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check-check okay, first I have to take a photo real quick, what a pace, wait, okay, everyone looks sharp and then one of the ones on the board, here we go. I could also take a selfie but let's not hate that it's ok as a reminder if you haven't voted by proxy or would like to change your vote you can do this by picking up a ballot at the back tables in the corner once you have completed the ballot hand it to them to Lisa Brenton Lisa. Can you please raise your hand? There's Lisa, she's by the Computershare table, she's our election inspector.

The first thing I would like to do is welcome Robin Denholm, our president, she will give us some opening words, thank you Jonathan, and welcome and good afternoon. Everyone who joins us here lives in the auditorium here, but also online, so thank you for following the formal part of the presentation or some might say the more normal or boring part of the presentation. Elon will be joining us for a presentation as well, which I look forward to. I'm sure all of you are looking forward to it. Also, I would like to thank and point out several people who are in the audience, our board is in the audience or many members of the border here and I would also like to mention the members who mentioned. number of Tesla executives are also here in the room.

Sorry, I promised myself I wouldn't do that today and finally Kevin Healy from PricewaterhouseCoopers is here. Tesla's independent auditor is in the room today, so after the vote, like I said. Ellen will be giving a presentation about Tesla and taking questions, so Q&A is always a highlight of the shareholder

meeting

, but I would like to start today's

meeting

by thanking you, our investors, our

shareholders

, for the tremendous support that have given Tesla, not only over the last 12 months, but also over the last few years, without you, the progress we are making as a company towards the mission of moving the world towards sustainable energy would not have been possible when you They are changing the world and many industries. in the process you need to have a certain intestinal fortitude as an investor and when I talk to many of you, our

shareholders

, you have it in spades, so thank you, I feel incredibly honored to be your president and when I sit back and look at what the company has achieved in particular during the last year with a profitability gap for the second half of 2018 and more than 245 thousand vehicles delivered two hundred and forty-five thousand and five years ago, that would be a dream, and also more than one gigawatt hour of energy storage unfolded. in 2018 breaking ground in Shanghai and many other achievements.

I also take stock this time of year to think about what we have accomplished together over the past five years and over the past 15 years that many of you have been part of that journey. Furthermore, it is truly amazing what the company has achieved; It's also easy to lose sight of the fact that on a day-to-day basis there are many highlights to come and that the opportunity ahead of us as a company over the next five, 10 and 15 years is immense and I want to thank you all for being resilient shareholders and I hope talk to many more of you in the months and years to come.

I also want to take this opportunity to thank two of our fabulous board members who are not actually running for re-election today. They are Brad Buss and Linda Johnson Rice. Linder has served on our board of directors for only two years, but it has been a phenomenal two years because of her contribution to us, not only as a member of the board of directors but also as an active member of the compensation committee and myself. I would also like to thank him for his incredibly positive attitude and insights on many topics and also Brad Buss, who preceded me as chair of the audit committee and has been on the board for almost ten years and has done an incredible job during that time. .

His contributions to the board have been many and I can't list them all today, but he has been incredible to work with and we will miss them both, so now I would like to reintroduce Jonathan Chang to go through the formal part. from today's meeting thank you, thank you Robin Robin, our new president has been doing an incredible job with our board and our company, so we really appreciate all the work. Robin. I am the general counsel of Tesla and this starts now. I think Robin referred to that. As the boring part of the meeting, often in my meetings she refers to me as the boring part of the meeting, but this is it, this is why I am well prepared for it, okay, let's start by calling the

annual

meeting of Tesla shareholders in order.

Please see the agenda and meeting rules provided to you today. It is now 2:30 9 p.m. m. and I declare that the polls are now open, we have already received voting powers from our shareholders in recent weeks and that means that almost all the votes that will be counted we have already presented before today before this meeting, however, as I mentioned previously that if you want to submit a ballot to vote your shares or change your previous vote, pick one up at the table in the corner of the last door and hand it to Lisa Brenton, who is standing next to the table. from the shared computer or from any Tesla staff member collecting the ballots, there will be a few people walking around.

If you raise your hand, you can greet them with the tickets. I'll give you a few minutes, a few seconds, while people scroll through the ballots here. Tesla's board of directors has appointed Lisa Breton of Computershare to serve as election inspector for this meeting. Lisa has taken and signed an oath as an election inspector thank you. Lisa Computer Share has certified that as of April 20, 2019, proxy materials or notice of online availability of proxy materials were mailed or provided to all registered shareholders of Tesla. As of April 15, 2019, we have the majority of the outstanding shares represented at the meeting, so I declare that a quorum is present and that the meeting can proceed, the items on the agenda are as follows: the first proposal , the election of two directors class three, IRA award R M and Kathleen Wilson Thompson, to serve for a three-year term or proposal five of our agenda the two-year proposal two is approved. approve Tesla's 2019 stock incentive plan proposal three to approve Tesla's 2019 employee stock purchase plan proposal three to approve and adopt amendments to test the certificate of incorporation and bylaws to eliminate voting requirements of applicable supermajority proposal five to approve and adopt an amendment to test the certificate of incorporation to reduce the term of directors proposal six to ratify the appointment of PricewaterhouseCoopers LLP as Tesla's independent registered public accounting firm for the year fiscal 2019.

The Tesla board has recommended that our shareholders vote for each of those director nominees and for each of those proposals that I just listed above we have also received two shareholder proposals as described in our proxy statement the first shareholder proposal is an advisory vote to recommend that Tesla establish a public policy committee our board has recommended that our shareholders vote against this shareholder proposal this shareholder The proposal is proposed by mr. The AO of Jang, who is present today, is here present with this proposal, mr. Zhao, can you identify yourself? Yes, please, Mr. Zhao, you have three minutes to present your proposal.

Thank you very much and good afternoon, favors. He was doing something worse than poor people. It's too hot today, so I want everyone to enjoy the meeting. That's one minute. Shareholder proposal number seven resolved that shareholders recommend Tesla. STP, a public policy committee to oversee the company's policies, including human rights, the environment, national government regulation, foreign affairs and international relations affecting the company's business and, especially, thanks to the Ferry shareholders voted in favor of my shareholder proposal last year for independent chairman by about 16 percent. vote in favor of my proposal today against. Thank you very much mr.

Bye, I would like to remind our shareholders that the Tesla board of directors has prepared a statement in opposition to this proposal that appears in our proxy statement. Finally, we have also received a shareholder proposal for an advisory vote on simple majority voting provisions as described in a proxy statement. Our board has recommended that our shareholders vote against this proposal. This shareholder proposal is proposed by Mr. James macritchie, represented here again by mr. Jenks comes out to represent this proposal mr. Come on, you have three minutes, Simpson, before proposal number eight is resolved, simple majority vote.

