TESLA 2025 Annual Shareholder Meeting | Tesla - Elon Musk Podcast

Episode Transcript
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(00:08):
I I declare this meeting is now closed.
Elon Musk. Thanks guys.

(00:43):
First of all, I'd like to just give a heartfelt thanks to
everyone who supported the, the shareholder votes.
I super appreciate it. Thank you everyone.
I'd like to take thank the, the Tesla board for their immense
support. We have a fantastic board,
fantastic group of shareholders.Thank you all.

(01:07):
And, 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, this really is going to be quite the
story. And optimist is a fundamental

(01:29):
part of that. The, the, the sheer scale of
optimists. I mean, I'm going to say a bunch
of things that probably I shouldn't say, you know, but but
but that's what keeps it interesting.
I mean, have you have you watched any other annual

(01:51):
shareholder meeting? I mean, honestly, it was like, I
mean, if you need to go to sleep, sure.
I mean, that other shareholder meetings are like snooze fest.
I mean, but ours, ours are bangers.
I mean, look at this. This is sick.
And we got like the the cyberpunk nightclub here with

(02:13):
real robots just standing there and mulling around and dancing
And in a round out our engineering headquarters in Palo
Alto, the robots just walking around the office 24/7 with no
one minding them. They just and then they go
charge themselves. And yeah, so the, the, the scale

(02:36):
of, of, of optimists, I like I said, that's really going to be
something else. I think it's going to be the
biggest product of all time by far.
Yeah. So like bigger than cell phones,
bigger than anything. I guess the way to think about

(02:58):
it is that every human on Earth is going to want to have their
own personal R2D2C3PO. So who wouldn't?
But actually Optimus will be even better than them.
You know, like, you know, RTD toyou, it's kind of beep at you
and it's kind of hard to figure out what he's got talking about.

(03:19):
You know, you can see 3PO to translate, but Optimus is going
to be like everyone's going to want one.
I think within terms of industryproviding 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.

(03:40):
I, I think there could be 10s ofbillions of, of optimist robots
out there now. Obviously it's very important we
pay close attention to safety here because we, we do, we do
want the, the, the Star Wars movie, not the Jim Cameron
movie. I love Jim Cameron's movies, but

(04:03):
you know, you know what I mean? So yeah, yeah.
So, so we're, we're going to launch on the, the fastest

(04:24):
production ramp of of any product of any large complex
manufactured product ever and starting with building 1,000,000
unit production line in, in Fremont.
And that's, that's, that's line 1.
And then a 10 million unit per year production line here on the

(04:48):
I don't know where we're going to put the 100 million unit
production line maybe on Mars, Idon't know.
But, but I think it's, it's going to literally get to 100
million a year, maybe even a billion a year.

(05:12):
And 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 Optimist robot. With, with humanoid robots, you
can actually give everyone amazing medical care.

(05:34):
So in terms of optimists will bemore precise, optimists 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, OK, if you, you know, there's all

(05:56):
people always talked about eliminating poverty, but
actually optimists will actuallyeliminate poverty.
Optimists will actually give people incredible medical care.
So I mean, and so you start getting like sort of some pretty

(06:20):
wild sci-fi sort of scenarios where in some of these things I
say will always be taken out of context and using snippets and,
you know, center output, whatever.
I was only going to say, you know, like, I think we might,
may be able to give people a more if somebody's committed
crime, a more humane form of containment of future crime,

(06:45):
which is if if you, if you say, like you now get, you now get a
free optimist and it's just going to follow you around and
stop you from doing crime. But other than that, you get to
do anything just it's just goingto stop you from committing
crime. That's, that's really it.
You know, you don't have to put people in like prisons and
stuff. I think it's pretty wild to

(07:07):
think of the various of all the possibilities, but I think it's
it's clear it's clearly the future.
And you know, my book recommendation for the maybe the
best mostly utopian sci-fi future are the N Banks books,
the culture books. So if you're curious, like what

(07:27):
what do I think the future is probably like?
I think it's probably a bit likethat or, you know, as mob to
some degree. But but but I think it's and
Heinlein, but in banks, if if you're like saying what, what,
what, what does Elon think the future probably will be like for
AI and robots? It's kind of banks in so now

(07:56):
and, and, and things do get kindof wild from an economic
standpoint, because at a certainpoint with AI and robotics, you
can actually increase the globaleconomy by a factor of 10 or
maybe 100. There's there's not like an
obvious limit. So like, optimist is kind of

(08:22):
like an infinite money glitch, you know, and maybe they won't
even be money in the future or money, but it might be measured
in terms of wattage, like how much, you know, power can you
bring to bear from an electricalstandpoint.

(08:44):
So I guess what I'm saying is hang on to your Tesla stock.
So yeah, man, it's pretty wild. You're welcome.

(09:08):
Let's see, I think we got some slides to go through.
We see ad Lib a lot of this stuff.
But so the, the, you know, when we started Tesla, the, the, the
goal was to accelerate the advent of sustainable energy and
that is that's what we've done. I mean, Tesla has really led the

(09:29):
way in with, with electric vehicles, with battery packs,
with a lot of solar. And many other companies have
then followed our lead and done that.
And electric cars which used to be non existent are now
prevalent. And, and the Model Y, for
example, is the number one selling car of any kind on

(09:51):
earth. But obviously now with, with AI
and robotics, we need to update our mission and our mission.
I think it's good. It's, it's, it's, it's a great

(10:13):
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? You know, because we want to try
to make that future, like make the best future you can imagine.
And, and I guess probably the best future is if people, you

(10:38):
know, can have whatever they want from a goods and services
standpoint or medical standpoint.
And, but at the same time, we, we don't destroy nature and we,
we keep the rainforests and the,the, the beautiful national
parks and, and all the, all thatstuff.
And so that's, that's what I mean by sustainable abundance,
is that people, you know, can have whatever they want, have

(10:59):
all the needs met, but we still keep all of the natural beauty
that we want. I mean, if somebody can think of
a better future, I'm all ears. But I think that's that's
probably the best, the best way to go.

