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LIVE BLOG: Tesla 2023 Cyber Roundup (Annual Shareholder Meeting)

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Tesla’s (NASDAQ:TSLA) 2023 annual shareholder meeting, also known as the 2023 Cyber Roundup, is here. There’s quite a lot of excitement leading into the event, especially with regards to the potential return of Tesla co-founder JB Straubel as a member of the company’s Board of Directors. 

This year’s annual meeting of stockholders comes after one of Tesla’s most notable quarters to date. In the first quarter, the company produced over 440,000 vehicles and delivered over 422,000 vehicles. That’s a new record, though it was one that was achieved following notable price cuts to the company’s vehicle lineup.

Tesla’s 2023 Cyber Roundup is expected to begin with stockholders voting on a number topics and concerns. 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 2023 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.

16:50 CT – With the meeting concluded, we’d like to thank you once more for staying with us for this live blog. Until the next time!

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16:49 CT – A Tesla shareholder asks if the company could have a public-facing timeline for FSD. Elon reiterates that FSD is really all about safety. 

And with those (several) extra questions, Tesla’s 2023 Annual Shareholder Meeting (2023 Cyber Roundup) is done. Elon Musk thanks everyone again as he closes the meeting.

16:43 CT – Tesla bull Gary Black of The Future Fund asks about Tesla’s pricing strategy for the Model Y moving forward. Musk notes that Tesla looks at demand and adjusts pricing to meet the demand. Car companies also do adjustments all the time, so Tesla is no exception.

16:40 CT – Another shareholder asks about “Guest Mode” for its vehicles, and a Plaid Mode for the Model X. Elon Musk notes that Tesla will roll out Plaid Mode for its flagship SUV.

16:37 CT – A shareholder asks about Cybersecurity, and what Tesla is doing to protect itself and its products. The shareholder also asks if Tesla can do some navigation improvements. Musk notes that Tesla is putting in a lot of effort to ensure that its cars are protected from online attacks. “We take information security very seriously,” Musk said.

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16:36 CT – A shareholder asks if Optimus would be deployed on Mars. Musk notes that Optimus is not that deep of a thinker right now, but Tesla is emphasizing safety for the humanoid robot.

16:35 CT – A shareholder asks about Tesla’s career opportunities and diversity inclusion efforts. Musk notes that in all Tesla Gigafactories, the company works with schools to foster talent for its facilities — even if Tesla is already good with automation.

16:32 CT – Another shareholder asks about Cybertruck’s target production, and if Musk is looking to step down as CEO. Musk crushes rumors about stepping down as CEO. “It ain’t so,” he said. As for Cybertruck’s production, Musk stated that production would follow an S curve. “We’ll see what the demand is,” Musk said, suggesting that Tesla could probably do a quarter to half a million a year. He also noted that Tesla does not just have to improve its production. The company should also be able to optimize its production efficiency.

16:27 CT – Another shareholder asks about Tesla’s software as a service potential, and the company’s peak margin. Musk notes that this is highly speculative territory, but if customers have a car that costs the same, but has a 20-25% margin, and FSD comes, then 80% or so margins would be possible. This is, of course, extremely speculative.

16:24 CT – A shareholder asks about Tesla insurance on more states like Florida. Zachary Kirkhorn confirms off camera that Tesla Insurance in Florida is coming this year. Elon Musk highlights that getting approval for Tesla Insurance is insanely complicated. 

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16:23 CT – A shareholder asks about the next-generation Roadster. Any updates will be nice, the shareholder said. Musk notes that this is a totally fair question. “We expect to complete the engineering and design of the next-gen roadster this year. Hopefully start of production next year, Musk said. The CEO adds that the Roadster is not just the icing on the cake. It’s the cherry on the icing on top of the cake.

16:20 CT – A longtime retail investor asks about Tesla’s plans to secure lithium supply. Musk notes that he believes the constraint with lithium is in refining. This is why Tesla’s South Texas lithium facility is coming from refining. “The limiting factor is not how fast you can mine, but how much you can process,” Musk said.

