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LIVE BLOG: Tesla 2024 Cyber Roundup (Annual Stockholders’ Meeting)

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11 months ago

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Tesla’s (NASDAQ:TSLA) 2024 Annual Stockholders Meeting, also known as the 2024 Cyber Roundup, is here. There’s a notable degree of excitement surrounding the event, thanks in no small part to Elon Musk’s post on X stating that TSLA shareholders are strongly on track to approve the ratification of his 2018 CEO Performance Award and the proposed redomestication of Tesla from Delaware to Texas. 

Tesla has posted a link to the official livestream of the 2024 Cyber Roundup on social media platform X. Images posted by Tesla investors who are at Giga Texas show that the event hall where the meeting will be held is now filling up. Based on videos and photos that have been shared of the 2024 Cyber Roundup so far, it would appear that TSLA stockholders are currently in good spirits. 

Tesla’s 2024 Cyber Roundup is expected to begin with stockholders voting on a number of key proposals. Following this, a Q&A session with CEO Elon Musk and a number of other executives is expected. 

The following are live updates from Tesla’s 2024 Cyber Roundup. I will be updating this article in real-time, so please keep refreshing the page every minute or two to view the latest updates on this story.

17:53 CT – And that ends Tesla’s 2024 Annual Stockholders’ Meeting! Elon Musk thanks the company’s shareholders for their support before exiting the stage.

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17:50 CT – A Tesla investor asked about lithium refining and if the company would need to expand past Texas. Musk noted that there’s enough lithium if China is included, but if there’s a geopolitical conflict, then lithium might be a limiting factor.

17:47 CT – An investor asked about Tesla without Elon. Musk noted that while he is a helpful accelerant to Tesla’s future, he believes that the company will be fine after him. But as things stand today, his biggest contribution to Tesla is the fact that he accelerates the company’s innovations. “What matters is if we can be faster than everybody else,” Musk noted.

17:41 CT – A shareholder asked if Optimus would have some sort of personality that could be set by the user. Musk noted that this would indeed be the case. “You would be able to customize the personality, customize its voice. It will kind of just understand you,” Musk said.

17:35 CT – Musk noted that the Cybertruck Foundation Series will be ending soon, with non-Foundation Series Cybertrucks being made available next quarter.

17:32 CT – A shareholder asked about the international reception for the Cybertruck. Musk noted that the Cybertruck is designed for North America, but Tesla may be able to get the vehicle certified for other markets next year.

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Such a thing, however, requires complexity, and thus, it probably should not be done until the Cybertruck achieves volume production. At that point, the cost grind and other efforts to make the Cybertruck compliant to other markets would begin.

17:28 CT – A Tesla stockholder credited the efforts of the TSLA retail community for their work in encouraging investors to vote for the 2024 Cyber Roundup’s proposals. Musk agreed.

Another shareholder asked about Tesla’s 4680 project and how it could help vehicles’ affordability. Musk noted that cell suppliers have drastically lowered the prices of their batteries. He also noted that making a car affordable is like playing Game of Thrones but with pennies. Thus, battery cells are only one part of the equation.

Tesla is seeing a path to cost parity with its battery efforts this year, Musk noted.

17:24 CT – A TSLA stockholder asked about Donald Trump admitted that he loves Tesla and Musk’s work. Musk joked that he could be persuasive, but he did talk to Trump after the presidential candidate called him. Musk also noted that a lot of Trump’s friends drive Teslas, and the candidate is a fan of the Cybertruck.

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Another shareholder asked about the robotaxi’s steering wheel-less design and how Tesla would handle interventions in such a vehicle. Musk noted that such vehicles will be extremely cautious so the probability of the car hurting a pedestrian would be incredibly low. But in cases when an intervention is needed, Musk noted that Tesla could probably control its driverless cars remotely.

17:20 CT – A shareholder asked if Tesla is still working on an HVAC system. Musk acknowledged the question, stating that Tesla has a lot of innovations that can be used to make a good system. It is, however, not super high on Tesla’s things to do.

Another stockholder stated that the Tesla Cybertruck is really a hit with kids. The shareholder asked Musk if Tesla would eventually allow kids to tour the company’s factories. Musk stated that something like kid-friendly factory tours would indeed be rolled out.

17:18 CT – A Tesla shareholder makes the case for more constant FSD transfers. Musk stated that it is tough since the company should have some revenue. He did note that FSD transfers would be active for one more quarter. The audience applauds.