Tesla shareholders request that our board of directors take all necessary steps so that each voting requirement in our Articles of Association and Bylaws requiring a greater than simple majority be eliminated and replaced with a requirement of a majority of the votes cast in favor and in against the applicable proponents or a simple majority in full compliance with the applicable laws, thank you very much. I make December a great one. Thank you, sir. Tao, I would like to remind our shareholders that the Tesla board of directors has prepared a statement in opposition to this proposal that appears in our proxy statement.

Are there any powers left at the hearing that have not been presented? Keep your hands up and people will come to pick it up. those ballots, please submit them now if you want them to be counted now. Well, it seems that we don't have everything clear. I declare that the polls are now closed according to the powers we have previously received. I would like to announce that our shareholders. We have approved the recommendations of the Tesla board of directors on all agenda items except item 4 related to the elimination of applicable supermajority voting requirements in our Articles of Association and bylaws and item 5 related to the reduction of mandates of our directors as long as more than 99% of the shares are present and entitled to vote.

On these two points we did so as recommended by the board of directors, unfortunately less than two-thirds or 66 and 2/3 percent less than the total of our outstanding shares that were required for approval. If these items submitted votes, we will formally announce the results of the voting by filing a Form 8-k within four business days of today's meeting, okay, concludes the boring part of this meeting, the official business of the meeting of Today's shareholders are finished, which is now suspended, we now welcome you to stay for the company presentation. We will soon have Ilan, our CEO, and then a shareholder Q&A with Ilan.

During the course of the session, we may discuss our business prospects and make other forward-looking statements. Such statements are predictions based on our current expectations, actual events or results could differ materially due to a number of risks and uncertainties, including those disclosed in our most recent Form 10-q filed with the SEC. Such forward-looking statements represent our views as of today and should not be relied upon in the future and we disclaim any obligation to update them after today with that, please welcome our CEO, your CEO, Elon Musk, hello to Everyone, look, thanks for coming. I think we have a lot of interesting news.

I think they will be. I think they know it well. I received this. It's been hell. a year, but there are a lot of good things happening, I think it's worth going over those things, so the model three in the last four quarters is actually selling out selling old competitors combined in the US, so it's the highest earning car in the US and the best. performance in its class and it's actually the best-selling car by revenue, including high-volume cars like the Toyota Camry and the Honda Accord, so dollar sales, yeah, I think most people don't know that, but we're the fourth best-selling car in numbers, but the highest-selling car by revenue over the last year of any car in the U.S.

So it's notable that an electric vehicle is the best-selling and highest-earning car in the country. I think that ten years ago no one would have believed it and I think that thanks to the hard work of a team, this is what this is a result. It's great and like I said in class, the model 3 outsells the Mercedes c class, the BMW 3 series, oh da poor forest and the Lexus combined, yes, let's teach in units that the difference is greater in dollars, so It also has the most energy. -efficient cars in the world, so these are the EPA miles per kilowatt hour and you can see that the model 3 is around 4 and there are ranges on the right.

I don't want to bothere-tron, but this is space. to get better, so it's wrong if you're talking about 500 events, that's pretty fun, so the new Model S has a range of 370 miles and you can go, we actually did this with Motor Trend, they drove non-stop from the Area of Bay Area to Los Angeles, so it's true that it was downhill, it doesn't really feel a bit depressed, it's not, but on a single charge going from the Bay Area to Los Angeles is pretty good for any car , especially a full-size sedan and then the new Model which we launched in 2012, so yes, I resist the temptation to upset competitors, I won't. do that, but it's a testament to what it says to an engineering team to have been able to build a car seven years ago whose range hasn't yet been surpassed and now have a car that has 370 miles on it and with constant improvements likely to occur.

In the next few years, it won't be long before we have a car with a 400 mile range, yes, that's why we get this question frequently and I want to be clear that there is no problem handled by the agent, at all, sales that we have far surpassed. Production has been pretty good so we're really doing well and we have a decent chance at a record quarter across the board, if not it will be very close, we didn't do it but we have a chance at a record quarter. and the ninth set of orders come from holders that have no reservations, so these are our new customers, they walk three multi-brand potentials when we see trade-ins, sixty-three percent of trade-ins on non-premium cars, which means that people are trading buy it, so the model three and yes, 12% of the midsize sedans $0.25 other premium vehicles, but it's interesting that the vast majority essentially of the cars are marketed in our non-premium vehicles, so which is just this.

There is a lot of potential and when people look at it, they would feel like a total cost of ownership, the actual total cost of ownership, because electricity is much cheaper than gasoline and the maintenance costs are much lower. You know, Damon, you don't need an oil change a filter change you basically never need to change your brake pads because of regenerative braking the actual operating costs of an electric car are much less than a gasoline car, so you need a time to educate people on this because it is the easiest to see This is just the lease price or the purchase price, but we take fuel and maintenance into account.

In reality, buying the Model 3 is like buying a camera or a deal, so the better idea is better from a cost point of view, yes, it's great. car is a car that is designed for you to have the most fun and if we keep adding gems like the fart app, of course, that's one of my favorites, it's like maybe my fire, maybe my best work, the day of the autonomy investor. I think it was well received that Tesla's fully autonomous computer is literally 20 times faster, Victoire, 21 times faster than the nvidia system elsewhere and we hope to have a full autonomous feature by the end of this year, so you know .

I'll still need to monitor the range, but it should be able to go from your garage to your parking space at work without intervention, so obviously billions of miles of testing will be done and then I think probably sometime next year. You'll be able to make the car autonomous without supervision, and then at some point we'll be able to convince researchers that this autonomy is safe enough that the car can drive without anyone in it, and it's really critical. The elements for that are billions of miles of testing, ultimately tens of billions of miles, so having a huge fleet with a very powerful AI inference engine and that's Tesla's fully autonomous computer and having the sensors in the car that are necessary for the car to drive is like cameras in every direction, our ultrasounds are good, I'm your GPS, that kind of thing, so I think we've laid the foundation here for a fleet in which essentially all cars made since October 16th are capable of full autonomy in our opinion with a replacement of just the computer, so you only need to change the computer, a lot of people were baffled as to how I can say that we would have liked, you know, a million robotaxis by the end of next year and it's if If we summarize the vehicles manufactured since October 16, we basically change the computers to the ones that were manufactured after the autonomous driving computer a few months ago and we will have a million cars capable of driving autonomously.