(11:20):
So, yeah. See.
So, yeah, as you know, every test is designed to be
autonomous. So the it's so nice.
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

(11:42):
think you're crazy or something.I mean, especially like apart
from the cyber truck, our cars look pretty normal.
I mean, they're good looking cars, but they don't look super
then they look normal. But I guess it's kind of like
having a cat or like, and, and the cats are sitting.

(12:05):
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 can
actually, it's actually Puss in 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

(12:26):
like, damn, what the. So we've got, you know, millions
of Tesla cars out there that arethe kind of like person boots
that they're intelligent, but people don't know that they're
intelligent. They look like normal cars, but
actually they're super smart andcan drive themselves.

(12:48):
So as I think that's probably the single biggest thing we need
to do is to educate potential customers that you can either
have a car, you can either have a cat that's like normal cat, or
you can have person boots and person boots is very cool.
So that's, so we've these days when people come to our stores

(13:11):
and, or even people that have the car haven't turned it on, we
find, and sometimes people have paid for FSD and haven't turned
it on. We're like what you should at
least try it once. And so now we like the sales
team, the service team will actually sit with customers and
say, look, let us show you how it works and how easy it is.

(13:32):
And then once they've tried it for even just a few days, they,
they can't live without it. 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

(13:54):
to do and, and do do. And actually right now the, you
know, the versions, you know, the cars a little strict about
keeping your eyes on the road. And but I'm confident that in

(14:14):
the next month or two, we shouldwe we, we're going to look
closely at the safety statistics, but we will allow
you to text and drive essentially.
Yeah. So yeah, that's that's, it's

(14:43):
certainly about the current situation, which often people
will actually turn off FSD to text, then turn it back on,
which is less safe. So, so yeah, that's probably the
single biggest thing is, is justget people aware of FSD and then
obviously we need to get it approved in in Europe.
So we certainly appreciate the support of our customers in

(15:04):
Europe pushing the regulators toapprove FSD because you can't
even get a super, even just normal supervised FSD is not
allowed in Europe currently, which doesn't make any sense.
And I've had these like crazy conversations with the
regulators that seem like a Franz Kaka novel where where I'm
like, well, look, we have, you know, billions of kilometers of

(15:25):
data that shows that FSD increases safety.
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 customers in Europe to to push the regulators to approve
would be appreciated. And then we have partial
approval in China. And we hopeful, hopefully will

(15:45):
have full approval in China around February or March or so.
That's what that's what they've told us.
Yeah, but yeah, the, the, the fact that every Tesla car is

(16:06):
capable of full self driving, every car we build and have
built for the last several yearsis capable of full self driving
is, is pretty wild. And most people don't don't know
that. So, and then we've got the the
first car that is specifically built for unsupervised full self
driving to be to be a robotaxi. It's called a cyber cab.

(16:30):
It doesn't even have pedals or steering wheel.
Yeah. So notice there's no side view
MERS. There's no yeah.
So it's it's and it's very much optimized to minute for for the
lowest cost per mile in our in our autonomous mode.

(16:51):
And that production is happeningright here in this factory and
we'll be starting production in April next year.
So the, the way that Cyber cab is designed is it's, it's, it's

(17:12):
designed obviously for a purely autonomous world, but also the
manufacturing system is unlike any other car.
It manufacturing system of the cyber cab.
It's, it's sort of it's closer to a high volume consumer
electronics device than it is a car manufacturing line.

(17:36):
So the net result is that I think we should be able to
achieve, I think ultimately lessthan a 10 second cycle time
basically unit every 10 seconds,maybe ultimately take a few
years to get there, but it's theoretically possible to get to
a 5 second production time. And so, So what that would mean

(18:03):
is you could get on a, on a linethat would normally produce, say
500,000 cars a year at a one minute cycle time, like Model Y,
the this, this would be maybe asmuch as, you know, two or three

(18:24):
million, maybe ultimately, you know, it's theoretically
possible to achieve a 5 million unit production line if you, if
you can get to the 5 second cycle time.
So it's a lot of cars. So these, these will be

(18:49):
everywhere in the future. So I wanted, we wanted to look
futuristic. So like it changes the look of
the roads Now the yeah, the ingredients, when you look at

(19:15):
what Optimus is, what's requiredto make Optimus and the various
ingredients, what do you need todo to make, to do high volume
humanoid robot production? I think it's worth considering
that really the cars we make arealready robots, but they're 4
wheeled robots. So Tesla is already the biggest

(19:35):
robot manufacturer in the world because every car we make is a
robot. And when you break it down to
the fundamental elements you've got, you've got batteries, power
electronics, motors, gearboxes, you've got, you know,
connectivity, you've got a vision based AI high Optimus and

(20:02):
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 and so really Optimus is a robot with arms and legs as
opposed to as opposed to a robotwith wheels.

(20:22):
So. You know, Tesla's ideally
suited, I think to, to make, to succeed in this arena.
You, you, you will see certainlymany companies showing
demonstration robots. There's really three things that
are super difficult about robots.

(20:43):
One is the engineering of the forearm and hand, because the
human hand is an incredible, incredible thing.
Actually, it's super dexterous. So engineering the hand really
well, the real world AI and thenvolume manufacturing, those are

(21:04):
generally the things that are missing one or more of those
things I'm missing from other companies.
So Tesla is the only one that has all three of those.
Yeah. So yeah.
So this is the Optimus kind of initial, it's a kind of

(21:30):
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 buildthe robot.

(22:02):
To pull the finger and then as I've said before, I
think once we reach about 1,000,000 units per year of

(22:22):
sustained production or in excess of that, I think probably
the cost of production is around$20,000 in current year, current
year dollars. So this will be certainly very
affordable. And yeah, like I said, I think

(22:43):
Optimus will ultimately increasethe size of the economy probably
by a factor of 10 or more. You know, next year we saw
production with Optimus version 3.
This what you're seeing here is Optimus version 2.5.
Optimus 3 is, is an incredibly good, good design.

(23:06):
The tells the engineering team is amazing.
When you see Optimus 3, yeah, you it will seem as though that
there's someone like a like a person in a robot outfit, which

(23:27):
is how we started with Optimus. It really is going to be
something special. And then Optimus, Optimus 4, you
know that that hopefully starts production in 27 and then
Optimus 5 and 28. So it's kind of like an annual
release cycle with significant improvements with each one and

(23:50):
and gigantic increases in the scale of production.
So yeah, sustainable abundance via AI and robotics.
That's the future we're headed for.