Another stockholder noted that Musk should take care of himself for the sake of Tesla and its shareholders. Musk admitted that he probably needs to work out and not get assassinated or something. He joked that he’s probably on the list of some homicidal maniacs because his name is heard by a lot of people. Musk did admit that he is becoming a bit more cautious.

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17:15 CT – A TSLA stockholder asked when Musk thinks Tesla could be the world’s most valuable company. Musk noted that it’s worth looking at ARK Invest’s analysis as their estimates are the most accurate. Musk noted that a five-year timeline might be feasible.

Another shareholder asked about Tesla’s referral program, and when the company could do a passenger van. Musk noted that the van would be added to his list. He also noted that Tesla will reexamine the referral program next quarter. Musk stated that the referral program increases the price of the car, but Tesla will look into it. “I think some kind of referral program makes sense,” Musk said.

The CEO also noted that the cost remains a limiter for demand. He noted that if the Model Y costs below $20,000, it would probably sell 5 million units per year. “We have to make it affordable. That’s essential,” he said.

17:09 CT – The Q&A sessions begin! The first shareholder thanked Elon Musk for his work in keeping the first amendment. Musk thanked the investor, stating that it’s pertinent for the future of civilization to have free speech.

Another TSLA stockholder, who worked at Tesla’s sales department, asked if FSD could be bundled with other services to make it more attractive to consumers. Musk noted that FSD free trials should help. “I think we can keep offering people free trials of FSD every time we make a significant improvement,” Musk said.

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A TSLA shareholder mentioned Musk’s 2018 CEO Performance Award. Musk stated that it’s important to note that his compensation plan is actually in the form of stock that he would not be able to sell for years. When asked about FSD’s safety, Musk noted that as long as the system is making roads safer, then the company is doing the right thing.

17:00 CT – Musk noted that Tesla is no longer compute-constrained. He noted that interventions are so rare nowadays that Tesla’s professional drivers get bored on the job.

Musk discusses the progress of Optimus, which has seen incredible progress over the years. He reiterated Tesla’s target for limited production next year, and that there might be thousands of Optimus robots working at the electric vehicle maker next year. “My prediction is we’ll have over 1,000, maybe a few thousand Optimus robots working at our factories next year.,” Musk said.

He teases some key improvements to Optimus, such as its upcoming update that would give the humanoid robot hands with 22 degrees of freedom. As per Musk, Optimus should be able to play the piano with such hands, and that even the most optimistic outlook on Optimus would be conservative. “I think Optimus is a $25 trillion dollar market cap situation; It’s an immense amount of work to get there, but we’re moving very fast down that road,” he said.

16:50 CT – Elon Musk noted that Tesla has completed the design of its Hardware 5 computer, which the company is calling “AI 5.” He noted that so far, everything that consumers are seeing right now is just Tesla’s Hardware 3, which is not even maxed out yet. “We still have a long way to go to reach the limits of Hardware 3,” Musk said.

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He noted that Hardware 4 is 3 times to 8 times better than Hardware 3, and Hardware 5 will be 10 times better than Hardware 4. Hardware 5 is expected to be rolled out in about 18 months. Musk shared some exciting updates for Hardware 4. “Later this year we will release a Hardware 4 specific model trained at Gigafactory Texas,” he said.

“AI Hardware 5 will be able to go up to 700 or 800 watts at peak load,” Musk stated.

16:45 CT – Musk noted that Tesla Energy is tracking for 200-300% growth. “We’re tracking for a 200-300% YoY growth for energy storage deployment in 2024,” Musk said. He noted that the Tesla Powerwall 3 is a game-changing product, and Megapack 3, which will be coming in a couple of years, will be the same. Musk noted that Megapack 3 would be optimized for easy and seamless installation.

He highlighted that Tesla is definitely more than a car company. “We do a lot of software at Tesla,” Musk said. “Car companies are not software companies,” Musk noted, adding that Tesla is actually ahead on real-world AI than any other company.

16:40 CT – Musk mentioned some of Tesla’s future products. He noted that while some of these projects may seem underwhelming at first, they would be game-changing in the long run.

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He also highlighted that Tesla’s Supercharger Network is still growing, though the company will be more careful about where it places its charging stations. “Rumors of the death of the Supercharger Network are greatly exaggerated,” Musk said, reiterating that Tesla will be spending half a billion into the expansion of the Supercharger Network this year.

