Join The Community

Live Blog 2012 Shareholder's Meeting June 4, 2013

Summary of


1. Product architecture 7 years with refresh at 3 years and redesign at 7.
2. GEN III will have the form-factor of the Model S and will try to have autopilot.
3. Gross Margins on Gen III will be lower than the 25% projected for Models S and X in order to increase market share and improve affordability.
4. minimum 40,000 units/year demand
5. going from 34 Stores and Galleries to 50.
6. Lot of opportunity in middle America
7. Will have 70 service centers which will soon show up, prior to opening, on
8. Model X doors will have pinch strips and proximity sensors.
9. End of 2016 will premier Gen III
10. Elon thinks there should be an incentive program for Tesla owners who "sell" cars to their friends.
11. Quick charging is the final announcement and there will be a LIVE DEMONSTRATION on June 20.
12. 120kw charging speed is not the end of the improvements to Supercharging.
13. Zero rent or tiny rent for Supercharging.
14. Expand sales, service and supercharging to rest of world middle of 2014

Standing room only.

Lisa Brenton has been appointed as an inspector of elections. Computer Share has certified the proxy materials.

90% quorum online already, so vote was superfluous.

Elon's presentation will now begin.

We wil try to adjourn around 4pm

Elon has a VERY short haircut.

I think things have gone "pretty well". (laughter from audience)

Many chose unwisely to short our stock. I presume those people are not here today. (laughter from audience)

Elon discusses the Model S bought by Consumer Reports. Funny how they didn't break down once. (laughter from audience)

The reason we didn't get a 100, not to quibble, but CR said there was a problem with rapid travel and availability of charging.

We are going to address those issues.

$760,000,000 in Cash* is on the screen behind Elon.

"even if you are flying at treetop level, you don't have a lot of margin for error"

US demand 15,000 units/year demand
30,000 overall world unit/year demand

Cars will be on boat in June, delivery in July.

Q4 shipments to Asia.

Extrapolate world demand at U.S. levels x3
minimum 40,000 units/year demand

First thing Tesla owner's do when they meet him is to tell him how many cars they have sold.

By end of this year going from 34 Stores and Galleries to 50.

Even bigger expansion in the service center side.

The biggest obstacle is people who ask if there is a service center nearby.

Need to do something about the 405

Live video feed here:

(Rewind "DVR" button visible at bottom if you hover over screen).

There is a lot of opportunity in the middle of the country. Sometimes people underestimate real demand in the middle of the country.

[Now showing the Supercharger video]

Thanks @BobW

Should have included the link.

One of the things we raised capital for was Superchargers.

References taking a road trip to NYC at the end of the year with his 5 kids. References Chevy Chase Vacation movies (audience laughter).

SamoSam, thank you

Model S Deliveries >21,000
Q4 gross margins 25%
Showrooms ~50
Service Centers ~75

Model X still late 2014

Addressing the Minivan and SUV markets

Falcon-wing door has the smallest opening where you can open a door.

There will be a pinch-strips and won't squash the finger. Will have proximity sensors, so you don't have to worry about it hitting the roof of your garage.

If you are shorter than 6'3"-6'4" you will be able to stand up in the second row.

Second major innovatoin is intelligent AWD. Can direct power at the millisecond level. Adjusting the torque from front to rear.

If you went over ice or oil, you would be able to distribute power just in time. Unlike a mechanical linkage which has significant latency.

Handling of a sport's car, looks great, but more functionality than a minivan.

EU Version
APAC Version

Model X

3rd Gen

End of 2016 GEN III

Q/A Starts

Any plans to add noise to the car?

(oohs and ahhs close to boos, but the lady was old)

Avoid noise pollution. (starting claps)

Sensible thing is that long term you have proximity sensors that direct pleasant sounds toward people and only going where it needs to go.

Q: Why have 2 board members been replaced.

A: One board member was a Daimler replacement.

Abu Dhabi 7% owner transferred to TACA? Then TACA sold at $35, probably not wise. (laughter) I urged them not to but anyway . . .

X Deutschland Site Besuchen