It needs regulatory approval, but the capability will be there and this greatly increases the value of the car, so in fact I think it's basically financial folly to buy anything other than an electric car, which can be upgraded to autonomy. It's crazy, you can see a country. after another they are setting dates for the ban of gasoline and diesel cars and the environmental pressure to move away from fossil fuels is getting stronger, so it is basically crazy to buy a car powered by fossil fuels right now because of its long-term resale. the value will be less and less and then it is also important to buy a car that can be upgraded with at least two self-driving vehicles because a car that cannot drive autonomously will also not be worth much, you know, if so, could it be So? before, but basically, if you buy a gas car that's not fully autonomous, it was like riding a horse and using a flip phone.

I mean, hey, it's not wise, so you know, it really takes us a little bit of time to educate consumers. about this, but I think people are starting to understand it and, as you know, a car is an important investment for most people, it is often their most valuable asset and if you are going to choose what your most valuable asset is, you should look to the future and say where we had it clearly we're heading towards electrification clearly we're heading towards autonomy and that's the type of car you want to have so I think people are trying to realize this, then with the model why this is the largest vehicle segment in the world and in the world the mid-size SUV is two and a half times larger than the three-bottle market, so we think: probably the demand for the model Y will be greater than that of the s3 and the inside.

I think a good sense of design or a good design principle is that if the car looks bigger on the inside it feels bigger on the inside and then it looks on the outside, it's a good design, so this car is actually quite big on the outside. internally and then we hope to hit volume production towards the end of next year, internally we're aiming for four before that, but we want to have some headroom at that point, so yeah, it still seems crazy to me that we have this gigafactory that That used to be just rocks , you know, rocks and bushes, and I remember JV Andrew.

Hey guys, actually guys might want to come up and join John in saying yes. I think it would be good. You know, maybe you're talking about the gigafactory and you know that I. Remember we were doing the math for battery capacity and we thought we needed more batteries than the entire Earth currently produces, so unless we build this, it's not going to happen, so yeah, I mean, maybe you count the history, yes, of course. well it's good to see you all hello yeah it was a pretty crazy story and Ellen and I were talking about it recently and it's amazing how some really simple kind of napkin math could lead to such an outrageous result you know I want I mean, he just said, you know, we basically did the quick math and looked at, okay, we're going to build, you know, just a hundred thousand cars a year and this many kilowatt hours per car, you know, therefore, you know 35 gigawatt hours. of cells per year. that's a huge number and it was actually more than what everyone was producing for all the applications, cell phones, computers, cars, everything just a few years before that, so you know, that's what surprised us and said : well, we know this is not going to happen. job unless we build a whole new facility to figure this out ourselves, if we could probably have all the factories in the world, then we better build this and yeah, I mean, the crazy thing is this was basically, I think, five slides and we showed a picture of a factory in the hills and told the investors we needed money to build this when they gave us money which is great and we built it yeah there it is it's really giant and it's getting bigger so which you know, if we have about 35 gigawatts of potential capacity in Attica right now, about 70 or 80% of that capacity has been realized, so there was a little bit of confusion earlier this year because Panasonic said there was 35 and technically yes. but it's still not 35 at full capacity, but it will probably be, I don't know, late this year or next year or early next year, so it's also the lowest cost per kilowatt hour, it's half of all the global battery production, so it adds up. all the EBs, all the electric vehicles in the world, all the batteries they use, that's about equal to what we made up the gigafactory and maybe just a quick shout out to the whole team and the team that made this happen, I mean, It's basically like that.

An epic project, I mean, like you said, it started with dirt, literally dirt in the desert too, now it's the largest battery factory in the world and it took thousands and thousands of people to do it. Kevin had a big part in that, sitting there, so yeah, it's nice. It's amazing to see that happen and I feel very proud to be part of that team, yes, it was and then we are making good progress on the gigafactory in Shanghai. If you've seen the progress online, they follow it in excruciating detail. I think the amount of drones flying over the factory is pretty crazy, we need air traffic control so the building structure is basically finished at this point.

I think this might be the fastest large factory build I've ever done. seen and maybe sew faster but I'm not aware because it was amazing and we are already installing a lot of the factory equipment, stamping machines prohibit the installation of a paint shop and battery module lines and that kind of things, so obviously this will be extremely important for our future because the Chinese are the largest electric car market in the world and to date we have had to pay import duties, sometimes quite significant, ranging from 15 to 40 percent. cent, which we did not have. access to local incentives because that's only if you make the car in China now that local incentives are disappearing.

I think we roughly didn't start factories. I think this is a coincidence but at least we won't have the cost of import tariffs and it will cost less to make the car in China so we will be able to have a more affordable car for the Chinese market so this is extremely important for the future of Tesla and then for the European gigafactory, as you can see. We've made a lot of progress here, we just put up this image literally five minutes ago, we did some deep planning here, this is not in the actual place it will be, this is a generic image of Europe, people will try to reverse engineer it. exactly for that patient, I'm sure he can figure it out, you know. 15, yes, a beautiful factory there.

I think it may be near Hamburg or something, but we are still looking for the right place to install gigafactory europe. Hopefully we will. that decision towards the end of this year and it also makes sense to have a car factory at least on each continent. This is a smart decision that will continue to expand. I think our activity in the US, but not having to pay tariffs and having the A really long delivery chain and high transportation costs will make cars much more affordable for people in Europe and China, so They were eager to make a decision on it, hopefully, this year and then it will tell us the energy that we're probably looking at. at least double their energy storage growth for power wall and power pack compared to 2018, we certainly have a bigger goal than that, but I think we can at least double it, so it would be at least sort of an order of two, maybe once approachingthe three gigawatts. hours and we are slowing down the solar roof in eight states, we are about to complete version 3 of the solar roof, so it is actually a pretty difficult technological problem to have an integrated solar panel or a solar cell with a shingle and have it look well and it lasts 30 years just like roofs have to last a long time so it's the amount of testing that one has to do and do and do accelerated life testing to say how can we predict how this is going to work if we only spend six months Tests have proven it up to 30 years, so it's a pretty difficult problem and then make it easier to install to reduce the cost, but I'm very excited about version 3 of the solar roof and it's another way to compensate where we have an opportunity to be equal to a simple roof comp plus someone's utility costs or maybe be lower than that so it's like one of the cheapest roofs is available so you have a potentially great roof with better economics than a fairly cheap normal roof and its usefulness. bill, so if you can basically have a better product at a lower price, it will also take off like crazy, but it is a difficult problem to solve, since many other companies have tried to solve this problem and have not succeeded, but I believe that I feel pretty good about this, you guys want to say something good, I would just say that the team is super motivated by that goal and we believe that we can achieve it and we are, I mean, we are focused on achieving it, yes, in fact.