“We will be deploying more Superchargers this year than the rest of the industry combined,” Musk said.

The CEO noted that Tesla is making good progress in its 4680 battery cell program. As per Musk, every Cybertruck on the road is equipped with 4680 cells. He did, however, also admit that the 4680 program has been very challenging.

16:35 CT – Elon Musk noted that Tesla Cybertruck production has reached a record of 1,300 per week, with a target to hit 2,500 per week by the end of 2024. He also noted that while the Cybertruck is divisive, it is a vehicle that resonates with people, even kids. Musk noted that if you would like to get an honest opinion about something, kids will definitely give it. And so far, kids love the Cybertruck. 16:50 CT –

The CEO also gave some praise to the reengineered Model 3, which is a “great, great car.” He reiterated the Model Y’s accomplishment of becoming the world’s best-selling car. Musk predicted that the Model Y will be 2024’s best-selling car by volume again.

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He also noted that last week, he approved the plans for the volume production of the Tesla Semi. Musk stated that the Tesla Semi will eventually just make sense for businesses because it saves operators so much money.

16:30 CT – Musk noted that he would be starting his presentation. He also joked that Tesla may need to place a word limit on TSLA shareholder proposals, to much applause from the audience.

He highlighted that Tesla’s impact is accelerating. He noted that Tesla’s factories are beautiful. “People are smiling at the factories. People are smiling and happy. It’s nice,” Musk noted. “We actually do care a lot about doing the right thing. We’re not perfect, but we care a lot about doing the right thing,” Musk said.

Musk also mentioned how Tesla’s batteries are lasting longer, and the company’s vehicles are getting more affordable. He noted that Tesla is still number one in EVs last year. He also personally thanked Tesla’s Fremont team.

16:25 CT – The CEO discusses the potential of Optimus, which he noted will probably be something that everyone would like to have. “Who doesn’t want a C3PO?” Musk joked, referencing the iconic Star Wars character.

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Musk noted that Tesla could make Optimus at scale for $10,000. At $20,000 a unit, Tesla could make a trillion dollars in profit per year. That’s an incredible valuation based on Optimus alone. “When I say we’re starting a new book, it’s gonna be the best book. It’s next level — next, next level,” Musk said.

16:20 CT – Musk discusses Tesla’s robotaxi model. He noted that some vehicles in the fleet will be owned by Tesla while others will be owned by customers. This should give Tesla owners completely control over when their vehicles will be used as part of the robotaxi network.

Musk admits that he tends to be overly optimistic. “If I’m not optimistic, this factory would not exist,” Musk joked. “I’ve been pathologically optimistic from birth. But this is the reason why every one of these is happening. But, I do deliver in the end. That’s what’s important,” Musk said.

Musk also advised that Cathie Wood’s ARK Invest has the most accurate take on Tesla’s potential in the future.

16:15 CT – Elon Musk enters the stage to much applause from the attending Tesla shareholders. The CEO seems to be in high spirits, as he quite literally jumped for joy as he took the stage. Musk seems very pleased with the current results of the shareholders’ vote.

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“I just want to say, ‘Hot damn, I love you guys!’ We have the most shareholder base of any public company. It’s incredible,” Musk said.

He also highlighted that Tesla is about to see some incredible changes. “We’re not just opening a new chapter for Tesla. We’re starting a new book.”

16:12 CT – The meeting has now closed. Tesla CEO Elon Musk is taking the stage. He enters with a video highlighting how Tesla effectively made the impossible possible. This is quite unique.

Tesla is taking a victory lap — which the company, its executives, and its shareholders have completely earned.

16:10 CT – The Tesla 2024 Annual Stockholders Meeting voting has commenced. For context, here are the proposals that TSLA investors are voting on this year, as well as the results of the shareholders’ vote.

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Following are the results of TSLA shareholders’ vote.

