Elon Musks Q1/20 Earnings Call Intro (Transkript)

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Die Telefonkonferenz für Analysten fand im Rahmen der Bilanzmedienkonferenz am 30. April 2020 um 00:30 Uhr MESZ statt.

Elon Musk: Q1 ended up being a strong quarter despite many challenges in the final few weeks. This is the first time we’ve achieved positive GAP net income in a seasonally weak first quarter even with all the challenges we achieved a 20% automotive gross margin excluding regulatory credits while ramping to major products.

What we’ve learned from this is that… we actually learned a lot here… after the Model 3 ramp from 3 years ago, our new products get out faster and become profitable sooner. In Q1 we produced more Model Y’s in the first quarter than Model 3’s in Fremont in the first two quarters. Thus far the Model Y ramp has been even faster than the Giga Shanghai ramp in Q1. Most surprisingly is that we are ahead of the schedule that we were ahead of already. Most surprisingly Model Y was profitable already in this first quarter of production, something we haven’t achieved with any product in the past.

Regarding Autopilot we released a new software update for traffic lights and stop signs to early access users in March and to all US customers with the full self-driving package just last week. Our cars will now automatically stop at each stop sign or traffic lights until the driver gives the confirmation to proceed. I should say the car is actually capable of much more than this but we are only exposing functionality that we feel quite good about and where we feel it is probably a safety improvement.

We are collecting data from over a million intersections every month at this point. This number will grow exponentially as more people get the update and as more people start driving again. Soon we are collecting data from over a billion intersections per month. All of those confirmations are training our neural net. Essentially the driver, when driving and taking action, is effectively labeling reality, as they drive …and make the neural net better and better.

This is an advantage that no one else has where we’re quite literally orders of magnitudes more than everyone else combined. I think this is difficult to fully appreciate. The reason I should say it’s very difficult to have a search engine that competes with Google because everyone is training Google all the time with their searches. So when you search on something and you click on a link you’re training Google every time you do that, it’s quite difficult for any new search engine to compete on that basis. All those confirmations are training our neutral net and soon the car will be able to drive through an intersection without a confirmation as well as to make turns and we’re extremely comfortable to …extremely confident that it will be possible to do a drive from your home to your office most of the time with no interventions by the end of the year. This we can almost do already with the leading edge alpha builds that we are driving in the cars.

On other technology fronts we increased the range of Model S and X yet again, this time to 391 miles for Model S and 351 miles for Model X. It should be said that actually the real Model S range is 400 miles. But when we did the last EPA test, unfortunately EPA left the car door open and the keys inside the car so the car […] overnight and so the car actually went into waiting for driver mode and lost two percent of its range and as a result it had a 391 test. As soon as the EPA reopens for testing we’ll review the test and we’re actually in the confidence that we will achieve a 400 mile or greater range with the Model S, but to be clear the the Model S for the past two months… the true range of the Model S […] two months has been 400 miles. And of course, we’re not stopping now […] continue pushing for improved range over time and improving handling, acceleration and all the little details that make Tesla special.

For Model Y we introduced the revolutionary two piece rear underbody casting that we’re going to be making a single piece casting later this year. Meaning like essentially the rear third of the body is cast as a single piece, which is […]. No casting of the size of complexity has been done before. In fact, there isn’t even anything that is on par with the two piece casting for the Model Y. So we’re really pushing the envelope on vehicle structural engineering and manufacturing. I’m very excited about this approach as it allows us to reduce the weight, the cost and improve. NVH [Anmerkung autoblog.ch: Noise, vibration, and harshness]. It’s better in every way essentially.

With Model Y we also introduced a revolutionary new heat pump which allows the car to have a higher range. So the Model Y has a remarkable range on par with Model 3 despite being a bigger car that weighs more. The heat pump is a key contributor to that. And if this is especially excellent at low temperature driving.

The feedback we’re getting from customers who have received the Model Y thus far has been universally positive. We are confident this product will be our best selling product ever.

In conclusion, and I guess this is a forward looking statement, we are absolutely continuing our Model Y capacity expansion at full speed at both Giga Berlin and Giga Shanghai… and in Fremont when they will let us… continue.

Localized production in China and in Europe will bring the cost down making our […] even more competitive over time. While many other companies are cutting back on investment, we are doing the opposite. We are absolutely pedals to the metal on new products and expanding the company. And we’re really looking forward to being in, sometime next year, a truly global manufacturer with major factories and North America, China and Europe and a capacity of well over a million units a year. So there’s a […] and we can’t wait to tell you what’s gonna happen.