(24:14):
And as as I think most people here know, the safety statistics
show that miles driven on FSD are much safer than miles driven
with without it. So what this will translate to
ultimately is saving the lives of millions of people and
preventing hundreds of millions of accidents.

(24:35):
So a massive increase in the in,you know, lives sold and and
tragedies avoided. It's going to be amazing.
And how many people here have tried 14.1?

(24:58):
OK, all right. Cool.
Yeah, You can see the even with the point releases, it's getting
quite a bit better. It should be pretty smooth at
this point. But really 14.2 is that there
are major changes, 14.2 and then14.3.
And I think I think by 14.3 is when we'll really be at the

(25:22):
point where you can just pretty much fall asleep and wake up at
your destination. So, and then I've been putting a
lot of time into the new Tesla chip design because in order to

(25:43):
have a functional robot, you have to have a great AI chip and
it needs to be an inexpensive chip and it needs to be very
power efficient. So we, we, we believe the AI5
chip will be probably about 1/3 of the power of say something
like a Blackwell and a video Blackwell, which is great, a

(26:06):
great chip for roughly A comparable performance 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.

(26:28):
So it's it's not meant to be a general purpose chip.
It's meant to be an amazing chipfor the Tesla AI software.
And I mean a couple things that I think make like how is Tesla
able to achieve such an improvement?
I think it is because because weare specialized, we're not
trying to, you know, NVIDIA has to serve the superset of all

(26:52):
past and future customers. So all of their requirements,
all of the software that they'vewritten has to work, which is a
very difficult problem, whereas we just need to make it work for
our software. And and so we were able to
simplify the chip dramatically. And then we also, I think, I

(27:13):
think we're unique in this, but like we, we have an integer
based system and integer operations are fundamentally
more efficient than floating point operations.
So we can do floating point, butwe, but the vast majority of of
our inference is done in integer, which is if you're

(27:33):
familiar with sort of logic gates like the simplicity of of
integer. And it's integer is much more
power efficient, much more silicon efficient.
But you have to, you actually have to train for integer
inference, which everyone else is training for floating point.

(27:53):
Those that's kind of like a niche technical detail, but it's
actually very important. So yeah, this this is, this is
going to be a great chip. So this, this chip will be made
in basically in four places, TSMC Taiwan, Samsung Korea, TSMC

(28:16):
Arizona and TSMC Texas. And we already know what
improvements to make for AI6. So I'm hopeful that we can,
within less than a year of AI5 starting production, we can

(28:37):
actually transition in the same fab to AI 6 and double all of
the performance metrics. So I'm super hardcore on chips
right now. As you may be able to tell, I
got chips on the brain. I dream about chips literally.

(29:03):
I can, I can, I can draw the the, the, the, you know, the,
the at least the broad brush stroke physical design of the
AI5 chip by off by heart at thispoint.
It's it's, it's a good chip. It's a good chip, Sir.
So this this is this is really key.

(29:25):
Now one of the things I'm tryingto figure out is how do we make
enough chips? So, you know, I have a lot of
respect for our the the, the Tesla partners, TSMC and

(29:45):
Samsung. Yeah, you know, maybe we'll,
we'll, we'll do something with Intel.
We we haven't signed any deal, but it's probably worth having
discussions with Intel. But even when we extrapolate the
best case scenario for chip production from our suppliers,
it's still not enough. So I think we may have to do a

(30:11):
Tesla Terafab. So it's like Giga, but way
bigger. I, I can't see any other way to
get to the volume of chips that that we're looking for.

(30:31):
So I think we're probably going to have to build a gigantic chip
fab. Got to be done.
So anyway, some of the stuff I've already talked about, Yep,

(30:56):
we've, we've done a tremendous amount for sustainable energy
and that that's only going to grow over time.
The world is moving towards a, asolar battery economy, which is
ultimately the, that's, it's where that's where it was going
to go anyway. But what tells us does

(31:17):
accelerate, accelerate that outcome?
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 point 1% and then
point 1% is miscellaneous. Earth being in the miscellaneous

(31:37):
category. So the total amount of energy
like, so sometimes people what say like, well, we'll build the
fusion reactors on Earth. It's like, well actually the
giant fusion reactor in the sky is basically impossible to beat
to such degree that even if you could burn Jupiter in a
thermonuclear reactor, the amount of energy produced by the

(31:59):
sun would still round up to 100%.
That's how much energy the sun produces.
So solar power is necessarily the future and I think there's
going to be a lot of solar powered AI satellites and I

(32:19):
think Tesla is going to play a role in that.
We've obviously refreshed the product line.
So S3 XY if if you haven't triedthe Model S3X or Y or the cyber

(32:40):
truck, I recommend at least getting a test drive or a test
ride as the case may be. Try out the full self driving
and I think you'll be blown awayto those who do not.
If you might be listening and don't have a Tesla, you should
try one. So and of course we've got the
cyber truck, which is the toughest truck of all time.

(33:03):
It's literally bulletproof, faster than a Porsche 9/11 and
can out tow a Ford F-350. So it's a great car, great
truck. And then starting next year, we,

(33:26):
we manufacture the Tesla semi. So this, this is already we
already have a lot of prototype Tesla Semis in operation.
PepsiCo and other companies havebeen using the Tesla Semi for
quite some time. But we will start volume

(33:47):
production at our Northern Nevada factory in 2026.
So we get, we get 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.

(34:13):
And then battery packs. So the, if you, if you look at
total US power generation capability, it's roughly A
terawatt, but the average power usage is less than half a a
terawatt. And that's because the, the big
differences in power usage between day and night.