TESLA PROPOSALS

  1. A Tesla proposal to elect two Class II directors to serve for a term of three years, or until their respective successors are duly elected and qualified (“Proposal One”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  2. A Tesla proposal to approve executive compensation on a non-binding advisory basis (“Proposal Two”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  3. A Tesla proposal to approve the redomestication of Tesla from Delaware to Texas by conversion (“Proposal Three”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  4. A Tesla proposal to ratify the 100% performance-based stock option award to Elon Musk that was proposed to and approved by our stockholders in 2018 (“Proposal Four”). – Board Recommendation: “FOR” – Vote Results: “FOR”
  5. A Tesla proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 2024 (“Proposal Five”). – Board Recommendation: “FOR” – Vote Results: “FOR”

STOCKHOLDER PROPOSALS

  1. A stockholder proposal regarding the reduction of director terms to one year, if properly presented (“Proposal Six”). – Board Recommendation: “AGAINST” – Vote Results: “FOR”
  2. A stockholder proposal regarding simple majority voting provisions in our governing documents, if properly presented (“Proposal Seven”). – Board Recommendation: “AGAINST” – Vote Results: “FOR”
  3. A stockholder proposal regarding annual reporting on anti-harassment and discrimination efforts, if properly presented (“Proposal Eight”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  4. A stockholder proposal regarding the adoption of a freedom of association and collective bargaining policy, if properly presented (“Proposal Nine”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  5. A stockholder proposal regarding reporting on effects and risks associated with electromagnetic radiation and wireless technologies, if properly presented (“Proposal Ten”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  6. A stockholder proposal regarding adopting targets and reporting on metrics to assess the feasibility of integrating sustainability metrics into senior executive compensation plans, if properly presented (“Proposal Eleven”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”
  7. A stockholder proposal regarding committing to a moratorium on sourcing minerals from deep sea mining, if properly presented (“Proposal Twelve”). – Board Recommendation: “AGAINST” – Vote Results: “AGAINST”

15:40 CT – Denholm welcomes Tesla shareholders to the company’s home in Texas. “No other company in the world has as diverse, engaged, and supportive shareholders as Tesla,” Denholm said.

She also mentions a number of highlights from Tesla’s past year, such as the Model Y becoming the world’s best-selling car, the first deliveries of the Cybertruck, and the rapid growth of Tesla Energy. She also mentions the launch of FSD (Supervised), as well as the company’s efforts on its next-generation projects.

The Board Chair further highlighted that Tesla is focused on operating as sustainably as possible. “We are working to build a battery recycling material ecosystem, both internally and with others,” Denholm said, adding that Tesla supported the recovery of enough battery materials to produce thousands of Model Y RWD units.

Denholm also emphasized that the Tesla Board is listening to shareholders and that the company’s leadership sets higher standards for itself. “You don’t see the day to day work of directors, but I can assure you, this is a highly-engaged Board,” she said.

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15:32 CT – Tesla’s livestream for the 2024 Cyber Roundup has gone live! Introductions are underway. Tesla Board Chair Robyn Denholm is giving the opening remarks, to much applause.

15:23 CT – Tesla Chair of the Board Robyn Denholm could be seen giving a hug to Tesla retail shareholder Alexandra Merz, who played a huge part in organizing a successful grassroots effort to encourage thousands of TSLA investors to vote on the ratification of Elon Musk’s 2018 CEO Performance Award and the proposed redomestication of Tesla from Delaware to Texas.

15:20 CT – Tesla’s displays at Giga Texas during these events are always great. Standouts of this year include the Tesla Model S Plaid that took on the Nürburgring and a Tesla Model Y with front and rear megacasts. Oh, and the banner that retail shareholders brought and signed is very interesting as well. 

15:15 CT – We are the heels of what could possibly be the most high-stakes Tesla shareholder meeting to date. In the weeks leading up to today, there were serious doubts that TSLA investors would not vote to ratify Elon Musk’s 2018 CEO Performance Award and Tesla’s proposed redomestication in Texas. These doubts seem to have completely disappeared. 

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Investor's Corner

Tesla hints at ‘Model 2’ & next-gen EV designs

Tesla’s Q1 2025 update confirms new models this year, with production tied to existing factory lines. Could it be time for the Model 2 debut?

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2 days ago

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April 24, 2025

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(Credit: Tesla)

During its Q1 2025 earnings call, Tesla executives hinted at the much-rumored “Model 2” and other next-gen EV designs.

Tesla slightly addressed whether or not it will be pushing forward with the debut of new models later this year in its latest earnings call. The company’s product development executive, Lars Moravy, shared some details about Tesla’s design process and the upcoming affordable models.

