Tesla - 2023 Q2 - Earnings Call

 Here are 50 key points from the Q2 2023 Tesla earnings call:


1. Record vehicle production and deliveries in Q2 2023.

2. Model Y is best-selling vehicle globally. 

3. Q2 2023 revenue of $25 billion.

4. Q2 2023 automotive gross margin of 30.5%. 

5. Target of 1.8 million vehicle deliveries in 2023.

6. Q3 2023 production expected to decrease due to factory upgrades.

7. Focus on maximizing production while maintaining healthy financials.

8. Importance of AI - FSD, Dojo, Optimus.

9. Over 300 million miles driven with FSD beta. 

10. Dojo AI training computer being developed, targeting over 1 exaflop by end of 2023.

11. Tesla has unmatched real-world AI training data.

12. Willing to license FSD software and hardware.

13. Progress on battery cathode and lithium refining facilities.

14. Energy businesses becoming meaningful profit contributors.

15. 4680 cell production increased 80% from Q1 2023.

16. 10 million 4680 cells produced in Texas so far. 

17. Cybertruck cell has 10% higher energy density.

18. Auto bidder software growing globally.

19. Half a million Powerwalls installed.

20. Launched new Powerwall features in Texas.

21. Difficult to forecast automotive margin quarter to quarter.

22. Focus is generating cash for investments.

23. Over $1 billion to be spent on Dojo AI system.

24. Dojo specialized for video training needed for FSD.

25. Expect Tesla fleet value increase with full autonomy.

26. Restarted referral program to boost orders. 

27. Pricing adjustments may be needed based on macro conditions.

28. Optimus robots have custom designed actuators. 

29. Targeting Optimus robots walking in November, factory tasks in 2023.

30. Combining Neuralink and Optimus can enhance amputees. 

31. Gigacastings improve repairability and reduce collision repair costs.

32. Cell production costs down 25% in Texas from Q1 2023.

33. Commodity tailwinds like lower lithium prices.

34. Manufacturing credits from IRA helped lower costs in Q2 2023.

35. Significant cost reduction at Berlin factory from Q1 to Q2 2023.

36. Logistics costs normalized back to pre-pandemic. 

37. Major sequential cost reduction from Q1 to Q2 2023 when normalized.

38. Q3 factory upgrade downtime impact still uncertain. 

39. Spreading factories globally mitigates geopolitical risks.

40. Custom software stack for Dojo.

41. X.ai startup enhances AI talent pool.

42. Restarted referral program to increase orders.

43. Pricing adjustments may be needed to reach 1.8M 2023 delivery target.

44. FSD pricing may seem high now but low if autonomy achieved.

45. Hope for full self-driving capability by end of 2023. 

46. Non-beta FSD could significantly improve take rates.

47. Vehicle costs depend heavily on uncontrollable commodity prices.

48. Seeing deflationary commodity pricing after inflationary pressures.

49. Depreciation and amortization lower part costs over time.

50. Continued focus on manufacturing efficiency improvements.


FSD is Tesla's advanced driver assist software that is currently semi-autonomous but intended to enable full autonomous driving in the future once the technology has matured. It is a key ongoing focus area for Tesla.

Some key points about FSD:

- It is an optional software add-on that Tesla vehicle owners can purchase for $15,000.

- FSD includes a set of advanced driver assistance features like automated lane changing, autonomous parking, and smart summon which allows the car to drive to its owner.

- Tesla has been testing the latest FSD software, called FSD Beta, with a select group of owners to gather data and validate its capabilities.

- FSD is not yet fully autonomous - it still requires an attentive human driver monitoring it at all times. Tesla says the system is intended for assisted driving only.

- Tesla aims for FSD to eventually enable true autonomous driving where human oversight is not required. Elon Musk has stated a goal of achieving this full capability by the end of 2023.

- The capabilities of FSD depend heavily on Tesla's neural network and machine learning technology. As it gathers more data from Tesla vehicles, FSD accuracy and capabilities are expected to improve over time.


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