Here are my notes from the Q1` 2024 conference call!! They might be wrong, but wanted to share them anyway! I type them super fast as the call is going along :) Tesla Q1 2024 Earnings Call Notes Elon Musk opening remarks -several unforeseen challenges in addition to new Model 3 ramp -lots of car companies pulling back on EVs -energy storage (megapack) reached an all time high, and record profits for the energy business, and poised to increase in quarters & years ahead, significantly faster than car business -AI training capacity more than doubling sequentially -new product roadmap … -updated vehicle lineup to accelerate launch of new vehicles -earlier in 2025, if not “late this year” -same manufacturing lines as current vehicle lineup -no new factory or crazy new production line -same production lines much more efficiently -capacity will go to 3M vehicles/year at the full extent -FSD v12, pure AI based self-driving -everyone should experience it -rate of improvement is rapid -pushed out to 1.8M vehicles , 50% trying FSD -300M miles with FSD v12 -dropping price to $99/month -purpose built robotaxi/cybercab in the works -installed 35,000 H100 computers -super excited about autonomy roadmap, only a matter of time before exceeding reliability of humans, not much time at that CFO remarks -excluding Cybertruck,fremont model 3 ramp, and autopark?, margins up slightly -normalized model y production in berlin & austin almost at fremont levels -increasing appetite for EV credits as OEMs pullback from electric -$299 / month lease for Model 3 -energy margins hit record 24.6% -75% growth in energy storage deployments in 2024 vs 2023 -lumpy business, deployments will fluctuate -operating expenses going up sequentially with AI, future projects + marketing -negative free cash flow of $2.5B, due increase in inventory and heavy capex spend (compute and AI) -free cash flow will go positive again -10% layoffs add $1B efficiency on an annual basis Q &A -4680 / reaching 1K/week for cybertruck -staying ahead of cybertruck ramp -COGS dropping rapidly with the ramp -Optimus status? When factory tasks & mass production? -factory tasks being done in the lab -we think optimus in limited production in the factory doing useful tasks before the end of this year -we may be able to sell it externally by the end of next eyar -optimus more valuable than anything else combined -no limit to size of the economy -point worth emphasizing, tesla’s AI inference efficiency is vastly better than any other company, no other company is close, had to do ti because of inference hardware limits on car, will pay dividends in many ways -FSD / safety / regulator approvals?? -handful of states with autonomous vehicles laws, paving the way -no regulatory barriers if data shows safety, because of lots of lives of stake -going to be like elevators, used to have an operator, now we get in and just press a button - that’ll be how cars work, summon car with phone, you get in, get to destination and get out, don’t even think about it, like an elevator -Tesla will be operating the fleet, like a combination of Airbnb & uber -combo of tesla owned & operated vehicles, handful of cars owned by the end user, can be added or subtracted from fleet whenever, can make it so only friend and family use it, only 5 start riders … etc -potential for AWS element down the road, if we have very powerful inference, hardware 4 on all cars now, hardware 5 is pretty much designed, in cars towards end of next year -100 hours a week cars idling where compute is doing nothing and could be used -10Ms of cars by the end of the decade, several 10Ms of cars -Cybertruck ramp? -hit 1K/week couple weeks, only 4-5 months since SOP -costs are dropping, lots of challenges with new technologies, will rmap this eyar with focus on cost and quality -legacy automakers contacted tesla licensing FSD? -in conversations with 1 major automaker in licensing FSD -optmiizing semi for high volume, low cost of production -trialing fleet with Pepsi -started construction in Reno, first vehicles in 2025, customer deliveries in 2026 ANALYST Q &A Sacconaghi, Bernstein -new car? Tweaks of exisiting models? New models? Running on existing lines, how do we compare it to the model 3 highland update -Elon focus on Tesla -Elon working on Tesla most of work time, going to be very prosperous in the future, very rarley take a sunday afternoon off Adam Jonas -on volume, expecting growth rate much lower this year, but what about 0%? -Elon thinks we’ll have higher sales this year than next year -how long does it take best chinese competitors to copy 300 mile range $25K EV? -idk what they could do. Except we’ve done better than they have -should be though of as AI and robotics company -f you don’t believe tesla will solve autonomy you should not be an investor in the company -but we are and we will -use of car going from 10 hours a week to 50, overnight -putting the auto in automobile “Tell us about future horse carriages your making” is mising the whole point Alex Potter, Piper Sandler -25% control?? -Elon: no matter what, even if i get kidnapped by aliens tomorrow, we’ll solve autonomy, not sure about optimus or future products … their’s momentum for tesla to solve autonomy even if i disappeared -more reticent with respect to optimus -terminator level risk, robot following you into rooms, want control over how that is deployed -can buyback shares if company generates insane positive cashflow -more details on headcount loss?? -long period of prosperity for 2019 to 2024, need to reorganize the company for the next phase of growth Mark Delany, Goldman Sachs -elaborate on licensing opportunity? And talk about how it has progressed? -no tough work, just cameras, not hard on manufacturing, just same cameras and computer and licensing out software -it will become obvious that once you dont have this in your car nobody wants your car -smart car -license it or nobody will buy your car -OEMs take a super long time in product lifecycle, takes a while -a deal signed now, would be it being in a car in 3 years, thats an eager OEM -good chance we sign a deal this year, maybe more than 1 -Tesla approach to pricing? Still see meanifngul price reductions making sense? Can you lower prices and stay casfhlow positive? -yeah can be free cash flow positive meaningfully -were trying to give price cuts to customers with manufacturing savings -FSD in new markets/??? -end to end neural net works just like a human, will work with almost no modification in any market -will release it as supervised autonomy system which will be any market we can get regualtlory approval for that, which we think includes china -impossible to understand the company without trying v12, everyone needs to try it -martin veicha leaving the company