(34:37):
So the, the, the, the daily and seasonal variations in power
consumption mean that the UnitedStates 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.
So what batteries actually enable is even if you don't

(35:00):
build any incremental power plants, you could double the
energy output of the United States just with batteries.
This is a super big deal. 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 a may

(35:20):
seem. And then we've got we we keep
improving the battery design so the the the mega block, which
makes it really easy to deploy battery utility scale batteries.
So we've we've just simplified and and brought more of the

(35:43):
components to be internal to thebattery.
So you can just show up and dropoff a battery and it works.
And then hopefully with the wonder how to, hopefully over
time, we will actually add more and more of the power
electronics so that Megapack will actually be able able to
output up to 35 kilovolts directly.

(36:07):
So you won't need a substation. That's 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 on one sideand the other side goes to the
house mains and that's it. 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 justworks.

(36:35):
Then we've got the, we've also built the world's largest
Supercharger network. So we do a lot of things here at
Tesla. That's the biggest Supercharger
network in the world by far. And ultimately you'll be able to
go anywhere on earth using a Tesla Supercharger.
And it's pretty close to anywhere on earth.

(36:56):
But it's, you know, it's going to be ultimately just anywhere.
It'll just work anywhere. So the Supercharger team has
done, done great work expanding that and improving the
efficiency of the Supercharger network.
And in, in North America, they did such a good job that the,
the other car companies basically said, well, they'll

(37:18):
just use the Tesla Supercharger network.
Like like, OK, sounds good to us.
You know, it's always important to have a, a slide on safety in
the factory. So we continue to improve safety
for our factory workers. We're, we care a lot about their

(37:40):
well-being. And you know, like one way you
can just tell, like if a company's a good company or not.
If you, if you just walk throughthe factory or walk through the
office and catch the vibe and the vibe in the Tesla factory
is, is good. People are happy.
You know, that's how you know it's a good company.

(38:04):
We've also put a lot of investment into raw materials.
So the, we've built in in South Texas and Corpus Christi, the
biggest lithium refinery outsideof China, I believe.
So it's, it's going to, it's starting off with 50 GW hours

(38:27):
of, of, of lithium and we'll expand from there.
So this is a very, very important to have, you know, in
a worst case scenario that we have the ingredients necessary
to make a battery very important.
And and then we've got here on this site the the cathode

(38:49):
factory, which is just the sort of giant building about 1/2 mile
that way. And we're just making sure that
we from a supply chain standpoint are resilient against
any potential geopolitical challenges.

(39:11):
And then also at this factory, we also make the 4680 cell which
is getting better and better. And that 4680 cell will be used
in the cyber cab Cyber it is being used in the cyber truck
and will be used in the cyber cab and also in Optimus.
So that that's going well. But we continue obviously to get

(39:34):
cells from many suppliers. It's kind of like the the chip
AB 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 Tesla Semi factory. So it's going to be pretty cool

(39:57):
to see these going down the roadand scale.
Yeah. So that's, that's the, that's
the basic plan, sustainable abundance for all.

(40:28):
All right. So yeah, I guess we can go into
Q&A now. Maybe at the next annual
shareholder meeting, we'll have Optimus take some of the
questions. That'd be cool.

(40:55):
So let's see, Alexander. Well, thank you for your help,
by the way. Yeah, please go ahead.
Thank you. Is that a mic?
Is it? No.
Let me hold it. It's OK.
Well, what a year has been, right?
I mean, just a year ago, President Trump got elected on

(41:16):
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.
Institutional investors. And obviously, thank you to you.
And we stand with you. I think we showed it and we will
show it. So we would like to express A

(41:43):
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 organise a bigger venue.
We're bigger than Berkshire and we will do better than

(42:04):
Berkshire. OK, sure we can.
Pay. Make it up.
Yeah, actually Tesla will be way, way, way bigger than
Butcher. Butcher long term, it's going to
be kind of nutty. So all right, we'll do the next
one. Maybe we'll do it in the Yeah,
like there. Yeah, maybe the, the, the

(42:27):
downtown arena or the, the, the soccer stadium or something like
that. And get your security check.
We want to make sure that you'resafe.
What if I just Bob and weave? But you know, we want a party.
And if you. Can bring the other Elon
companies there as well. OK.
Investors would really appreciate.
All right, sounds good. Thank you very much for
listening. All right.

(42:56):
Elon, as a father, I just want to 1st 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 an owner's account rather than a vehicle to encourage more
frequent upgrades, provided the transfer is to only a brand new

(43:17):
Tesla vehicle while fostering brand loyalty?
If the vehicle is sole the trader without upgrade to
another Tesla, FSD ownership would end.
Well, we we have done that a fewtimes I guess.
I guess we could extend it again.

(43:38):
All right, We'll extend it. We'll extend it for at least
another quarter and then and then play it by year after that.
All right. Howdy Elon, Congrats on not
having to show up to work for free anymore.
Yeah, yeah. We now have over a $40 billion

(44:06):
war chest. We're cash flow positive and
remain that. 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 thatthere's a wheelchair accessible
model in the works where you're referring to the Rabovian.
And if so, can we please speed up production to help the least

(44:28):
fortunate? Sure, Yeah, the obviously we
need a vehicle that's big enoughto to fit a wheelchair,
wheelchair accessible. So I think that that's that's
that is the Rebobin or robust orwhatever we call it.
I mean, the it's not like we we're slowing down because we

(44:52):
want to slow down. It's it's like we're, you know,
we're spending like a zillion plates here.
So but I do, I do think it wouldbe 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, so won't be long before we make that, but it's, but since

(45:12):
we do have optimists, you know, the, we've got cyber cab
optimist and semi all next year.It'll will probably have to be
maybe the year that you know, a couple years from now or
something like that. But we certainly will make a
wheelchair accessible vehicle. Hi, Satyoshi.

(45:40):
I was, I was privileged enough to attend the Investor Day and
you've 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
often be working on that in the future production line in the
future. Yeah, I guess the dry cathode,
man, that's turned out to be a lot harder than we thought.

(46:03):
So I mean, it, it does look likeit's going to be successful and
it will have some cost advantagerelative to wet cathode.
But if I had to wind the clock back, I would probably have gone
with wet cathode instead of dry cathode because it, it just
turned out to be a lot harder tomake it, you know, high capable

(46:24):
of high volume production with, with super high reliability.
So, yeah, but we will be, we will be scaling up battery cell
production at Tesla and looking for cell production from our
suppliers as well because we're,we're going to be ramping up
production very dramatically at Tesla.