I have had several meetings with Drew at the table. Damn, we have to achieve this. Can be done. It can be done in tension. Intelligence and invention. Yes, make it happen. Maybe we should introduce Drew. Sorry, we forgot him. Do it, draw has been this is your fourteenth year at Tesla, so yeah, Drew's not exactly a stranger, so he joined my team when it was a small team, there were like five or ten of us or something, a couple of years after the company started and you know, he's been kind, you know, I'm not my right hand man, you know, involved in almost every key initiative that I've done at the company throughout that tenure and I think you're super awesome.

I think you know. You guys should see more of Drew and you know they've been involved in a lot of things and are still leading a lot of key initiatives for us anyway. Introduction to Drew. Thanks JB, yes, very happy to be here. We talked about a lot of our core technology areas that we've focused on over the years and yes, thank you for introducing me to JB, but I mean he attracted and seems to have been really key to a lot of the innovations in the powertrain, innovations in batteries and sunroof and a number of other things, so it's always a pleasure to have those engineering discussions.

We felt mutually, we would love it, Brooke, so we got the version three supercharger. It was actually like the scope of the technology that is advancing at Tesla is really huge on many fronts, so as I mentioned, we have version 3 of the solar roof coming out soon, we have version 3 of the supercharger that is being implemented in everyone and this is a seventy-five mile and five minute system with a capacity of 250 kilowatts, if I'm sure many of you have done it. I was used to superchargers before and they were usually between 75 kilowatts and if you've used one recently you may have gone up to 140 kilowatts but that's version 2 and then version 3 is 250 kilowatts and when turns 50.

The kilowatts are charging a really efficient car, the miles, the miles per minute are super good and in fact, I think there was a test recently to see who it was, but it was tested which car could charge the most miles. in half an hour. model 3, yeah, and then we'll release new maps for the supercharger rollout and finally we'll get the trans-Canada highway and, for example, and then we'll ask you, so yeah, this map doesn't. They don't even include all the locations, but they really like the two critical factors that we've found for sales in any given region and the really obvious thing is that there is a service center within a reasonable distance and that they have super charges. all the routes you'd like to take you don't want to have like 80 of the routes because then oh boy what about that trip you can't do right now so you really want to have your super charges and service centers are the absolute key for sales and we can actually allocate our sales to them like basically people are sensible and say okay you need to get your car fixed and you should be able to travel comfortably on long trips. distance routes and we have that for ourselves we are good, so we will have to have good consumer financing and make sure that the prices are competitive, but it is as soon as people see that they buy the cars, they appreciate it, yes.

So we will expand the supercharger network quite substantially over time and also allow Tesla to use other high speed charging networks so you have adapters for that and the key is like when you buy a car you are buying. freedom freedom to travel and then you have to have superchargers, you have to have high speed charging and then if the car breaks down you have to get it fixed quickly. In fact, I'm very excited about our mobile service, so we have mobile service bands that will come fix your car as soon as it breaks down, in fact, it will immediately send a note to Tesla mobile service and be on the way to repair the car, so we tested it in the Bay Area and now We've spread it to the Los Angeles area and several others for tire repairs, so we'll just come, the van will come, we'll give you a new tire and half an hour and you'll be in way, is how I mean.

It makes a big difference, and we're adding things like bumper repair and collision repair, so you know, if I look at the things that customers are most concerned about, they're things like collision repair and eternity and then a third party. Body Shop charges a nominal fee after forever so we are moving much of the body repair in-house at Tesla and then even providing mobile service and we just did our first bumper replacement since the Pro Mobile Service Van Usually a collision repair can take weeks or months, in this case it took less than an hour, yes haha ​​that's right.

South Park truck, yeah, so obviously I understood that the product roadmap for Tesla is incredibly exciting and obviously the model and it comes fair. You'll soon know about a year or so and then the truck that we hope to introduce this summer, we spent a lot of time designing a truck so I think it's going to be cool and I think it's the coolest car I've ever owned. I have ever seen him be frank. I think not everyone made sure of that opinion, but worst case scenario we'll build a normal looking trucker, no problem, we know what they look like, so this is something that if you're driving it down the road, it looks like which came out of a sci-fi movie, so it's going to be really cool, and then the semi-truck that we hope to go into production, you know, hopefully towards the end of next year.

A lot of this also depends on our ability to make a lot of cells and a lot of battery packs, so there's not much point in adding complexity to the product if we don't have enough batteries, then there's no gain to your complexity, so we're equalizing. the product launch according to the scale of battery production is really the main limiting factor and then as we scale battery production to very high levels, we actually have to look further down the supply chain and we could enter in the mining business. I don't know, maybe yes, at least a little bit, so we'll do whatever it takes to make sure we can scale at the fastest pace possible, so at this point we're going to have a day for battery inverters and systems. of propulsion that, hopefully, This summer, before the end of the year, for sure because I think this is a big problem.

I mean, I think if I were an outside investor, I would really focus on two things: what is the timeline for fully autonomous driving and what is it. their plan to scale up and produce batteries and reduce the cost per kilowatt hour, those are basically battery cells and full autonomous driving, those are the two strategic things that are of most importance haha ​​exactly, so these are questions that were asked online and then uploads, they are actually very intelligent questions that impress me a lot. I think it's like this, let's say it's a comma or let's say don't say anything and yes, so this is a key question: we have battery production at scale and we combine it with demand for vehicles because what does it say something about it or we don't like it too much the cat out of the bag, but yeah, still in the bag, I mean, I think it's okay, I mean, those are exactly the right problems that we need to solve at scale.

And they have to have been for some time, but it's more obvious now than I think it ever was that we need a large-scale solution to sell output, yes, and get the cost per kilowatt hour lower and the density of energy is higher, yes, and we are not. sitting, yes, we are not sitting idly, we are taking all the necessary steps to be masters of our own destiny here, technologically and otherwise, and I think you know that through all the experience that we have developed with partners and, otherwise, we have a we. Will we have solutions implemented?

Yes, good question, what aspects of battery production will be integrated? Maxwell Maxwell. We think this is actually quite strategic, but we'll leave the details for battery and powertrain investor day. There are some very important technologies. I think that will have a big effect on the cost and scale of cell production, reducing the cost and capital needed to scale cell production. Absolutely yes, sometimes a little optimistic about deadlines, it's time you knew, it's time you knew. yeah, optimism about what's up with what are you doing this if I wasn't optimistic, geez, so you know, I think we've actually advanced to someone in early access right now and we're making constant improvements, it's close to amazing.