@stevem3439

Ай бұрын

Good summary, Bro, thanks 👌

Apart from Tesla what would be the best 5 etfs for a beginner

@ahmedahmm7545

Ай бұрын

In no order: 1) VOO 2) QQQM 3) SCHG/VUG 4) VTI 5) SCHD/DGRO. Personally I put down 2.3m$ on few ETFs, still diversifying. it was this time last year I made my first million with a liquid 200k.handed it to a trader here in CA, I get weekly pay out which I put back on long term ETF's. Google will be a huge buy for me when the market bottoms.

@amgengroup5352

Ай бұрын

Good picks, Smart strategy for beginners, Please share this Expert with me.

@ahmedahmm7545

Ай бұрын

She is Katherine Elizabeth Humphreys look her up online

@harlibassham8187

Ай бұрын

I've known Kath since my early days as an investor. She trades for me and advised me to diversify dividends to 50% FXAIX, 25% SCHD, and 25% QQQM, which has been great. I highly recommend her.

@jasminemccumber4694

Ай бұрын

Katherine !! I know her from my early days as an investor. She's brilliant and patient. Many of my colleagues have worked with her, and I highly recommend her.

"This is better than any show on Netflix"

@mrtee3477

Ай бұрын

Smoking crack will cloud your judgement. Tesla will hit $106 soon.

@ecospider5

Ай бұрын

Wow $106B in revenue would be great. I hope your right.

@mrtee3477

Ай бұрын

@@ecospider5 per share...

I vote for Gali to head Tesla IR!!! You're the best man, keep on doing what you do!

@michaelkim3432

Ай бұрын

This is such a great video, I wish I could like it twice!

@tonyn9522

Ай бұрын

1000% CONCUR!!

@Zladcore

Ай бұрын

Rob M for Tesla IR!

@Martinit0

Ай бұрын

That would be dope

@kalleieb

Ай бұрын

Only if he vows to stop drinking stuff in videos! 😅

Lfg crew! Woooo! 🙌🏼

Hey, I’m 72 and I’ve got a 3 and I use the selfdriving on the hwy all the time.

@megashadow1390

Ай бұрын

You're awesome sir

@RadioCamp

Ай бұрын

Me too!

@ecospider5

Ай бұрын

Yes being comfortable with technology is more about having a flexible attitude on how to do things than it does about age.

@Witnessmoo

Ай бұрын

Hey good for you grandpa! I hope I’m as open minded at your age someday (and lucky enough to make it that far!)

@neightarch

Ай бұрын

Bravo for crossing the tech gap that many resist!

Love having you back, Gali!

@stevem3439

Ай бұрын

Yes, it's a joy AND that TSLA is on an imminent bounce

They need to do a better job advertising how cheap the model y is with the federal tax REBATE. It’s 30k that’s insane. That shit is crazy.

@sparkysho-ze7nm

Ай бұрын

Yaaaaaa that might make it BEST SELLER

6:45 "Unboxed" is the manufacturing process they announced last year on investor day that they believe will reduce costs by up to 50%.