“We’re still planning to release models this year. As with all launches, we’re working through, like, the last minute issues that pop up. We’re knocking them down one by one. At this point, I would say that the ramp might be a little slower than we had hoped initially…But there’s nothing that’s blocking us from starting production within the next, within the timeline laid out in the opening remarks.

“And I will say it’s important to emphasize that, as we’ve said all along, the full utilization of our factories is the primary goal for these new products. And so the flexibility of what we can do within the form factor and, you know, the design of it is really limited to what we can do on our existing lines rather than building new ones. But we’ve been targeting the low cost of ownership. Monthly payment is the biggest differentiator for our vehicles, and that’s why we’re focused on bringing these new models with the, you know, the lowest price, to the market, within the constraints I just highlighted.”

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In January, Tesla’s Chief Financial Officer Vaibhav Taneja teased several new product introductions for this year. There is at least one product that most Tesla supporters and investors are hoping to see: the company’s affordable vehicles, which have been dubbed by the EV community as the “Model 2” or “Model Q.”

Before Tesla’s Robotaxi event last year, many speculated that the company would also unveil its affordable next-gen vehicle. Gene Munster from Deepwater had expected Tesla to release a stripped-down version of the Model 3 as its affordable vehicle during the Robotaxi event. In the end, Tesla unveiled its Robotaxi vehicle and its Robovan design.

It’s been a while since the Robotaxi event, and Tesla has kept mum about its affordable vehicle. Considering its Q1 2025 performance, TSLA investors look forward to catalysts that could boost the stock.

The “Model 2” has been labeled a potential catalyst for Tesla. As such, TSLA investors and supporters have been itching for news about the new affordable vehicle. The main questions surrounding the “Model 2” revolve around its design and price. Based on Moravy’s statement, the “Model 2’s” design will heavily depend on Tesla’s current assembly lines and supply chain structures.

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Tesla regains Piper Sandler’s confidence with Robotaxi plans & Q1 Results

Piper Sandler says Tesla delivered the best-case scenario for bulls. $TSLA has catalysts ahead to silence the bears.

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2 days ago

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April 24, 2025

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(Credit: Tesla)

Tesla gained Piper Sandler analyst Alexander Potter’s confidence following its Q1 2025 earnings call. Piper Sandler reaffirmed its Overweight rating and $400 TSLA price target, signaling optimism for the company’s robotaxi and affordable vehicle launches expected this year. The firm’s stance reflects Tesla’s resilience amid market challenges.

Despite expectations of weak Q1 financials, Tesla’s stock edged up in after-hours trading, defying skepticism. Piper Sandler’s Alexander Potter noted that the results met the hopes of Tesla supporters, particularly as the company held firm on its timelines. Potter emphasized that anticipation for robotaxi details and new vehicle launches should keep critics at bay, supporting the $400 target.

“In our preview last week, we predicted that (at best) Q1 would be a non-event. With the stock trading up slightly in the after-hours session, it appears our best-case scenario has materialized. Considering generally weak Q1 financials, we think this is the best result that TSLA bulls could’ve reasonably hoped for.

“In our view, the most important Q1 takeaway is this: Tesla didn’t hedge expectations re: launching Robotaxis or lower-priced vehicles in 1H25. With <2 months until the end of June, investors can look forward to some interesting catalysts in the weeks ahead. In our view, this alone should be enough to keep the bears at bay, at least until we have a better idea re: the details of Tesla’s new products, as well as the scale/scope of the Robotaxi launch,” wrote Potter.

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Tesla provides details on the impact of Trump’s auto tariff

Wedbush Securities’ Dan Ives, a longtime TSLA bull, echoed Potter’s optimism for Tesla. Ives raised his price target for Tesla stock from $315 to $350 with a BUY rating. His Tesla upgrade came after Elon Musk’s announcement during the Q1 earnings call that he would reduce his involvement with DOGE, signaling a sharper focus on Tesla.

Tesla’s steady Q1 performance and unwavering commitment to its 2025 roadmap, including the Robotaxi launch and lower-priced models, bolster investor confidence. Piper Sandler’s analysis underscores Tesla’s ability to navigate a competitive electric vehicle market while advancing its technological edge. The upcoming Robotaxi launch and affordable vehicle introductions are pivotal, with analysts expecting these initiatives to drive stock value through 2025.