(46:45):
So now, now that we, we, we believe we have full self
driving that we have autonomy solved, you know, or, or at
least or within a few months of having it unsupervised autonomy
solved at a reliability level significantly better than human.
It's not that that means it's time to ramp up production

(47:08):
because the value proposition isnow much greater than a regular
car. The killer app really is for
people. Can you text and drive or can
you sleep and drive? You know, can you can the car
take you to your destination or do you need to pay attention and
be and have to drive it? And before we allow the car to

(47:30):
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. I know I've said that a few
times, but, but we really are atthis point and, and you can feel
it for yourselves with, with the, the 14.1 release.

(47:51):
So the, you know, the what we're, we're we're going to try
to, we're going to push to expand vehicle production as
fast as we possibly can. So aspirationally we'd aim to
increase vehicle production by about 50% by the end of next
year. So, yeah, so that's, it's, it's

(48:16):
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 an exit rate by the end of next year of around 2.62
point 7 million vehicles annualized production.
And then aim to get to maybe 4,000,000 by the annualized rate

(48:38):
by the end of 27 and then maybe 5,000,000 by the end of 28.
That those are rough. Those are our aspirational
goals. So these are this, this is a
gigantic increase in, in output,which means that the entire
supply chain has to move in, in,in unison with that, with that
increase in, in volume. And the nature of the nature of

(49:03):
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. But, but this, like I said, this
really is a new, it's not just anew chapter for Tesla, it's a
new book. And and that new book is
massively increasing vehicle production and ramping up

(49:26):
optimist production faster than any things ever been wrapped up
before in history. So.
Awesome, Elon, thank you. Thank you from all of us.
You know, the retail shareholders really, really

(49:48):
care. And so I, I echo the sentiment
of, you know, a larger venue where more can, where can come,
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?

(50:10):
So I, you know, I know it's really engaging and gives people
a confidence and, and so thank you for having us and I do echo
that. I hope it grows last year.
I'm the one that asked you aboutyour well-being and safety.
Oh yeah, full love and. You know, there's a broad, you

(50:34):
know, general question and it was before, you know, some of
the uncertainty that's unfolded since then.
And so I hope it had a positive,you know, impact and you know,
we all care. And so my question this year,
you've talked recently about themost mind blowing product demo

(50:55):
of all time and I shot it being the most memorable product ever.
Roadster. Yeah, yeah.
And I have patiently been waiting on my Founders Series
Roadster reservation. So on behalf of the Founders
Series guys that have stuck in there, can we be invited to this

(51:18):
unveil? Oh, yeah, sure, absolutely,
definitely. OK, yes.
So all Founders series can be invited.
Yes, yes. I mean, it's the least we could
do frankly, for people that havelong our long-suffering roasted
reservation holders. The I, I, I I feel confident

(51:38):
saying it will be the most exciting product unveil ever and
I hope that whether it goes wellor doesn't go well.
Since I'm up here, can I get thefirst one?
Well, I, I guess the, it's, it'saccording to who whoever put

(52:02):
down their deposit in, in that sequence.
So that's the, but you'll get, you'll get a very early 1.
And I mean, the, the, the new roaster is very much sort of
like, it's not even the icing onthe cake.
It's the cherry on the icing on the cake.
So I mean, it's really kind of like, you know, it's, it's, it's

(52:24):
like it's not essential for sustainable abundance, let me
put it that way. But I do think there should be,
you know, very cool technology in the world that is that, you
know, it's way beyond anything that's ever existed.
And I think I'd like those like,even if I could never have

(52:45):
access to those things, I'd liketo know that they exist and, and
see the future happening. So I think I think it will be
inspiring to a lot of people andand just it's it's extreme.
It's like the coolest car, if iteven is a car that is ever that
will probably ever exist. Yeah.

(53:07):
So. Hi, Elon.
Congrats on the proposal plan. That was amazing.
The compensation question back to chips.
So chips, chips, chips. Chips, chips, chips, chips,
chips will be the limiting factor to.
The to the future so. On that, chips and electricity
are the two limiting factors, yeah.
And we got the energy and power and energy packs ready to roll.

(53:30):
So I think on the chips I think he 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, everyone, you know,
it's like, yeah. Yeah.
And and so I guess the, is therean open door in the future of
investing directly into some of those boundaries?
And second question, how big is a Terra factory?

(53:51):
Can you put that in scale? And good point, that's a.
Semiconductor Terra factory. Yeah.
Well, I mean, The thing is that we actually have agreed to buy
all the chips that are made fromthe fab, you know, so it's
basically a money printing machine for TSMC and Samsung.

(54:11):
It's like literally the faster you make the chips, the faster
we send them money. But it's still not going at the
fast enough. So that's why I think as far as
I can see, the only option is togo build some like very big chip
fab and then you go to solve memory and packaging too.

(54:35):
So, but otherwise you just, you just tap out at whatever the,
the chip reduction rate is. And so I guess Tara would be
you, you'd want to say it's, it's got to be at least 100,000
wafer starts per month size fab and maybe that would be 1 of 10
in a complex. So ultimately be a million wafer

(54:58):
starts per month. Yeah, exactly.
You can tell when you when it gets the giggle factor.
That's probably a good sign thatthat we're onto something
special. But I, I wouldn't be surprised
if long term it's like a millionwafers a month.
Yeah. Hi LON.