@ParaSpite

Ай бұрын

Source for the number? I don't remember it being that high.

@ecospider5

Ай бұрын

@ParaSpite Page 47 of the 2023 investor day presentation document on Tesla’s investor relations website

@Zaerki

Ай бұрын

@@ParaSpite It was that high. The source is the investor day presentation 2023 I believe.

@joebuslife9275

Ай бұрын

I think it was more like 50% space savings not money savings

@ParaSpite

Ай бұрын

@@joebuslife9275 See now that sounds more reasonable.

💯 So good to have Ole Gali back! 🎉

Can't wait for eight eight!

You're energy is awesome. So glad to be on the Tesla ride with ya Tesla fam. Changing the world incrementally and then all at once. Here ... We... Go...!😊

@sparkysho-ze7nm

Ай бұрын

By th way every body welcome to da pppaaaaaarrrrrdyy # occupy Mars Pay Elon gdit

Love your excitement Gali

GREAT to have you back Gali, MISSED your energy man !!!! Too much FUD out there !!

Diamond hands

@mikafiltenborg7572

Ай бұрын

Not selling before year 2030 💰🤑👍

Classic Gali that got me into TSLA mid 2019 killing it again approaching mid 2024

@sparkysho-ze7nm

Ай бұрын

………..taking no prisoners

Stoked. Things are just fine!

Bro, we need you more than ever now. Keep up the good work!

The cybercab mention probably means the taxi will be stainless steel exterior.

@ecospider5

Ай бұрын

I would agree

@sparkysho-ze7nm

Ай бұрын

1/16th truck

I love what Elon said which is the same thing I told my brother when he was comparing Teslas P/E ratio to Ford and GM and other automakers. If you believe that Tesla is an automobile company like those others and you don't believe in FSD, Ai and robotaxis you need to be investing in something else. I do believe exactly as Elon said before. Tesla WILL BE the most valuable company in the world. No doubt in my mind.

15:17 ross GOOBer 😂😂😂 tell em how you really feel lmfao

@michelangelobuonarroti916

Ай бұрын

I like Ross Gerber. One of the few Tesla bulls who is not also a Musk cultist.

@d.r.656

Ай бұрын

😂 Bro is his own cultist ​@@michelangelobuonarroti916

@RyNiuu

Ай бұрын

@@michelangelobuonarroti916 yes, if he didn't speak on his proposals, maybe one might think that way. The problem is he spoke up, and all we heard was absurd ideas.

@Zaerki

Ай бұрын

I still remember the days Ross and Gali schemed together too. What a fall from grace Ross had.

@Uberkilltoecheese

Ай бұрын

@@michelangelobuonarroti916 He’s delusional in the opposite way, acts like a child hahaha

8:56 I think the lull in EV adoption and sales has to do with external factors. Interest rates, inflation, unemployment etc. causing people to pause large purchases. I believe this is temporary and will pass when the fed becomes more dovish.

@LIamaLlama554

Ай бұрын

Also gas has been pretty cheap in real terms. With inflation I think we’ll be seeing $6.00 gas in many parts of the country soon.

@ecospider5

Ай бұрын

Yes when interest rates come down sales will definitely go up

I hope the shorts lose their shirts….

Been buying since 2014, and still buying. We NEED ELON on the ship. My life savings IS Tesla.

"ross goober" 😂🤣

@DoctorG123

Ай бұрын

I literally read this at the moment Galli said it, and that made it infinitely more priceless

Great summary, so exciting 🎉

Thanks for the analysis Gali, your energy and enthusiasm is always awesome to see.

Not advice, but very cheerful and accurate assessment of continuing success. Thank you.

Great video

Ross never shuts up 😑

During the TSLA bull run, Gali was in a studio with stainless steal walls and neon signs, now at $160 a share Gali is back to drywall.

Sick

great summary

You are back Galy, god to see! Have a great spring!

Well done!! ❤

Wow. Gali, that was fantastic.

Love it !

About time, Gali! Ready to hear your thoughts.

Awesome news

On our mostly FSD drive home today we saw two Pepsi Semis and 3 white Semis. And one pulling a walmart trailer the other day.

@Mrbfgray

Ай бұрын

Cali?

@DavidGetchel

Ай бұрын

​@@Mrbfgrayyes, and Nevada.