16:15 CT – Another shareholder asks if Tesla is developing the ability of third parties to develop games for the car. Elon Musk notes that this is something that makes sense in the future, but for now, Tesla’s software team is focused on achieving full self-driving. “Once we achieve full self driving, there will be a lot of opportunities for apps and whatnot,” Musk said. 

16:13 CT – Another shareholder, Meet Kevin from YouTube, highlights that Tesla needs advertisements, at least to inform people about the amazing things about Tesla that people don’t known about. The YouTuber noted that he recently talked to a TSLA bear that still echoes talking points from 2016. Elon Musk actually agrees. “I hear you,” Musk said, adding that ironically, Twitter is highly dependent on advertising. 

Musk notes that yes, “We’ll try a little advertising and see how it goes,” he said. The audience CHEERS. Musk jokes that he has taken the shareholders’ subtle hint.

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16:08 CT – The shareholder now asks if Tesla would be open to extending its vehicle’s financing terms. Elon Musk notes that the banks are the ones that are deciding on its vehicles’ financing. “It’s really the bank’s choice as to what they’re willing to do,” Musk said.

16:07 CT – A Tesla shareholder asks how the company can incentivize customers to embrace energy products. Musk notes that Tesla is making headway on some projects. This question is followed by a shareholder asking how Musk is doing. 

The CEO noted that it’s not really fun with his constant negative media coverage, but he’s optimistic. “Sometimes the work pain level is quite excruciating,” Musk said. He also mentions that he believes Twitter’s new CEO would likely make the platform work.

“Thanks for asking this. It’s kind of you to ask,” Musk said.

16:03 CT – A Tesla shareholder in an Optimus costume asked if Tesla is looking to make an RV. Elon Musk notes that Tesla is not currently planning a dedicated RV, but the Cybertruck would have accessories that would make it perfect for camping. Tesla is even adding “attach points” to the Cybertruck, so third-party companies can add things to the pickup truck. Oh, and a 30-min “podcast” will be added after an earnings call, covering Optimus updates.

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16:00 CT – Questions from the audience are starting. “Hit me with your toughest question,” Musk said.

16:00 CT – Musk stated that Optimus will far outnumber Tesla’s vehicles. With this in mind, it would not be surprising if Tesla’s business in the future is built on the back of its humanoid robot. “Tesla’s long-term value, a majority of its value will be Optimus. And that prediction I’m confident of,” Musk said.

15:55 CT – A new video of the Tesla Bot (Optimus) is also shared, showing the humanoid robot performing more complex tasks. Musk reiterated that Optimus will use the same FSD system as the company’s electric vehicles.

15:54 CT – Musk reiterated Tesla’s goal of producing 20 million cars per year. He also noted that Cybertruck production is hard, and he stated that it will still be exoskeleton based.

Production Cybertrucks will start deliveries this year, and it will likely be better than expected, Musk said. “Cybertruck is the car I will be driving on a day-to-day basis,” he added.

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“I think the product (Cybertruck) is better than expectations,” Musk said. He also teased that Tesla is currently making two new products that will be heads and shoulders above the competition.

“Just these two products alone — and this is Elon’s guess — will make in excess of five million units per year combined,” Musk said. 

15:49 CT – Musk noted that Tesla is seeing a lot of demand for the Megapack. “The Tesla Megapack is now more competitive than a gas-powered peaker plant,” he said. 

Musk added that, as he predicted in the past, Tesla’s stationary battery storage business is indeed growing at a faster rate than the company’s electric vehicle business. “The demand is quasi-infinite here,” Musk added.

15:46 CT – Musk highlighted Tesla’s dedication to safety, noting that the company focuses itself on its cars avoiding accidents altogether. But even in the event of an accident, Tesla makes it a point to protect its occupants.

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Musk also highlighted that Tesla’s cabin overheat protection — a rather underrated feature — has resulted in zero infant or pet deaths in a Tesla to date. “Never in the history of the company, as a child or a pet died in a Tesla,” Musk said.