(55:21):
I'm a long term investor, so I've been holding the shares for
12 years. I, I worked at the Autopilot
team development for 10 years and I brought my dad here from
Brazil. We actually won the Tesla Vision
contest with a Cyber Truck B video.
So I hope you get to see that atsome point.
So thanks for the free Model Y. And my question is about

(55:43):
obviously market expansion, but not only South America, Brazil,
but also into Mars, like with the upcoming rendezvous of Mars
and Earth. What's going to be in the
payload, you know? What are we going to send there?
Well, Optimus is going to play abig role.
Optimus, and I mean Tesla vehicles will play a big role on
the moon and Mars. So for a moon base and a Mars, a

(56:06):
Mars city, Tesla vehicles and and Optimus robots are natural,
natural fit for building and operating a moon base and a Mars
city. So sorry.
Cyber truck also. Yeah, yeah, Cyber truck you will

(56:27):
need to drive around and pressurize vehicle if there's a,
you know, a person inside, but yeah, it it'll be it'll be
something cool next level moon buggy or Mars buggy.
So all right. Hi, Mr. Musk, Gorev, been a fan
of yours since 2006. I think I saw a piece in Popular

(56:50):
Science magazine. It was really cool and I think I
was 15 at the time, shareholder since 10 years now.
It's been really, really rewarding.
It's changed my life. So thank you very much to you
and Tesla. My question is regarding Tesla's
mission for a sustainable futureas it pertains to autonomy.

(57:10):
I personally fully expect a deflationary period after well
unlocked by autonomy basically both in moving humans and goods
and whatnot, excluding Optimus even.
What efforts are is is Tesla going to focus on to reduce the

(57:32):
dollar per mile? Rough math, I think like $0.30 a
mile would be really nice, $0.50is pretty good too.
I mean, looking at inflation later on.
And then I guess the second partof 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?

(57:55):
I expect that to affect economies of scale and then
further increase the pricing of vehicles they're 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 $0.20 a
mile in current year dollars. And, and I somewhat agree that

(58:21):
those things will probably be deflationary as productivity
increases because you can think of money supply as being the
ratio of goods and services to 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. And, and so if the output of
goods and services grows faster than the money supply, then you

(58:42):
necessarily have deflation or vice versa.
They try to make it sound complicated, but it's not.
So I'm not sure that that even government over overspending can
actually, I think government overspending will will not be
what will be lower than the increase in productivity of
goods and services, which would imply deflation as you expect,

(59:08):
sorry. What about economies of scale
and the impact it has to how yourespond 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, the total number of vehicleswill decrease.

(59:29):
You know, the, the, the sort of vehicle fleet out there is about
2 billion cars, but two, 2 billion if you add up all cars
and trucks that are not at a scrap yard, I think it's around
2 billion. But the that, that number would
decrease with autonomous vehicles.
So the total fleet size would drop.
I actually think miles driving will increase because it is now

(59:50):
much less painful to travel somewhere.
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 togo through two hours of traffic,
I probably won't, won't do it. But if you're just say sitting
in a cyber cab watching a movie or doing some work, then it's

(01:00:10):
just like sitting in a little lounge and, and I, I, so I think
you'll see probably a significant increase in total
miles driven, but at the same time a decrease in the total
active fleet of vehicles. I just like to reiterate how
grateful we all are to have you on board, ready to lead us to

(01:00:32):
another 7 trillion in market capat least.
At least obviously. Thank you.
My question is, how much of A concern is it that when Cyber
Cab starts production in Q2 nextyear, that regulation won't be
there yet to where you can deploy Cyber Cabs being produced
or are you guys confident that every cyber Cab you guys make

(01:00:53):
you'll be able to deploy? Yeah, I think, I think the rate
at which we'll we receive regulatory approval will roughly
match the rate of cyber cab production.
It'll be maybe a little tight, but that's it's, it's about
right. And I'd like to thank thank
Weymouth for paving the the pathhere.

(01:01:15):
It's very helpful. So, yeah, but it, I, I think
we'll be able to deploy all the,all the cyber cabs that we
produce. And the other thing is like,
once it becomes like extremely normal in cities, it's just
going to become like the regulators will have just fewer

(01:01:36):
and fewer reasons to say no. And then you've got this, you
know, we've got the, 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.

(01:02:00):
All right. First of all, Elon, thank you so
much for everything you do for the Tesla shareholders.
Thank you. Do you see a path for optimist
to have consciousness downloadedto it?
You mean human consciousness or?Yeah, I mean, it's not like

(01:02:23):
immediate, but if you say it down the road, would you be able
to say with a neural link, have a snapshot of or what is an
approximate snapshot of somebody's mind and then upload
that approximate snapshot to an optimist body?

(01:02:46):
I think, I think that at some point that technology becomes
possible and it, it it's probably less than 20 years.
Yeah. But of course you won't quite be
the same, you know, be a little different because you'll be in a
robot body and the, the, the themental snapshot will not be

(01:03:09):
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. So yeah.
But I guess at some point if youwant to be uploaded to a robot
body, my guess is that becomes possible.

(01:03:35):
Hi Elon, space based data centeris a great idea and I agree with
that. I 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 mines and it's moreenergy dense so you know, less

(01:03:56):
land use. Just curious on your views.
Well, space solar power and and until the advent of something
like Starship where the cost perton to orbit, you know, drops by
orders of magnitude, the cost ofgetting payload to orbit is so
high that there was no possibility of space solar power

(01:04:18):
solving anything really. Now with with Starship, like I
see a path to Starship cost per ton to orbit being lower than
air flight. Like if you were to fly, you
know, do a long distance air flight with cargo, like say took

(01:04:38):
a 747 from here to, you know, Sydney, Australia or something
like that. I think, I think ultimately
Starship will be able to do thattrip for less cost per ton than
an aircraft. So then you, so now that now
you've got that, that opens up a, a, what very wide range of

(01:05:02):
possibilities. Like the, the most obvious one,
I think is, is actually solar powered AI satellites.
So to, to move the AI to, to, toorbit and, and essentially deep
space over time, because the, the you can actually access over

(01:05:25):
a billion times more energy fromthe sun in deep space than you
can on Earth. The, the scaling if you to scale
to Carter ships any to make any progress on a Carter ship to
scale, which is using some non trivial amount of energy from

(01:05:46):
the sun, you kind of have to do space solar power.
Now you, you could only beam a tiny amount of that back to
Earth or you would melt Earth. So Earth actually receives a
very, very tiny amount of of thesun's energy.
We're I mean, Earth is a tiny dust mote.

(01:06:07):
You see, like Earth to scale with the sun, we look like a
little crumb. So the the to scale
civilization, like said to be atall relevant on a cottage, have
to scale like to even use a millionth of a percent of of the

(01:06:28):
the sun's energy. You you really have to be have
your solar power in in deep space.
And and you could beam some of that back to Earth too, but you
can only beam a tiny bit of it back or you'd melt Earth.
And this will be our last question.