@Mrbfgray

Ай бұрын

@@DavidGetchel Tesla is running them daily between Sparks plant and Fremont on I-80. Pretty sure that's the white ones you saw.

@DavidGetchel

Ай бұрын

@@Mrbfgray Oh yeah, I know! Live close to Giga Nevada. See them regularly, just not that many in 1 day. Weird thing was two of theirs weren't hauling trailers.

2017 Gali mode unlocked [x]

you know things are bad when people start comparing things to 10 years ago. plenty to be excited about. no need to stretch things like that. FSD is super close. that’s the key message. whether they will have competition there is the key question.

Gali, please make a video on how to vote on the new compensation package, I skimmed through the documents from brokerage and there is nothing at all.

OG vibes with this vid, LFG!

Cybertruck is the expensive toy test bed for technology: 48V, stainless, unboxed, etc. The disposable income types are financing the next generation low cost mass production. It make sense to then use them in the robotaxi, but it's still a massive ambitious goal in manufacturing and with FSD. Shoot for the stars at worst you land on the moon.

Cybercab and Cybercar coming soon

@ecospider5

Ай бұрын

Looking forward to it

Even to this day Ross Gerber will not shut up and ruins the experience. 🤣

@lifeisfuneh

Ай бұрын

He is arrogant moron inc. his sidekick Meet Karen

@ericogden4589

Ай бұрын

Lost Gerbil is a nincompoop.

@AlphaCrucis

Ай бұрын

@@ericogden4589 Lost Gerbil 🤣That made me laugh harder than it should've.

@rogerstarkey5390

Ай бұрын

@@ericogden4589 Nice play on Birds (😉)

Haha my mom is 60 as well and actually bought the FSD package a year and change ago, uses it religiously

Ross Gerber wouldn't shut up in 2019. Seems to be the only constant in our universe.

@737smartin

Ай бұрын

What a guy. 🤦‍♂️

Glad I kept buying these days

I hope Tesla is buying as many batteries as they can…

@krasserTerror

Ай бұрын

I wish they would buy less and produce more of their own

@rogerhoffmore9262

Ай бұрын

@@krasserTerror Maybe both? ... batteries have long been the limiting factor. And between cars and megapacks, there is basically unlimited need for the foreseeable future.

FSD Optimus will be a massive cash call❤

what happened t the fancy wood studio set?

Gali, should Tesla buy lyft to make the cyber cab 🚖 transition smoother?

❤ CYBER CAB

Anything about when EU will get FSD?

Laughing out loud at trying to test FSD with the moms - great stuff and so relatable, trying to explain Tesla appeal to boomers is difficult

@rb28772

Ай бұрын

I'm 73 and I love Tesla!! I bought a model 3 with FSD in 2019. Version 12 kicks ass! With the increased compute and increased videos I now feel confident that Tesla will achieve fsd, unsupervised!

Erratum 19:26 better sales this year than LAST year (not next year). For your notes.

Thanks for the info Gali

9:06 Gali, did you post your notes? I don't see them in the comments or description.

I think what ppl are missing is that Uber is not a $150B business, it’s 20x of that if you exclude human factor, meaning no salaries nd working hours do increase at least 2,5x)))

I don't get the market sometimes, these weren't good results but yet the stock is up?

@ecospider5

Ай бұрын

The market looks forward more than back. They said FSD is reasonably guaranteed, they will be making their cheaper vehicles sooner. They will produce more cars this year than previously stated. Those were all new things.

I agree, Zach was best CFO.....Freudian slip @ 15:15 "Ross Goober"

@HyperChangeTV

Ай бұрын

Intentional slip lol

They could sell all the Cybertrucks and Semi's they can make if they could ramp that up.

Love these Tesla rants, reminds me of the 2019 days! Let's gooooo!

Remember I was like highschool when y'all talked about FSD. I have a job and a baby now.

@Nimsiv

Ай бұрын

😂😂😂😂 and they’re still talking about it! Bunch is duffuses.

@megashadow1390

Ай бұрын

Be specific, you can do all that in like a year 😂

@royrodgers3296

Ай бұрын

You’re English needs work.

@snitox

Ай бұрын

@@megashadow1390 job post graduation

@nbtc539

Ай бұрын

😅

Katy Perry has a cybertruck

Something tells me "cybercab" will be just Tesla car-sharing service

Elon slammed Tony Sacconaghi

@michelangelobuonarroti916

Ай бұрын

Yes. Elon is a free speech "absolutist" unless it's the speech of someone he doesn't like.

