale computing capacity for its artificial intelligence systems.
The company currently operates two major data centers in Memphis, known as Colossus 1 and Colossus 2, which provide computing power for xAI’s Grok AI models. xAI is also planning to build another large data center in Southaven called Macrohardrr, which would be located in a warehouse previously used by GXO Logistics.
Large-scale AI training requires substantial computing power and electricity, prompting technology companies to develop dedicated energy infrastructure for their data centers.
SpaceX President Gwynne Shotwell previously stated that xAI plans to develop 1.2 gigawatts of power capacity for its Memphis-area AI supercomputer site as part of the federal government’s Ratepayer Protection Pledge. The commitment was announced during an event with United States President Donald Trump.
“As part of today’s commitment, we will take extensive additional steps to continue to reduce the costs of electricity for our neighbors. xAI will therefore commit to develop 1.2 GW of power as our supercomputer’s primary power source. That will be for every additional data center as well. We will expand what is already the largest global Megapack power installation in the world,” Shotwell said.
“The installation will provide enough backup power to power the city of Memphis, and more than sufficient energy to power the town of Southaven, Mississippi where the data center resides. We will build new substations and invest in electrical infrastructure to provide stability to the area’s grid.”
Elon Musk
Tesla China teases Optimus robot’s human-looking next-gen hands
The image was shared by Tesla AI’s account on Weibo and later reposted by Tesla community members on X.
A new teaser shared by Tesla’s China team appears to show a pair of unusually human-like hands for Optimus.
The image was shared by Tesla AI’s account on Weibo and later reposted by Tesla community members on X.
As could be seen in the teaser image, the new version of Optimus’ hands features proportions and finger structures that look strikingly similar to those of a human hand. Their appearance suggests that they might have dexterity approaching that of a human hand.
If the image reflects a new generation of Optimus’ hands, it could indicate Tesla is continuing to refine one of the most critical components of its humanoid robot.
Hands are widely viewed as one of the most difficult engineering challenges in robotics. For Optimus to perform complex real-world work, from manufacturing tasks to household activities, its hands would need to be the best in the industry.
Elon Musk has repeatedly described Optimus as Tesla’s most important long-term product. In posts on social media platform X, Musk has stated that Optimus could eventually become the first real-world Von Neumann machine.
In theory, a Von Neumann machine is a self-replicating system capable of building copies of itself using available materials. The concept was originally proposed by mathematician John von Neumann in the mid-20th century.
“Optimus will be the first Von Neumann machine, capable of building civilization by itself on any viable planet,” Musk wrote in a post on X.
If Optimus is expected to carry out complex work autonomously in the future, high levels of dexterity will likely be essential. This makes the development of advanced robotic hands a key step towards Musk’s long-term expectations for the product.
Tesla Cybercab display highlights interior wizardry in the small two-seater
Elon Musk’s xAI wins permit for power plant supporting AI data centers