(01:06:48):
We'll do OK. We'll do a few more.
We'll do a few more. Sorry.
I'm sorry. All right, Ilan, 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 I'd like to say thank you from the bottom of my heart for

(01:07:11):
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 the

(01:07:34):
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.
It's it is a tough problem that you highlight.
I mean, the basically the unfortunately, over time, the

(01:07:58):
parasitic load of being a publiccompany has just grown over
time. And and so you get all these
like, you know, spurious lawsuits, obviously, and they
just make make it very difficultto operate effectively as a, as
a public company. So, but I, I, I do want to try

(01:08:20):
to figure out some way for Teslashareholders to participate in
SpaceX. That would be very cool.

(01:08:58):
I've been giving a lot of thought to how to give people
access to SpaceX stock because Ido, I do want supporters to have
SpaceX stock. But there's there's a sort of
2500 shareholder threshold for, you know, before you become a de
facto public company. But I don't know, maybe maybe at

(01:09:20):
some point Tesla, maybe at some point SpaceX should become a
public company despite all the the downsides of being public.
All right, OK. 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.

(01:09:42):
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 onearth ever.
And we want to understand how doyou think?
Like, for example, like a coupleof one, how did you know in the
master plan Part 2, this is like2018 or something like that?
You calculated that point. It takes 6 billion miles of FSD

(01:10:04):
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 a A5,it's going to be used not only
for cars, but for bots and for AI data centers?

(01:10:26):
Like 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 getthings to within an order of
magnitude. So if so, I, I, it seemed to me
like probably and, and, and thiswas technically in, in

(01:10:48):
kilometers, but it, it, it will be more closer to 10 billion
kilometers, which is roughly 6 billion miles than it would be
to 1 billion. But I think I thought it would
not take 100 billion kilometers.So it's really just been trying
to, when, when you're trying to guess something where there's a
lot of uncertainty, just try to get it, get the estimate to the

(01:11:11):
nearest order of magnitude, you know, closest factor of 10.
And, and that's that's why I said, you know, probably around
10 billion kilometers or 6 billion miles.
And then, yeah, the, the, the, the chip, the, the reason Tesla
created a chip team. And it's important to know like

(01:11:33):
the, the vast majority of like Tesla is like a dozen startups
in one. And, you know, they're the only,
we've only really done one majoracquisition, which is Solar
City. And then at some very small
ones. So all of this is almost all of
this is organic. So I bought the chip team from
from scratch and the, you know, the AI team from scratch. the IT

(01:11:58):
was just because it became a limiting factor.
So for hardware too, we used NVIDIA, but NVIDIA was at at
that time focused on making really AI server hardware, which
obviously was a smart bet, though the most value currently

(01:12:18):
the most valuable company in theworld.
And and you know, Jensen long and his team have done an
incredible job at NVIDIA. My hats off to them.
You know, I'm a huge admirer of,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 cut a low cost power efficient car

(01:12:41):
computer at the time, AI car computer.
So it's like, well, OK, I guess we, we need to start a chip team
to solve that. So then that's when I hired Jim
Keller and we, we both the chip team and did AI three, then AI4
and then we to be honest, we made a few, we made some

(01:13:02):
mistakes there with, with, with AI5.
But now AI 5 is back on track and, and, and we'll have a very
rapid cadence to AI6 and and so forth.
And this will really, this is really necessary for, you know,
for the, for the card to like, like with, with AI4, I think we
can get to, you know, two or three 100% better than human

(01:13:26):
safety, maybe 400% better. But with AI5, I think we can do
1000% better or, or maybe even better than that.
So than human safety. So at a certain point, actually,
it might be too much intelligence for a car.
Feel like I was thinking like, what if you get stuck in a car

(01:13:48):
and you have too much intelligence?
But then one of the things we could do is when the car is idle
is use the car as a massive distributed AI inference fleet.
So, you know, with the consent of 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, I don't know, we'll

(01:14:11):
pay, you know, $100 a month or $200 a month or whatever the
right number is if you allow Tesla to do AI inference
workloads when you're not using your car.
So I bet it will also help the AI in the car not get bored.

(01:14:32):
So because like I sort of imagined 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? So, so I, so I think Tesla could
actually end up having the the largest, the Tesla might have

(01:14:57):
end up having the most amount ofAI inference compute in the
world. Like if, if you think like maybe
if we had 100 million car fleet and at some point we may have
more than 100 million car fleet and they'll have AI6AI7, you
know, and if you're able to run a kilowatt of inference on 100

(01:15:20):
million car fleet, now you've got 100 gigawatts of distributed
inference with built in cooling and, and power electronics and,
and distributed power. So, you know, probably the
markets valuing that is 0.0 right now is my guess.
But but, but it seems like an obvious thing to do if you're if

(01:15:42):
you've got distributed inferenceAI and you've got the power and
the cooling, which is very difficult to do the power on the
cooling and 100 gigawatts is a lot.
I mean, the average, I said the average power consumption in the
USI think is around 460 gigawatts for the that's the

(01:16:04):
entire electoral consumption of the US.
So the if you did 100 gigawatts,that would be a pretty big
number. But yeah, it's basically
something as a limiting factor and then we take actions to
address the limiting factor. A quick follow up, Thank you for

(01:16:25):
that very much a request for you.
So you guys just unveiled the Cyber bear?
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.
My name is Herbert. I've got a Brighter with Herbert
channel on YouTube. This is the cyber bulls.
We are representing the Tesla Bulls and we stand with you,

(01:16:46):
Elon. But wouldn't it be cool to have
a cyber Bull right here in Texas?
Like a a Cyber Longhorn. Cyber Longhorn.
Alright, we'll we'll, we'll, we'll do a Cyber Longhorn for
the factory, alright. Good afternoon.
I'm very excited to ask this question.

(01:17:07):
I've dreamed of giving away a Tesla for a very, very long time
and I finally wore EV Jack down enough that they're willing to
foot the bill for it. But it turns out to give away a
Tesla, I have to have your permission to say we're giving
away a Tesla. So.
It's just simple, just give it away.