15:44 CT – Musk gave special credit to Tesla’s software team. He also notes that Tesla is confident the Model Y could become the world’s number one best-selling car this year. This has already happened in Europe, and it’s performing well in China. “It’s going well,” Musk said. 

15:42 CT –”Tesla is not immune to the global economic environment,” Musk cautioned. He notes that the next 12 months will be challenging, and lots of other companies would probably go under. “I want to make sure that this is not just the good news parade. That said, it would not be darkness forever,” Musk said. He also noted that Tesla would be in an extremely good position after this period.

15:39 CT – Musk highlights that Tesla is the world’s largest carmaker. Tesla is the highest margin of any car maker in the world. “We’re making EVs profitably. Almost no one is,” the CEO said. 

15:37 CT – Musk reiterates his previous points for FSD Beta, noting that the system would allow for a notable value increase for Tesla’s fleet. “It’s not that a Full Self Driving will be safer than a person, it will be a lot lot better–like a lot,” Musk said.

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15:35 CT – The CEO announces some of Tesla’s next innovations, such as the company’s new drivetrain, which is more affordable, and the shift to 48-volt architecture, which will save a lot of copper. Musk also notes that FSD Beta is growing “hyper-exponentially.”

15:33 CT – Musk pledges that there will be a time when electric vehicles are cheaper than gasoline-powered cars. “We’re gonna get to the point where an electric vehicle is cheaper than a gasoline vehicle,” Musk said. He also noted that Tesla’s factories are among the safest in the industry. Tesla is also among the most popular places to work.

“The top two most desirable companies on Earth for engineers were SpaceX and Tesla… Where are the most smartest and driven people are gonna work? That company is gonna win,” he said.

15:29 CT – Musk invites critics to post their critique of Master Plan Part 3. He did state, however, that most of the feedback for Master Plan Part 3 has been positive. This suggests that Tesla’s assumptions may be quite accurate.

15:28 CT – Musk mentions Master Plan Part 3, stating that Tesla wants to highlight how a path towards sustainability exists, and it can be accelerated. He mentions some of Master Plan Part 3’s most salient points, such as the fact that based on Tesla’s computations, it would actually save the world money if it shifts to sustainability. 

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Musk notes that Tesla would be doing a third-party audit for its battery supply chain. “You know what, we will do a third-party audit,” Musk said, noting that Tesla would even put cameras on its mines. “If anybody sees any children (working there), do let us know,” he said. 

He also highlighted that Tesla uses nickel cells, which use little cobalt, and iron cells, which uses no cobalt at all. The CEO noted that phone batteries use lots of cobalt. But even for the small amount of cobalt that Tesla is using, Musk noted that the company would have this audited heavily.

“Even for the small amount of cobalt–6 weeks to sunday–we do use, we will make sure that no child labor is used,” Musk said.

15:23 CT – Tesla CEO Elon Musk takes the stage to much cheering from the audience. He notes that he loves Tesla shareholders. “I seriously love all of you guys,” he said. He also notes that the Tesla team accomplished notable milestones in the past year.

15:22 CT – Martin Viecha announces that shareholders have voted along with the company’s recommendations, except for the proposal pertaining to executives’ compensation. This means that JB Straubel has become the newest member of Tesla’s Board of Directors!

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15:20 CT – Another shareholder takes the stage. She highlights the issue of human rights and abuses in the EV maker’s supply chain. The shareholder notes that Tesla should have third-party checks for child labor in cobalt mining in Congo and forced labor in China. 

Tesla’s Impact Report has noted that the company is strictly auditing its supply chain. The shareholder, however, argues that there are still things that are unclear. She cites more figures to highlight her point, noting that Tesla’s leadership needs to anchor its stance on empathy and a concern for human rights abuses.

15:16 CT – A Tesla shareholder takes the stage to argue for the idea of the company reporting key-person risks. Tesla advises that shareholders vote against this proposal. 

The shareholder notes that TSLA management is focused on things that are not Tesla. Margins are falling, and even if the product pipeline is good, Tesla’s management is fragmented, the shareholder noted. “They see the company as an extension of its CEO,” the shareholder stated. 