It looks like it's not quite there but it's close, it turns out there's a lot of complexity in the parking lots so it would be very easy if you were in open land and some of the cars were driving towards you, that's not a problem but if you have to navigate through a parking lot and effectively you are going through a maze with a lot of obstacles and people moving and cars moving, that's pretty complicated, so it fits, it's close to being magical, so if you know if you feel good about this, it will be release widely soon, yes you want it to be good, I mean yes, yes that's the simplest answer, it has to be amazing, totally amazing and super safe, so you know they can't be, you know we don't.

I don't want to hit anyone or that would be bad so it's tricky because if you make the car too sensitive then it gets paranoid and then it doesn't move and then you want to make it too aggressive so the threshold is actually more convenient for some in their car or walking in their car and if it is more convenient to walk to their car, someone is not as useful so they have to move reasonably quickly, certainly faster than they could just walk there. test insurance status, we are pretty close to being able to publish it, we have a small acquisition we need to complete and a bit of software as well, but it will be a long time before we publish it, there will be a van event at some point, probably at some point of this towards the end of the summer, I guess we're trying to create something here that's really new and not just a derivative of every other vehicle on the road, we're trying to create something new and it's not just basically a copy of the form factor of everything else, but you still want it to be great, it's very difficult, this is a very difficult thing and our goal here is to have something that is more functional than an F-150, which is a great truck and a tough Stanley.

I call it a tough vehicle to sell in the US, yes, but it's also a better sports car than a basic 911, so it's tough, but it's physically possible, so I think we can do it. I think Tesla could write trust in a sexist love. I think we would have to have eight different antennas for StarLink because the star antenna is actually probably the most advanced phased array antenna in the world, including the military one, but it's about the size of a medium pizza, so the We find it for trucks and RVs and airplanes and any kind of home or business or something like that, but it would look a little weird on the roof of a sedan, so I think we could make a smaller antenna and maybe use that, but I think I think .

Most likely, we will continue to depend on cellular networks. The value of the star link is that it provides low latency, high bandwidth access to dispersed areasand moderately dispersed. We would like relatively low density areas to be seen, so we like that. Basically rural or semi-rural areas, places that don't have connectivity right now, so I think it's a pretty good system, but it's probably capable of serving three to five percent of the people in the world right now, that's a lot. of people because of all the people in the world, but it's really not ideal for high density cities, it's really to serve the answer, the underserved or poorly served is what we're worried about, we're going to have tiny windshield wipers, I think in reality probably Most likely just applying some hydrophobic coatings will solve this problem, so we have this problem with the front radar where ice and snow can build up on the front and then the radar can become obscured, but if we apply just one hydrophobic coating slim. of water repellent coating, so that usually solves the problem, so probably something like that was you know, clean it, clean the snow off the camera, so we feel good about the demand, you know, I think it's not a problem Importantly, profitability is always a challenge if you are a fast-growing company and I think the scale at which Tesla is growing is hard to appreciate, but last year we doubled our fleet, so we made as many cars last year as throughout our history and This year, you know, it will be quite similar, at least sixty to eighty percent growth of the total vehicle fleet did more than that, so it is difficult to be profitable with that level of growth we could slow down , but that would not be good for sustainability and the cause of electric vehicles and solar energy and storage in the laboratory.

So, you know, I think we can be cash flow positive despite having a very high growth rate and then what would an upgrade to ride sharing have? I guess then we could practice a ride sharing fleet with people and then that would be good to discover things that will boost the mobile taxi fleet in the future. I mean, this might make sense. I'll probably do something like this. It probably makes sense. Yeah, okay, kind of a supervisor on the tax rate and then yeah, we're happy to answer questions for the audience. Okay, yeah, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha , ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha , ha ha.

Tesla for a couple of years now I have been trying to buy more shares as often as possible. I truly believe in this company, its products, its mission, its leadership. I want to do it. I feel privileged to be able to join my luck with you. and I want to thank you and the entire Tesla team for all your hard work and dedication. My question concerns Tesla energy. I have read several analyzes that conclude that the major obstacles on the path to sustainable energy are the transmission of electricity over long distances since renewables are used. Production and capacity are concentrated in certain regions, being able to efficiently transmit that electricity to other regions seems to be an important part of the equation.

I was hoping you could share some of your thoughts on this part of the equation and if it might make sense for Tesla to one day get involved in electricity transmission. Thanks, yeah, I think that's a big part of the value of solar roofs or retrofitting solar on the roofs of homes and businesses and all that, so that you can have localized power generation and then you have battery storage. which is also very useful for stabilizing the grid so that you can produce excess power during the day and then release it at night and actually use the power tools and power packs as a massive grid for grid stabilization. grid and to provide power by essentially flowing it back into the grid and that word make will make a big difference in reducing the need for long distance power lines.

I think very few people want more long distance power lines, they are generally not good, don't seem like it. It's a little disconcerting to drive under them and that sort of thing, so you want localized power generation and then you don't need to build more substations and long distance power lines. I think that's the answer, plus storage is a really great way to improve utilization of the existing transmission network. The transmission network is like the highway system, it is rarely busy, so what can be stored is to keep it busy all the time to get higher network utilization.

In fact, I think the existing infrastructure could be quite interesting for utilities and we have done many large-scale utility battery installations, especially the one in South Australia, which significantly exceeded their expectations and we are going to do one. There are many others. projects in Australia and around the world and we've done some very large projects in California, so I think energy storage, as Drew points out, is actually extremely important and you could probably put power packs locally at the substation, if You know what a substation is like, where the high power lines come in and then it drops from, say, eleven thousand volts to four hundred volts or five hundred and then it's distributed to a community, so if I see a bunch of strange looking electrical equipment with a bunch of high power lines going into it, called a substation, but in that same space you could put several power packs and then two grass spots when power usage is low, like for example by the Night falls considerably, so the power packs can be charged and then discharged during the day and then we needed to build additional substations and power lines that were very detrimental to the communities, that's exactly what the Southern California Anderson project was.

It was outside the substation activities, I know, so it is a good proof of existence, yes, 20 sir. China, Pelley's shareholder, is a place where there is a lot of automotive action at the moment, there is a lot of volume there, a lot of growing markets and they have 60% of the Eevee, so I want to ask you about the Giga 3 project and its goal. The building you're building for me is a Fremont-scale operation, maybe a little larger, and last year you said it was a goal of 500,000 units per year, which seems a little low to me because, of course, I think for a company for a country like China. and that would give us like 29% if the other player suppliers, product sellers, keep saying what they won't do.