Gali, in terms of demand for EV, do you think there's a real market in countries that do not offer incentives /subsidies? I live in Australia and the EV penetration here will not match the US/China/Norway etc as there aren't equivalent subsidies and availability of charging infrastructure is poor too. Both are largely outside of Tesla's control unless Tesla intends to invest heavily in growing the charging infrastructure here.

Miss this version of Gali !!!

this is what you do best gali, you could do it weekly :)

Always love your thoughts and schemings

Tesla is kicking ass. The manufacturing lead is stunning but nothing compared to the lead in autonomous driving. No other company will be able to catch up. They will eventually license their system to other OEMs, and own that element of the industry.

@AnonAnon-gx2ds

Ай бұрын

they have no lead in autonomous driving. waymo already operates robotaxis. Tesla's junk drives like a drunk toddler.

Goober 🤣

WhoHoo…MHK “Lil Apple”…peace

I feel like you're about to bust a flow any minute.

@Player-oz2nk

Ай бұрын

Classic Gali 🤣

I wonder if Elon realized being genius and all that it is virtually impossible to eliminate the option of Teslabots being used in the military field. So I bet he wants 25 percent because he just wants the bot to be the best Terminator out there. His only concern is that it does not go rogue . If he's not there yet he'll be soon enough. Those military guys can be very persuasive

One of the best calls in awhile

Gali - talk to Sandy about the unboxed manufacturing strategy - Tesla themselves covered it at battery day the other year - but basically working out how to bring the car together in the most efficient way so that people / robots can work on the same parts in a smaller footprint.

It’s amazing that optimism is moving the stock even though earnings are down for Tesla Q1 2024. Tesla net income is 55% down YoY. Unfortunately this isn’t good news. Just keeping it real.

@rb28772

Ай бұрын

Elon and Tesla plan long-term and strategically. The other automakers only market from quarter to quarter. Adding cup holders to a car does not equal adding compute cycles to AI, FSD, and Optimus! No comparison! Elon is selling innovation!

I truly believe and hoep you 'll be hippopping your Tesla analysis in your coming videos.

👏🏻👏🏻👏🏻👏🏻✌🏻

Half-ass? I’d call it a hybrid interim approach that allows for more efficiency sooner.

Would have loved to see the video of you and your Mom with her using the FSD.

@HyperChangeTV

Ай бұрын

will try and record the next trial

👍👍

With all this news about robotaxis and it looking like they're closer to reality than ever, why do you think Tesla decides to drop the price on FSD?

Gali. Think of Unboxed like an Ikea Kitchen. . Build the individual units. Bolt the units together. . The only difference is Tesla *wrote the instructions* !!

This earnings report is nuts. They miss top and bottom, and the stock gaps up. Lol. CyberCab will be stainless?

@megashadow1390

Ай бұрын

LMAOOO i knooow i was ready for the dump😂

@CoreanKat

Ай бұрын

And then they crush earnings and the stock plummets!

@scanspeak00

Ай бұрын

Wait til tomorrow.

@Garrett8098

Ай бұрын

Earnings miss was already priced in. The stock fell 20% over the last month. Where have you been?

@ChitFromChinola

Ай бұрын

Yup, but the 13% spike was a surprise. Didn’t see that coming.

Is the 4680 dead?

@rogerstarkey5390

Ай бұрын

Is that all you've got? . (Listen to what was said)

200m was production flow, 90% decrease stop fundeling gap

I think the potential fsd customer companies are Japanese.

@DanaVastman

Ай бұрын

Tesla will not license it to to fossil vehicles... No effing away

@Player-oz2nk

Ай бұрын

You sir are correct

@LIamaLlama554

Ай бұрын

Rhymes with Boyota

@Player-oz2nk

Ай бұрын

@LIamaLlama554 don't beee suspicious 🎶

War time Gali is back

Tesla to CHOAM

Never been more bullish time for Tesla.

Any reason why they don’t just start using the inference compute in the cars now? Allow people to rent out their compute and get a share of the profits?

@AnonAnon-gx2ds

Ай бұрын

because its another Elon lie.

Message Ross about his comp package NO.

Been a bit, wheres the hat?

you talk so fast, so i cant even speed up the video to shrink its playback time lol its already at 200%

Every media headline is about how horrible the earnings were. Your headline is totally opposite. Interesting how data can be judged so drastically different.