As Tesla prepares for these milestones, its stock movement reflects market trust in Musk’s vision. With Piper Sandler and Wedbush reaffirming bullish outlooks, Tesla’s strategic moves will remain under close scrutiny, positioning the company to capitalize on its innovation pipeline in a dynamic industry landscape.

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Investor's Corner

LIVE BLOG: Tesla (TSLA) Q1 2025 Company Update and earnings call

The following are live updates from Tesla’s Q1 2025 earnings call.

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3 days ago

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April 22, 2025

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Credit: Tesla

Tesla’s (NASDAQ:TSLA) Q1 2025 earnings call comes on the heels of the company’s Q1 2025 Update, which was released after the closing bell on April 22, 2025.

Tesla’s Q1 2025 Results: 

  • Total Revenues: $19.3 billion
  • Total automotive revenues: $13.967 billion
  • Total GAAP gross margin: 16.3%
  • Gross Profit: $3.15 billion
  • EPS non-GAAP: $0.27 per share
  • Free cash flow: $664 million

The following are live updates from Tesla’s Q1 2025 earnings call. I will be updating this article in real time, so please keep refreshing the page to view the latest updates on this story.

16:20 CT – Hello, and happy earnings day to everyone! While Tesla missed the Street’s expectations, the stock has not shown its typical volatility at all. That being said, this earnings call is quite interesting due to the upcoming “Company Update.”

Tesla also reiterated its section about new vehicles that “remain on track for start of production in the first half of 2025” in its Update Letter. What are these vehicles? Just variants of the Model 3 or Model Y? Was the Cybertruck LR RWD one of them already? Or are they actually new cars that we’ve just never seen before?

Either way, ten minutes and counting.

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16:27 CT – Now I’m just curious if the Company Update will be a video. The thumbnail Tesla is using on X and YouTube shows an “Audio Webcast Only” graphic though. Three minutes and counting.

16:28 CT – And there’s the music. Wonder if it’s going to be on time.

16:34 CT – Annd we’re now on the Elon time threshold. Tesla stock is actually up 4% in after-hours today. Pretty nutty considering that the Q1 earnings are a miss.

16:36 CT – The earnings call is formally starting. Here we go.
Elon Musk takes the stage. “There’s never dull moment these days,” he said. He admits to the blowback from his work with DOGE. He also admitted that those against DOGE are bound to attack him and his companies, such as Tesla. Musk reiterates his belief that it’s important to fight waste and fraud. “I think it’s critical work,” Musk said.

16:40 CT – Musk discusses the protests against Tesla. He alleges that the protests are not organic. “The actual reason for the protests is that those who are receiving the waste and fraud want to continue receiving the waste and fraud,” he said.

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Musk notes that starting next month, in May, his time allocation for DOGE will drop significantly. He will continue to spend a day or two on government matters or as long as the U.S. President wishes him to. “Starting next month, I will be allocating more of my time with Tesla,” Musk stated.

16:43 CT – Musk noted that Tesla is no stranger to challenges, but Tesla has been through the ringer several times in the past. “We’re not on the ragged edge of death….not even close,” he said.

He also highlighted that Tesla is on the cusp of autonomous cars and autonomous humanoid robots. Musk expects unexpected bumps this year, but he remains confident on the future of Tesla. The idea of Tesla potentially being the most valuable company in the world by far was reiterated. “Maybe as valuable than the next five companies combined,” he said. 

“We expect to be selling fully autonomous rides in June in August,” Musk stated. He also stated that autonomy in cars will affect the bottom line by mid-2026.

16:47 CT – Musk discusses Tesla’s supply chain, highlighting that Tesla is the least affected automaker by the Trump tariffs. That being said, Tesla has been working to localize its supply chains for years. He admitted that tariffs are tough on companies where the margins are so low. Musk also clarified that he continues to advocate for lower tariffs, but that’s all he can do. Trump has the decision.

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“The tariff decision is entirely up to the President of the United States. I will weigh in on the decision, but its primarily up to the President. I continue to advocate for lower tariffs rather than higher tariffs,” Musk said.

16:50 CT – Musk noted that he would now explain why he is very excited for Tesla’s future. He noted that Tesla is laser-focused on bringing autonomy in June in Austin, Texas. He highlights Tesla’s general approach to autonomy. 

“We have a general solution (to autonomy) rather than a specific solution,” Musk said.