Also, if we are in volume, we go to higher volume, we learn more and we reduce the cost, that is good and we also connect with the supply chain is very powerful there, you know, advanced electronic batteries for automobiles. Panasonic cats. All the Samsung LG people like that on the demand side without import tariffs. Our cars compare very well to all other products. Yes, and the Chinese like the Tesla-style range of luxury quality. So it's a plus and they need help getting rid of the smog in their cities, so maybe we could even export from that factory to other Asian factories.

So why was the target set at 500? Do you think we in China are being aggressive enough? Oh man. You have seen in the past factories being built in China. I mean, I've never seen anything built so quickly in my life. It's pretty epic, oh why not? Yeah, okay, okay, well, we can't spend money too quickly. You know we'll run out. So it's like, yeah, I mean, I think in the long run that factory will probably make over five hundred thousand, so this is kind of an interim goal, maybe it will make a million or more in the long run still, but then we should probably consider it. , perhaps given that China is quite large geographically, so it may make sense to have factories in other parts of China to reduce logistics costs, you know, a very big impact on the capital efficiency of any company is the timing from that you receive the raw materials until you build the product and then you take it to the end customer, so if you can compress that time to where ideally I mean the ideal circumstance in which you receive the paint for the car. before you have to pay for all the ingredients of the car, the faster you grow, the more capital you will have, so it is very important to localize the production of the product and have the supply chain nearby and that everything moves very quickly because because then you can really scale and the faster you scale, the more cash you will have, while the counterpoint is if you have to pay for all the ingredients long before you get paid for the car, which is currently true for reasons outside the US because We have to put them on a ship, clear customs and then transport them within Europe to China, so our production outside the US is a challenge from a cash flow standpoint because you have to pay for everything. long before we get paid for the car, etc.

A big advantage of local production in China in Europe will be solving that cash flow gap Daniel and II. I am in the public real estate investment industry given the continued need for supercharger expansion. I think there is an opportunity to partner with an audience. publicly traded real estate company to buy the land Tesla wants for the superchargers or even to buy land. Tesla currently owns four supercharger structural leases to initially cover the cost of maintaining the land and, through my experience in public real estate, I believe there would be a strong demand to invest in the infrastructure necessary for each charge, which effectively stops Tesla would aggressively fund and accelerate the expansion of Superchargers while preserving Tesla's capital.

That would be of interest; Well, most of our supercharger locations are actually free or rented for a low price. So we actually get paid sometimes with what I think you provide the capital for the right equipment, even when you get it for this. I'm not sure if it's a lease or not, but even cell tower II is they have leases. on the ground and then rent the equipment, so even your equipment could be financed. I think through a publicly traded real estate company. Well, I think that's essentially like adding superchargers to the asset-backed lineup. It's a bit complicated when it comes to finances.

Companies generally say what the worst-case resale value of that is and it's kind of hard to say who they would resell it to and I think that tends to be their projection, but generally I think the capital efficiency of superchargers It's pretty good and it's getting better, so I work in the industry. If you have any questions, I would love to answer them. Hello, my name is Dennis McAvoy and I have been a happy owner of the Model 3 and Model S since 2012. I believe I am representative of the vast majority of Tesla owners who were very happy with the company and the product and believe that the next The car we buy will be another Tesla, but that's not what we read in the mainstream media, you know?

If that was your only source of information about Tesla, you would think that they are crappy cars that spontaneously combust and that the company is on the verge of bankruptcy and we know that's not true, but it's not true, it's not true, but I. I think it's a painful test because I have smart friends who are putting off buying Tesla cars because of their concern for the company's future. The company has done a fantastic job solving the big problems they faced in manufacturing and engineering and my question is what is the problem? I plan to put more energy behind marketing communications and address this issue head-on so that the truly great American success story is told.

No, it's true, it's true, what you say is very distressing, it makes me sad, but I'm not sure what, yes. you know what to do about it, we provide a rebuttal, but then you know it's usually buried like seven paragraphs down and if it's there, but some of this stuff is incredibly crazy, you know it's at least ten times more likely than a gasoline or a combustion engine car is in the name, I mean it has a highly flammable fluid that is designed to burn and this there are about 200,000 gasoline car fires a year in the US alone and you know that there it is extremely rare for an otezla car to catch fire and if it does it is incredibly rare and used due to some extenuating circumstances it is very slow and almost never harmful I mean what would you rather have like a cell phone that runs on gasoline or a cell phone that runs on battery?

It was a no-brainer, I know, so put the same kind of energy into solving this problem that you put into solving thebattery module production issue, I could do it, I could change the narrative, well, we're really doing our best, but I am. So, a little lost, it's not like we don't respond or anything. I think it's a documentary, yes, it's the craziest disinformation campaign I've ever seen. Yes, I'll just say that I appreciate your optimism and your passion. the company and I think that's probably the best asset that you all bring to the table and if you can share that with everyone you know and give them the personal experience that you've had and in any way that you can, that's really our best defense so please continue doing it, it seems like yeah, safety, especially I mean it's paramount first, it's like the absolutely paramount thing to maximize the safety of the car, so it's like that and this is confirmed in the statistics, so it's like that.

It's really difficult to have a serious injury in a Tesla, since it's not, it's quite rare and you know, when you look at numbers like the nitsa probability of injury, which is what you can get on the Internet, the causal help, the lowest probability of injury. any car I've ever tested, if it were possible to have a six star, we would have a six star, it's like it's literally absurdly safe and yeah, it's something you know, there are a lot of forces that are like a raid against Tesla, you know there are a lot of forces, so okay, it sounds good, we will give you the information and you can spread it.

I mean, they're the reason I sell a Goethe is really because of you guys and They're kind of customer testimonials and referrals are the key to our sales, that's why they're good. Thank you Ilana. My name is Steve. I have been a shareholder since 2012 and have owned your vehicle since 2013. I have enjoyed both trips. It's kind of a rollercoaster, that's true, but I actually enjoyed it in 2012, okay, yeah, just from this gentleman's last comment, it's obviously on your mind on a lot of people's minds, so I'm just going to do a little suggestion. The constructive answer is so challenging and maybe a little opening would be that there are some people like Michael Bloomberg, who is obviously a titan in the media industry and also very, very publicly expresses his concern for the environment.

