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hey everybody I'm Zach and I'm Jesse you're watching the Tesla Q3 2024 earnings call next on in-depth I think that this is the first earnings call where it's kind of come out that Elon doesn't really want to be running a regular car company anymore I think you're right look Tesla is going to start selling autonomous cars whether you like it or not uh they're already selling autonomous cars or cars that will be capable of autonomy but someday they're going to make autonomous cars I shouldn't say sell cuz they might not sell them to anybody that's true and and he did give an update that we're going to talk about in a few minutes about when that's going to happen of when the cars are what he thinks are going to be fully autonomous but you're right it's kind of like um when you go to school and you do book reports for years right and after you get out of school it's the last thing you want to talk about is right hey want to write a book report you've learned the skills in school on how to write your own book and you're excited about writing your own book about life not just doing book reports and I think elon's tired of producing regular cars if he's going to make a regular car again it's going to be the Roadster otherwise he wants to be talking about autonomous cars entirely and so this kind of leads me to that question that we saw from SE um and these are like the top 10 say questions and and the number two question was when can we expect Tesla to give us the $25,000 nonroot taxi regular car model and he said we're not making a nonroot taxi model the future is autonomous he said my strong belief is that this will be obvious in retrospect the future is autonomous vehicles and so just like horses are unusual today you don't generally see them walking around that'll be the same thing with nonautonomous cars he thinks it's blindingly obvious and he said basically to be clear there will be no cyber cab that has a steering wheel and pedals so if you had that stuck in your head well I'll just wait for that car no there is no model 2 like in the traditional model 3 sense it's dead there is no Dana there is only a zoom if you want that car it's a model 3 and this is exactly what we're talking about here I think that this is like people asking Steve Jobs oh what kind of keyboard are you going to have on your iPhone and that's me honestly I thought that all smartphones in the future would look like blackberries and I was wrong and hardly anyone could predict that we would have smartphones that look the way that they do because how do you get the data in without a keyboard and it's like but it won't feel like this and it won't do this and it won't do that and blah blah blah blah blah it'll get dirty blah blah blah has it ever come up that you've ever gone like oh need a keyboard no not really we've all adopted the smartphone without a keyboard well here's the other part when he ansers some of these questions when he gets deep into it I know that it seems like he's gone off topic but I want you to pay attention here he said the hardest part about Tesla is that you'd have to copy the factory you know you're not just copying the car like the Cyber cab the hard part about the Cyber cab is also the production of it is is going to be so much faster and basically he said it's going to be half an order of magnitude better than other car lines half an order of magnitude so five times better so if you were tasked with that today at VW or Ford to make your car lines five times faster or better or cheaper you couldn't do it and another point in this call said that basically there are no profitable EV companies besides Tesla not even any profitable EV lines or departments so if you think of you know the model e over at Ford they can't do it profitably I mean I just want to mention that if you look at the stats I believe the average the Tesla is making per car is $8,600 think about any other electric car that you see on the road they're very likely losing money on that car mm that's absolutely incredible I know that normally we're talking about like oh let's talk about their profit numbers let's talk it doesn't matter anymore okay do it Tesla at this point in time is simply a Launchpad for the next part of their company and you might be going like what I care so much about the numbers and I care about the stop thinking that way Tesla has built themselves a nice launching platform to make autonomous electric vehicles and Tesla has done this before okay if you're like what Tesla's no longer this sort of company and they're changing the model S was never going to revolutionize electric transportation if all Tesla sold was Model S's and model X's the world of Electric Mobility would remain roughly the same as it did back in 2010 just like lucid and rivan today it just it wasn't going to make the big dent the big dent came from the model 3 and the model Y and the model 3 and the model y could not have happened unless the model S and the model X were successful and created a small platform for Tesla to build and then create the model 3 and then the model Y what the model 3 and the model y have done has created a very nice aable launching pad for Tesla to spend an ungodly amount of money on figuring out how to make autonomous vehicles possible now that they have done that and they are very close it seems that they are very close I have a car that can drive me around and most of the time I don't have to do anything that hasn't happened before in history no other car company has done this even companies that are supposedly fully autonomous they don't have the ability even if they are successful to do what Tesla's going to do and that is to make the cars cheaper so there's so many different aspects all coming together I just want to show you this chart this is what Tesla is spending money on yeah this is annual research and development going back to 2013 and normally all we talk about with Tesla is what they are earning what's the revenue what's the profit this is what they have been spending and so take a look at that yellow part of the bar that is research and development now that that has been a big chunk of what Tesla's been spending money on this whole time but look how big it is now yeah that's just the first three quarters of 2024 at the very last column there what what are they spending they are spending $ 4.36 billion just this year so far just in the last three quarters that is more than what they spent in 2019 that is more than what they spent in 2018 just overall that is the most insane part of to me and the part that everyone's going to miss because everyone's going to go well of course costs are going to go up that's their research and development it has been scaling as the company has been growing that's the crazy part and that's the part that everyone's going to miss because they don't understand how clusters work we there were two analysts on this call one of them was Pierre faru from uh new new Street research and he asked about Tesla's data cluster and he didn't know what he was talking about neon had to school him on it nobody understands what is going on at at Tesla when it comes to full self driving yeah it's not an llm it's not it's not open AI you can't compare it to open AI but that's all that's all we know about that's all that the the analysts even can think about and that was like a forward reaching question for him they don't know any of this stuff and that's the crazy part you know what's interesting is one of their biggest constraints right now is that the cars don't up enough for them to get data so actually that's their biggest weak point is it the the cars are so good now driving on their