He also noted that Tesla expects to use thousands of Optimus robots in its factories this year. He expects Optimus’ ramp would be one of the fastest. By 2030, or 2029, a million Optimus per year is plausible.

16:52 CT – Musk highlighted that the Tesla Energy unit is doing very well. “We expect the stationary energy storage to scale to terawatts per year,” he said.

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16:54 CT – Musk stated that Tesla chose to update the Model Y in Q1 because the first quarter tends to be the weakest. People do not usually buy a lot of cars in winter, after all. He highlighted that the Model Y is the world’s best-selling cars. 

“We picked Q1 to cut over to the production of the new Model Y…at the same time in factories across the world,” Musk stated, adding that, “In conclusion, while there are many headwinds, the future of Tesla is brighter than ever.”

He thanks the Tesla team and stated that he is looking forward to leading the team.

16:56 CT – Tesla CFO Vaibhav Taneja takes the stage. He explained the company’s reduced vehicle deliveries, which were caused by the changeover to the new Model Y across its factories. He also noted that the negative effects of vandalism and unwarranted hostility towards Tesla and its staff affected sales in some areas.

The CFO noted that even with these challenges, Tesla was able to sell out legacy Model Y in Q1. “We have an extremely competitive vehicle lineup and after that we have FSD,” he said.

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17:03 CT – Taneja noted that the Powerwall 3 has been received well by customers and Tesla is currently supply constrained.

He also discusses the effects of tariffs, though he highlighted that Tesla is a very American automaker. Tesla is not immune to the tariffs, but the company could navigate the challenging landscape better than other automakers. That said, Tesla’s US lineup complies with USMCA by 85%. The company is working on non-China battery suppliers as well.

17:06 CT – Say Questions begin. First up is a question about the highest risk items on the critical path to robotaxi launch and scaling. Elon stated that robotaxis in June in Austin will be comprised of a Model Y fleet.

“Teslas that will be fully autonomous in Austin will be Model Ys,” Musk said, adding that Tesla’s paid autonomous rides will be coming to other cities later this year. “I predict there will be millions of Teslas operating fully autonomously in the second half of next year [in the US].”

Musk did state that there will be some localized parameters for Tesla’s paid autonomous rides in different regions, like snowy areas. A good driver in California won’t be as good in the middle of a blizzard in winter, after all.

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17:09 CT – Ashok Elluswamy, VP of Autopilot/AI Software at Tesla, noted that localized parameters still follow Tesla’s general approach to autonomous cars. He also highlighted that validation is still critical for robotaxi operations. In Tesla’s factories today alone, there could be many days without interventions, making it hard to figure out if FSD Unsupervised is working as intended.

Musk and Taneja joked that Tesla customers in China are really pushing FSD to its limits. People in China “putting [FSD] to the real test,” Musk stated.

Cybercab is also in sample validation now, and it’s still scheduled for production next year.

17:12 CT – Another question is asked, this time about when FSD Unsupervised will be released. “Before the end of this year” in the United States, Musk stated, adding that FSD Unsupervised must be meaningfully safer than human drivers before it is released.

17:15 CT – A question about Tesla’s new cheaper models is asked, and if the company is focused on simplified versions to enhance affordability, similar to the RWD Cybertruck.

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Tesla VP of Vehicle Engineering Lars Moravy noted that these cheaper vehicles are still on track. The ramp is slower than we hoped but nothing is blocking the company from initial production.

17:21 CT – Another question is asked, this time about how FSD Unsupervised will compete against Waymo’s offering, especially regarding pricing, geofencing and regulatory flexibility.

“The issue with Waymo’s cars is that it cost waayy more money,” Musk joked. He also stated that Teslas cost a quarter or 20% what a Waymo cost, and the company’s vehicles are made in large volume.

Musk predicts 99% market share for robotaxi unless other companies can deploy the same amount of vehicles on the roads as Tesla. “I don’t see anyone being able to compete with Tesla at present,” he stated.

By the end of the year Musk is confident that the Model Y will drive itself all the way to the customer autonomously from the factory.

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17:25 CT – A question about the unboxed method and how that is progressing was also asked. Tesla notes that the company’s unboxed process is progressing. “You’ll see it on tests and roads in the coming months.” Tesla is also focused on improving the method, like marrying sub-assembly areas together. “This is a revolutionary production system,” Musk noted.