Maybe it's not a debate but a discussion. Joint discussion to talk about public awareness of climate change. I think you understand the point I'm trying to get at and how something public would be like. There could be other people I met last year. Arianna Huffington expressed her concern for your well-being. -I'm sure I think your well-being will be better if people think that really the biggest problem with the media and I shouldn't say the biggest problem is that, sir, there doesn't seem to be anyone in the media who is pointing out what other parties in the media are doing it effectively completely false narratives get police escort for the public no one talks about it so I suggest you meet people like Bloomberg or Arianna Huffington sure that's a good idea yeah I mean , strangely, there have been far from quite a few negative articles on Bloomberg, but if maybe talking to Michael Berg would be very helpful, I agree that we need to take action here, I think we will definitely provide people with clear rebuttals of the misinformation , that's a good idea because we've done it little by little, but we don't really like a page that simply debunks myths.

Know? Could you put it together from a series of comments we've made over time? But we could put it all together. a page and somehow debunk the myth, that will be pretty good. Hi Ilan, I'm John from Irvine and seeing that the Model 3 is so successful and the solar side of your business is coming up, I was wondering where you see Tesla at in its mission to accelerate Adventist Anil transportation and what obstacles or enablers you see? going forward in that mission, well, I think we've really helped convince the industry of the order to move towards electrification, you know, when we started.

I mean, I like, you know, that kind of chunky, chunky stuff. I mean, I thought to be clear. I always felt like electric cars and solar were important from when ISM, you know, freshman in college and I always thought they were just going to happen because obviously it's the right thing to do from a physics standpoint, but this isn't it's guaranteed and actually, you know, surviving the weather III tracked Tesla back to 2003 with JB and I having lunch and El Segundo just with So I was in Yeah, yeah, that was a good conversation. Well, I mean.

I think we've made some pretty amazing progress and Sunnite we didn't know we didn't imagine exactly how this would play out and exactly being here and standing here at least I didn't know. I thought we would surely fail, you know, like the night. but it needed to be done, I mean, it was clearly something worth doing, even if the odds of getting to where we are today or even if you know 10% of that or 1% of that we are slim, it was still worth it. It's a shame to do it, but it's amazing to see Eevee driving, you know, on all the roads in all the places.

It's amazing, but it's still 1%, so we know it's rewarding and it's amazing to see how far we've come. There's still a There's a long way to go so we can't I don't feel mixed emotions, we shouldn't pat ourselves on the back too much, definitely not, but you know, in 2003 2004 there were people who thought they were electric cars with the stupidest thing that has ever existed. and it's definitely not going to work and we're bad in every way and we thought it was like a milk float or something or like a golf cart and they wouldn't like it if it didn't look good or go far or go fast or you know there would be something bad in every way and they were like that, you know, that's how it was in general, so you know they like how many times we talk about the media situation today, which is very negative. but it's almost always been negative, this hasn't really changed since 2003 and I mean, yeah, I mean, I bet you can go back like 15 years and it's like, oh, he tells us the dumbest thing that ever existed or that will never succeed and then because it's like well, you know, I think there's a good chance that we won't succeed, but it's worth a try and and and and now I think almost every car company has announced electric cars and some have announced that all of their cars will be electric.

You know, at some point in the next decade, this is a good thing, and on the energy side, to complete the picture, I guess I would briefly say that 100 percent renewable grids were in a similar situation, I would say in 2003, and Now both Tesla and several other partners that you know in this effort are having success and taking over entire islands, you know parts of nations are 100% renewable and that shows the growth in that other key aspect of the mission and yes, that has been personally very rewarding and then for JB. Also, because in 2003 he was the TA for a class I was talking about, it goes back a while, yeah, exactly, solar and battery storage, yeah, that was like they laughed at that too, but it's obviously the The key to a sustainable future is, I think, mainly solar energy, obviously with wind and geothermal energy, but things that are sustainable in the long term and then you have to have battery storage because, in general, sustainable energy like the Sun It doesn't shine 24 hours a day, so there are batteries that are so similar to the three elements of sustainable energy, future electric cars, solar energy and battery storage, that's why we are trying to advance that as quickly as possible. possible and then I think when we show that it can be made other companies try it. do it too and that's great.

I know I work in media relations so I'd love to help first, Elan. I just wanted to congratulate you on the Stephen Hawking Medal for Science Communication. My question for you is as a horse owner. I wonder what the towing capacity of the truck is? I sure didn't mean to insult the previous forces. Mother also remembers that it will be this way if it is designed to match or surpass an F-150, so if an F-150 can tow it, then the Tosic truck. the trucks are revealed to do it thank you thank you so Ilan we're in about 90 minutes.

Do you want to answer one more question from each side? Yeah, yeah, a few more questions because we're high. My name is Caleb Belson. I recently got my model 3 and I'm happy it has the 3 hardware, so I watched the Investor Day on autonomy and you talked a lot about the FSU chip, the neural network, we didn't talk much about the gap between autopilot navigation as of today until the end. 2019 I was wondering if you could explain a little bit about where we're going from now until December January February. As for the features, it's already working in your car, it's like the demo, let's choose it or whatever it gives you.

Confidence that the function is complete, hands-free, but delicate, is possible and what can get us a little excited about what that will look like? Thanks, yes. I mean, we don't drive like the latest development version of the software, you know. You know, it can get me from my house to the office, but not with, but sometimes there are interventions, so it doesn't perfectly address every intersection that you know or every curve and you know, I think it's possible, but obviously. you just like to get the system and make it perfect for a particular route, then that will work on that route and then if that rap changes or this build then it won't work, so it's very difficult to come up with a general one.

So when you read about these other autonomous vehicle companies, the problem is that they have very specific solutions but they are fragile, they depend on very high resolution maps, a lot of LIDAR and high precision G, really expensive. of GPS and an inertial measurement and, but still, it's just not a general solution and if they go off the path that they're used to, they don't, they don't work, so you know, we wonder when to launch something that we're launching to a custom, you know, to five hundred thousand cars and around the world, so it has to be a general solution, so our progress may seem slower than it really is relative to others that We are developing technology of autonomous driving, but I actually think it is much more advanced because whatever element we launch is a general solution.

There's also kind of a plateau that you'll reach by taking, yeah, the alternative approach that you just experienced with the team, a lot of work before investor day, like the trajectory is crazy, especially with the advanced computing power that we have, so That's my personal comment on the matter. I guess so, we learned a lot from you guys in terms of, what would you do? Retrain the neural network to do it and then once we find out that it's okay, we need to train it so we need a network that likes to recognize curves really effectively, for example, and previously we trained the network in free space , so now it's free space, whatever you can.