“The company is so much more than its key person,” the shareholder added, noting that it is pertinent for Tesla to adopt systems that would allow the company to become stronger and more refined.

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15:13 CT –  Here are the proposals that shareholders are voting for.

Proposal One—Tesla proposal to elect three Class I directors

Proposal Two—Tesla proposal to approve executive compensation on a non-binding advisory basis 

Proposal Three—Tesla proposal to approve the frequency of future votes on executive compensation on a non-binding advisory basis 

Proposal Four—Tesla proposal to ratify the appointment of independent registered public accounting firm 

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Proposal Five—Stockholder proposal regarding reporting on key-person risk, if properly presented

15:11 CT –  Martin Viecha takes the floor. He declares the polls open. Let’s go!

15:10 CT –  Denholm also highlighted Tesla’s environmental milestones over the past year. She brings up a number of points from the 2022 Impact Report, such as the Supercharger Network’s sustainability and the company’s battery-related efforts. Denholm thanks Tesla’s Board of Directors and mentions JB Straubel’s potential addition to the team. The audience cheers loudly.

15:06 CT –  Denholm notes that Tesla is getting ready to roll out its first Cybertruck. She highlights how Tesla is achieving massive gains in its production capacity. The Tesla Chair also gives credit to the company’s leadership for putting the company in a strong position to advance its ambitious mission.

15:04 CT –  Viecha states that the 2023 Cyber Roundup will be comprised of two parts. A voting segment on several topics and another one featuring a session with CEO Elon Musk. The Tesla VP gives the floor to Tesla Chair Robyn Denholm, who also welcomes the audience. She highlights the progress of Giga Texas over the past year. 

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15:00 CT –  Here we go! Tesla VP of Investor Relations Martin Viecha opens the event to much cheers from the audience. He thanks the audience for their attendance. 

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

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 Board member and Airbnb co-founder loads up on TSLA ahead of robotaxi launch

Tesla CEO Elon Musk gave a nod of appreciation for the Tesla Board member’s purchase.

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(Credit: Tesla)

Tesla Board member and Airbnb Co-Founder Joe Gebbia has loaded up on TSLA stock (NASDAQ:TSLA). The Board member’s purchase comes just over a month before Tesla is expected to launch an initial robotaxi service in Austin, Texas.

Tesla CEO Elon Musk gave a nod of appreciation for the Tesla Board member in a post on social media.

The TSLA Purchase

As could be seen in a Form 4 submitted to the United States Securities and Exchange Commission (SEC) on Monday, Gebbia purchased about $1.02 million worth of TSLA stock. This was comprised of 4,000 TSLA shares at an average price of $256.308 per share.

Interestingly enough, Gebbia’s purchase represents the first time an insider has purchased TSLA stock in about five years. CEO Elon Musk, in response to a post on social media platform X about the Tesla Board member’s TSLA purchase, gave a nod of appreciation for Gebbia. “Joe rocks,” Musk wrote in his post on X.

Gebbia has served on Tesla’s Board as an independent director since 2022, and he is also a known friend of Elon Musk. He even joined the Trump Administration’s Department of Government Efficiency (DOGE) to help the government optimize its processes.

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Just a Few Weeks Before Robotaxi

The timing of Gebbia’s TSLA stock purchase is quite interesting as the company is expected to launch a dedicated roboatxi service this June in Austin. A recent report from Insider, citing sources reportedly familiar with the matter, claimed that Tesla currently has 300 test operators driving robotaxis around Austin city streets. The publication’s sources also noted that Tesla has an internal deadline of June 1 for the robotaxi service’s rollout, but even a launch near the end of the month would be impressive.

During the Q1 2025 earnings call, Elon Musk explained that the robotaxi service that would be launched in June will feature autonomous rides in Model Y units. He also noted that the robotaxi service would see an expansion to other cities by the end of 2025. “The Teslas that will be fully autonomous in June in Austin are probably Model Ys. So, that is currently on track to be able to do paid rides fully autonomously in Austin in June and then to be in many other cities in the US by the end of this year,” Musk stated. 

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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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(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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tesla-model-y-delivery
(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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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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