When describing the Cybercab line, Musk stated that “it will ultimately achieve a cycle time of 5 seconds or less.” So far, Tesla is fastest at 33 seconds in Giga Shanghai.

17:29 CT – A question about tariffs and political biases was asked. The executives noted that Tesla is very localized already. Localization for Tesla is 85% in North America and 95% in China. “We’re ridiculously vertically integrated,” Musk stated.

Tesla makes lithium, cathode and cells. Only thing left is the anode. Musk also stated that Tesla’s in-house cells are the most competitive.

17:34 CT – A question was asked if Tesla has battery supply constraints. Tesla executives noted that while tariffs pose a challenge, Tesla is prepared to face it. Tesla is also not battery constrained for vehicles.

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17:36 CT – Another question was asked, this one about “brand damage.” Executives highlighted that Q1 was all about the new Model Y changeover, and the company is still dominating its segments. “Tesla is not immune to the macro demand for cars,” executives noted.

17:39 CT – A question is asked about Optimus’ production line. Musk noted that Optimus is still in development, so most of its production will be at the end of the year. He also noted that most things for Optimus production is new, so it’s ramp has its challenges.

Musk noted that Optimus is affected by the Trump administration’s tariffs against China since the humanoid robot uses robots from the country. Elon Musk also reiterated the idea that Tesla will produce 5,000 Optimus robots this year.

17:40 CT – Analyst questions begin. Pierre Ferragu of New Street Research discussed the market share of Tesla’s cars. Musk noted that “the reality is in the future most people aren’t going to buy cars.” The CEO recalled that when the iPhone came out, veteran phone makers like Nokia opted to continue making legacy products. Consumers, however, wanted the most intelligent product available.

17:43 CT – Emmanuel Rosner from Wolfe asked about the FSD and its required number of human interventions. What still needs to happen for FSD to be Unsupervised? Tesla noted that it is aware of aware of the interventions happening in public FSD, and the robotaxi service rolling out in a couple of months will be focused on key areas. “We really working through a long tail of unusual interventions,” Tesla executives noted.

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When asked if Tesla will need remote operators, Tesla noted that the robotaxi service in Austin will use use them, but only if absolutely needed.

17:46 CT – Edison from Deutsche Bank asked how Optimus’ supply chain will look like. Musk noted that Tesla is focused on localization, especially considering geopolitical uncertainty. The analyst followed up with the number of robotaxis in Austin in June. Musk noted that Day 1, there will probably be 10 cars to observe.

17:49 CT – A Cannaccord analyst asked about FSD pricing. Tesla executives noted that people who bought FSD typically believe that FSD is too cheap, especially its monthly subscription. Granted, FSD is insistent that drivers pay attention to the road, which affects the pricing. But when FSD is already fully unsupervised, that monthly fee will feel very affordable.

When asked about the Indian market, Tesla explained that India is a very hard market because of its taxes.

17:53 CT – Colin Langan from Wells Fargo asked about Tesla’s vision based approach and how the company plans to get around issues like sun glare and dust. Musk noted that Tesla uses Direct Photon Counting to see clearly through fog, dust, and sun glare. With this, Teslas can drive directly facing the sun or in extremely dark environments.

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The analyst asked if the affordable cars will just be a cheaper Model Y. In response, Lars Moravy noted that Tesla is using its existing lines, limiting the design of the cheaper model. The new cars will depend on existing lines, so least their form factor will be familiar.

17:57 CT – Adam Jonas of Morgan Stanley asked about the Trump tariffs. Musk highlighted that he is just one of many advisers, and he does not make decisions. “I am an advocate for predictive tariff structures,” Musk noted.

As a follow up, Jonas asked if Musk believes the US or China is ahead in the development of AI humanoids and drones. Musk laughed and noted that it’s obvious which one is ahead in drones. America sadly cannot manufacture its own drones, and China holds a notable amount of the supply chain. Musk highlighted that US should not depend so much on China to make drones.

He noted that Tesla and SpaceX will be at the top of companies’ rankings, but he is apprehensive that ranks 1 through 10 will all be Chinese companies.

18:02 CT – And that wraps up Tesla’s Q1 Company Update and earnings call! Tesla really answered a lot of questions in this call, making it one of the longest Q&A sessions to date.

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With that, till the next time, everyone!

Tesla’s livestream of its Q1 2025 Company Update and earnings call can be viewed below.

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