(01:17:28):
You don't have to do anything. Tesla doesn't energy.
We're going to go through the normal channels.
We'll buy it from a store, sure.All that stuff.
You can give away Tesla. It's totally cool.
Yeah. Yeah.
But certainly you don't need my permission to give away a car.
We'll take, like, maybe a couplemore questions and then call it
a night. So.

(01:17:48):
All right. Hi, Elon.
My name is Jonathan. You mentioned that the Roadster
will have more tech than all theJames Bond vehicles combined.
Do you think there's a possibility that any of that
tech will make it into the current vehicle lineup?
No. And to follow up on that, do you

(01:18:10):
have any estimate of production or delivery timelines for the
Roadster? I guess so we're aiming for the,
so the the product unveiled willbe of of of the Rosa 2, which
will be very different from whatwe've shown previously that that

(01:18:32):
demo event will be April 1st of next year.
I have some deniability because like I could say I was just
kidding, but we are actually tentatively aiming for April 1st
for this, what I think will be the most exciting, whether it

(01:18:53):
works or not demo ever of any product.
And then I guess production is probably about a, you know, 12
to 18 months after that, the I think production is probably a
year, a year or so after that. Oh well, I can't give away the

(01:19:14):
secrets, but you won't be disappointed.
All right, take one last question, I guess.
All right. Three glass questions, OK.
Hi, Elon. I'm really excited about this

(01:19:34):
future of sustainable abundance that we're talking about.
I mean, you're going to be saving a lot of lives with FSD,
but the number of lives that would be saved and improved with
this future vision you have is really inspiring and very
exciting. So even today.
You've mentioned though that in a post scarcity world, the role
of money could diminish or become obsolete.

(01:19:56):
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 the AI is going to be
in charge, to be totally frank, not humans.

(01:20:20):
If, if artificial intelligence vastly exceeds the sum of human
intelligence, it is difficult tomention that that any humans
will actually be in charge. So we just need to make sure
that AI is friendly. Yep, thank.
You. Is that was that the question?
Go ahead. Sure.
Yeah, OK. Sorry, Elon.

(01:20:42):
OK, OK. Yeah, so I'm Cybercat Onx and
I'm doing YouTube and content creator.
There's one thing I always heardabout Tesla owners or people who
want to buy Tesla complain aboutthat is about super expensive
insurance, right? And The thing is Tesla, I know

(01:21:07):
Tesla also do insurance. However it's not cover cover
every place like like based on Boston, I don't have too much
options. It's super expensive.
And the other point is the FSD is very safe right now.
I've been using FSE for about four years, right?
It's getting to a point it's like almost unsupervised.

(01:21:28):
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
risk prediction kind of thing, right?
So I feel like what's your thought about insurance going

(01:21:49):
forward, especially when we're getting close to the autonomy?
What is past like either using your own or with the external
partnership? For example, there is a company
called Lemnade. We do need to not have the
questions be super long. I mean, Tesla insurance is

(01:22:11):
trying to expand as, as quickly as possible, but the regulatory
structure for insurance is extremely complex and and works
on a state by state basis. So it's really somewhat of a
racket And the the rules for insurance are different with
with every state. It's it's a very, very
complicated thing. So you know the, I mean, yeah,

(01:22:37):
so there's, but I'm aware that insurance often is too expensive
and doesn't take the right things into account.
But so all I can say that is, yeah, we'll keep expanding Tesla
insurance. When the car is operating as a
cyber cab, Tesla will simply self insure.
So that kind of solves that. But insurance is, is a, yeah, a

(01:23:01):
real pain in the neck for sure. But OK, I do need to end this at
some point. I'll take.
Yeah. One question, one question
there. All right.
Thanks Elon for taking my question.
I appreciate it. My question has to do with
compute and what the build out or what, how much is necessary
to train optimists and actually get them to a very household

(01:23:26):
meaningful robot that can do things and if the partnership
with XA with XAI would help accelerate that.
Yeah, there's there is a lot of training compute needed for
Optimus. And because the the the the AI

(01:23:48):
chip in the robot is relatively weak because it's it's really
limited on limited on power. You can make up with that with a
lot of training to have a lot oftraining result in in a a very
efficient AI that can run on a low power chip in the in the
robot. So it it is we, we, we will

(01:24:11):
actually have to spend a lot of money on on training.
Like, you know, ultimately it'llbe like 10s of billions of
dollars on on training compute. So it's a big number would.
A partnership with XAI help accelerate that.
Yeah. I think potentially, yeah, I
think that that that could. Yeah, there's potential for

(01:24:32):
accelerating that. So yeah.
Did the XAI investment thing getapproved?
No, yes. OK, OK, OK, OK, whatever, you
know, whatever. Like it's, it's like, you know,

(01:24:53):
Tesla and some other company that I have an interest in, then
it's like always quite complicated to, you know, do
things has to go through a lot of hoops to to happen.
But you know, I do think there'sa lot of potential for
collaboration with XAI in the future and with SpaceX.
So all right. OK, this is the last one.

(01:25:14):
Yeah, sorry. Thank you so much.
Captain Ali on XI support you. Thank you SO.
Much for everything you do. Very simple question.
I'm from Israel. I don't represent a lot of
people, but people do ask me andI'm going to ask you.
Any chance to have the app in other languages, like Hebrew for
example, some people struggle with?

(01:25:37):
Me even the app is the app. Itself.
Yeah, just the app the. App is not in Hebrew, no.
And a lot of people don't speak English, so it's.
Oh, OK. Shoot, I thought I thought we
had it in all languages. OK, well, definitely the app
needs to be in all languages. All right, so all right.

(01:26:28):
Hey, thank you so much for listening today.
I really do appreciate your support.
If you could take a second and hit the subscribe or the follow
button on whatever podcast platform that you're listening
on right now, I greatly appreciate it.
It helps out the show tremendously and you'll never
miss an episode. And each episode is about 10
minutes or less to get you caught up quickly.

(01:26:48):
And please, if you want to support the show even more, go
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TESLA 2025 Annual Shareholder Meeting | Tesla

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