own that they have to wait miles and miles for a car to screw up so that they can go oh that's not how it should work and then fix that point and then once they fix that then the car has to go even further and so they're no longer compute constrained that usually was the problem is they have all these miles of data and all of these mistakes that the cars were making and you had to tell a computer hey this was a mistake you should have done this here was a mistake you should have done this now we're getting further and further that's telling you that we're actually getting to the point where these cars are going to be able to autonomously drive one of the things that came out during the call was that Tesla's already basically doing a ride sharing program in the Bay Area so they're just letting Tesla employees use it but they're testing it they're getting the app right they're getting everything right they've been doing it all year so they are really ready for when next year happens and it sounds like they're looking for Q2 of next year maybe Q3 when basically they say the cars should get better safer than humans when that day happens I think they're going to turn on some ride sharing in California and definitely in Texas yeah we got a little bit more information about uh California versus Texas uh California there's far more regulatory restrictions Texas sounds like it's a done deal and Elon said he wishes that the federal government would just pass a law making the whole country you know autonomous able I don't think that'll ever happen but Elon said when he becomes you know what the head of the efficiency Department that maybe he would be able to do something like that so yeah yeah this to me it's a different earnings call it's a different earnings call from the 1010 event we get to see that is the future that Tesla is imagining they don't want to sell you a car anymore and I want to bring it back to this say question this was say question number three which I think that honestly Elon did a terrible job of answering and so did everybody else on the team the third question this is these are voted so this is the third question that all Tesla shareholders want know yeah 2500 votes 1.2 million shares wanted this question answered what is Tesla doing to alleviate long waiting times on service centers and they acted like there was no problem whatsoever they said oh we just want to focus to make sure that the cars never break which is a foolish thing to say in my opinion because the cars are going to go out on the road and people are going to beat them up but what I understood from the answer to this was they're ahead of us on this They Don't Care About Us because they aren't going to sell cars to us pretty soon we've said this for years we've said eventually Tesla will stop selling cars to us and they will be a network so they will be incentivized to solve these problems right now as long as you're happy enough that you'll buy their car they're not going to get much better let me that's what I read from this answer because right now if you have a service problem yes it can take weeks for you to actually get your car in for service and they can talk all about how it's great then they can solve all sorts of problems remotely even gave it he said they want big service centers why would you want that because normally big service center means it's hundreds of miles from you you like to go down the street and get your car fixed Tesla wants big service centers because they won't worry about you anymore because no one will own the car but them we owners are just means to that end and I know that might make you angry but that's I think the whole plan here is hey we don't we can't afford to do this from day one you're going to have to buy our cars and this is why Tesla's service was pretty good in the beginning and then kind well actually was amazing in the beginning and then kind of petered off it's because yeah if you kind of know that these customers you're not going to have to worry about very soon it changes the whole idea of it and that's why Tesla has always been kind of disincentivized of giving great service they've only been incentivized to give affordable service for Tesla cuz Quality Service normally is like oh they give me quality service I'm going to go buy that car again Tesla has Monopoly on selling Teslas right so if you wanted to go oh I'm going to go buy something else let me see I could get a mocky e you're not going to go do that most people don't and so they can be as unhappy as they want at a service center they're still going to buy a Tesla question number five is when will Tesla incorporate X and Gro in all of the Tesla vehicles and you know I was thinking about this they have no incentive to do that yet either because when you're in the car driving you can't use these things very much he wants to give you this the day he gives you cyber cab because then you'll have even more incentive to just go have fun in a cyber cab because X and grock are fun to do and not while you're driving and so he called these things relatively small fry things and I mean I do agree with him it does bug me because I want to have all these fun stuff in my car um but pretty soon it's not going to be my car but I'm going to be spending way more time messing around on the screen in the robo car and so I guess I agree with you Jess I mean we could spend a lot of time on charts and stuff like that but it doesn't matter anymore Tesla's doing great they have plenty of cash it really doesn't matter what they earned on selling model 3s or how many fewer or more they sold they had a great quarter but what matters is the future and if you see that as you do on our investor Club I means if you hit on over patreon.com to support us we have an investor Club there where we talk about these big things every week and if you get it you see that Tesla is heading big big places because any other car company on Earth would be like we need more models we need to have so that way the this kind of person can get their kind of special little car uh Tesla doesn't need to do that what they're going to do is and so you're that nobody can understand it's a car oh I'm a car analyst and the cybertruck doesn't make any sense to me and neither does the robo taxi is going to eat everybody's lunch as soon as I cuz it's not affordable for me to take an Uber every day right what happens when it is what happens when that's cheaper than you owning a car yep and it's way more convenient because you don't have to worry about parking isn't it really fun when your friend drops you off of the airport doesn't it suck when you have to go park and then you come back home and it's $300 in parking fees you go oh I wish my friend had driven me to the airport report that's what this will be all the time that is what we have to get through our thick skulls because this has not happened yet yes before the wheel was invented we didn't use the wheel before electricity was invented we didn't use electricity and nobody went hey G why is no one using electricity hey you know I've noticed that round things tend to roll why aren't we using this for transporting things nobody came up with it until somebody did Tesla is the company that is going to invent robotaxi cars and nobody is going to get it until they are sitting in one right which I think is why the 1010 event was so big so many people's brains kind of went oh and it's time to start thinking about it folks we're going to be talking a lot more about this on disrupted investing and especially over on patreon and our investor Club so we hope to see you there we'll see you guys next time now you know
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