Go ahead, that's not for the car, but this is not comfortable if you just drive like dirt. Hey, you know, the car just drives on the grass and technically, yes, but this will be disruptive, so we like Road Edge. and the curb are two training steps that we are developing right now to say that this is independent of the traversable clearance, so you want to know what clearance falls in an emergency, so if you need to go to the shoulder of the road to avoid something. So, okay, driving with clearance is important, but you also need to know where the true road space ends because you don't want to go beyond the true road space and especially in parking lots and tight turns, just recognizing the curves, these are small details that make. they are very important, but I mean I have most of us working and I like to do the development version that is in my car actually to develop ranches, one for enhanced summoning and one for fully autonomous driving and two different cars, but it wouldn't be like that.

It would be nice to release this to the general public. I think hi ylan, hi J, I'm the Tesla team on the Tesla dashboard, big fan. Best wishes and lots of love from India. Oh thank you, yes you have a great team and you are the problem solvers, thank you. for persevering through financial intellectual business problems and just oh, you're a visionary and a leader. Thank you so much. It makes me smile when I hear AG wine, well, pointing out. Tamar says it's what needs repairs. of a planet, yes, values ​​for your employees and all the fans, thank you very much for all that time to ask a question, what do you ask this team that has put a roadster in damn space, so I don't really have any questions ?

At that part then I thought to myself No and I always felt bad for Nikola Tesla, who has been a great inventor of our time and for a genius that he has been, he was always limited by the funds to carry out his experiments and howresult were lost. History repeated itself much more. I don't know, maybe, but it's up to us not to repeat the same mistakes and find that this Tesla this time makes an impossible reality, as Uncle Ben rightly said. With great power comes great responsibility for people and organizations with great balance sheets you have the power to invest and make a difference and therefore you have the responsibility to do so, it's time for big companies to come together when it comes to the well-being of the planet and the sustainability of future generations and, speaking of large companies, who knows more. than Berkshire Hathaway to choose a great company, as the market paradigm has now shifted from buying profitable companies to buying companies that are innovating and changing the world for the better.

I ask Berkshire management to consider investing in Tesla for the long term why because they want insurance they have it you want cars they have it electrification they have it utility they have in robotics it is their right what do you want they have it like this and because there has never been a better opportunity to the world and there has never been a better buy price for Tesla in 2019 than right now, finally, congratulations in advance to all the Tesla shareholders who sooner or later will be co-owners of this multi-trillion dollar giant and to Elon and his team Thank you very much from all of us and from the future. generations who will want to thank you and your team for all the great work you did, they will, regards, thank you very much, I thought that question could be asked, so I know, I hope, I hope that the regulation exists soon for or I like it The rules for importing into India are a little bit complicated or yes, we definitely want to come to India, but they are complicated rules, like the tariffs for importing and then what you are allowed to do as far as sales and service.

And you know, currently we can sell as many cars as we can make, so there's no need to add additional complexity right now, but I think we really want to come to India as soon as possible. as soon as we can, I think I'd be very surprised if we're not there next year. I think it will be at least next year. I think so, hello, good afternoon, my name is Jennifer Bear and I'm here on behalf. from PETA People for the ethical steering wheel, you got it, so during last year's

annual

shareholder meeting you assured us that the model cited would not have leather, including the steering wheel, if you have a final quote for the steering wheel, we have tested it.

We confirmed this privately, but we have been met with silence and the website does not specify this. We also understand that all current Tesla models come standard with a leather steering wheel and must be special ordered to be vegan. That's true, as you know, the United Nations reports that animal agriculture, which includes the leather industry, is responsible for more greenhouse gas emissions than all of the world's transportation combined. Higgin Dex has found that in terms of water scarcity, climate change is fine. I totally agree that this question was asked of my team earlier this week and I think we are close to having a non-leather unheated steering wheel.

There are some challenges when we heat the non-leather material and also how well it wears over time, so it really has to be very durable. Because there's a lot of stuff like basically having a lot of oil and sweat and stuff on our hands, it gets a little unpleasant if you don't have the right surface treatments on the material, so it's an easier proposition to slow it down. seats than the steering wheel, so it's actually a big effort to fix, but it's something we're working on and hope to release soon. It's fantastic, so can you confirm the model?

Yes, can it be so and that all Tesla models will be free of animal products by next year's shareholder meeting? I don't know, you know there might be a little bit left. I'm not sure, but model why model three is fine, I think I'm confident. We have a lot of things to figure out, but I think we can secure the Lemma I and Model 3 soon and you can also special order the S&X. Thank you so much. Hi, I'm Dan, I just have a quick question and it's that you've expressed your frustration. I think we're all frustrated with the media narrative about Tesla and you've expressed your frustration and by refuting some of the false information that's out there, you know there's another alternative that's proactively. advertising and my question to you is: is there any idea to review the advertising decision?

Thanks, sure, well, you know, I was saying that we're currently selling more cars than we can make, so it's not net advertising spend that would do things. worse financially and they are sure that it would probably increase demand, but we are made, we are selling more cars than we can make, so that is not a necessary thing at the moment and we are trying to make as many as possible. cars as possible, so yeah, you know, I think I like advertising, I really do III. No, I've had an aversion to advertising because this is like there's too much falsehood in advertising, you know, it's like there's a lot of falsehood.

The association was like they had a bad product and then you know, put it in a good environment, which is good to look at people and trick you into buying it is common, and you know, some of the advertising can be quite strident, so she tends to be a little mean, so yeah, she's rolling for that reason, but we could. having advertising as information to refute some of these problems is complicated, however, because if you have an advertisement that says look, our cars don't catch on fire, this is nonsense, then people like it. I think if a car is really on fire, they're like what's what.

This is happening because there are so many deceptions in advertising that perhaps the opposite is happening. Why wouldn't you say that we are against advertising forever? Yes, but it hasn't been necessary until now and yes, yes, it sure could be great. Yes, well, definitely, let's think a little. There are some good suggestions. Thank you. I'll ask one last question. Last question. Yes, let's press. Hello everyone. I'm Lux. One day I have a really interesting question: Will Tesla make silent cars? Yes that's how it is. When do you like to go like a quad or something? Where do we return the car?

The water car is in, but a black girl or a submarine isn't really right. Do you mean a car that can go into water basically over or under or both? water, it's funny, I should mention that we actually have a design for an underwater car like the spiral mine, the Lotus type that turns into a Saab and it's actually weird, I thought it was the coolest thing ever. had seen. movie, so I actually have that, but the ones in the movie now that one can't transform because it has like fins where the wheels are going to work, but if you make it a little bigger then you can have an underwater car, it's technically possible.

I think the market for this will be small, so it's moving with enthusiasm, so if we really have a design for this underwater car like that, it would be quite difficult, it wouldn't be a distraction, I think so, but maybe I'll do one as a show car at some point and then we'll remove anything that's really fun, so thanks. Thank you.