Tesla Cybertruck update, TSLA earnings, F150 Lightning price cut, and more
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And we are live for a new episode of The Electric Podcast. I am Fred Lambert, your host. And as usual, I'm joined by Seth Wintrom. How are you doing today, Seth? I'm good. All right. Surprise, surprise. This episode of The Electric Podcast is sponsored by Pedego. For July only, save up to $500 on Pedego e-bikes, including their newest model, the Avenue. You can find a link to the store, find the nearest store near you in the show notes right now.

Thanks, Pedego, for sponsoring this week's episode of The Electric Podcast. All right, let's get ready because we have a lot of news to discuss this week, unsurprisingly, because it's a Tesla earnings week. We're generally, sometimes they do, sometimes they don't, but they release a lot of information that we're discussing. It was one of those this quarter.

And also a lot of things also unrelated to the earnings or maybe that connects the earnings, but that just came out before it too that is worth looking into. But let's start with the earnings, the Q2. Let's go to the boring stuff first. I say boring, but the financial stuff is boring, but we like to cover it at Tesla, at Electric, about Tesla because Tesla is...

the biggest electric-only automakers out there on top of all the other things they do, obviously, but for the automotive part, there's still a vast majority of their revenue and profit. So their financial health at Tesla is important for electric transportation globally and especially in the U.S. where they own 60% of the market share. So them being financially healthy is critical.

And on paper, it looked very good this quarter. So the expectation were $24.2 billion from Wall Street and $0.80 per share, non-gap earnings. Actual delivery was $0.91 per share. So a significant beat there. And $24.9 billion. So another significant beat also on revenue.

So paper looked very good. A decrease in gross margin, unsurprisingly, because of the price cuts during the second quarter, but not as bad as people thought it would be. They went from 19.3, which was already down quite a bit previous quarter because there was other price cuts that happened already before that, to 18.2. So...

And with the current state that the prices are right now, Tesla is not seen as probably needed any significant price cut in the future. So over 15% gross margin, it looks like it's a lock-in for Tesla. And...

18.2%, even though it's way down from the 20-plus percent it was last year, it's still something that most of the automakers envy tremendously. And not only envy for their current mass-market vehicles, but it would kill for their EVs right now because there's not a lot of automakers out there that are making a positive gross margin on their EVs. Yeah, breaking even is a big deal. Yeah.

So they were able to add about $700 million to their cash position, cash slash short-term investment, which now sits at $23 billion. Not too shabby. It's a nice little treasury that they're sitting on. And there's been talk. I mean, literally Elon announced it at one point that Tesla would do a share buyback program with that money and everything, but this seemed to have been delayed or canceled. I don't know.

So we don't know exactly what Tesla plans to do with that money, but right now they seem to be just a sit and wait type of deal, kind of a la Apple, let's say. Yep. So after that, what came out of the earnings? Well, let's talk a bit Cybertruck because there was a big...

decent Cybertruck detail updates in the earnings, but it came after last weekend, after the last podcast, Tesla surprisingly announced that they have built the first Cybertruck at Gigafactory Texas and released this picture here where the Gigafactory Texas crew sort of hides the truck a little bit, sort of the human camouflage, if you would say.

But the caption was, first Cybertruck built at Gigafactory Texas. So we weren't sure what Tesla meant by that because Electric, we had reported just a few weeks or a month prior that Tesla had told suppliers that they are looking at the release candidates. So production intent vehicles in late August and production in early October.

So to say that they built the first Cybertruck in Texas, it sounds like it's maybe like a very early release candidate type of thing. Because people took it as like production has started, really. And with the update this week, it's sort of confirmed it's not production at all. So if we look here...

A few details that Tesla released during their earnings. It's Cybertrucks remains on track to begin initial production later this year. So clearly not in production right now at Gigafactory Texas. Also, in addition, we continue to make progress on our next generation platform. So that's not much here. At one point, Tesla does refer to them as release candidate units.

We are now testing Cybertruck vehicles around the world for final certification and validation. This might be the most unique vehicle product in decades. With that comes trialing and testing new technologies. So this is good news, final certification. So Tesla is going through the homologation process in the U.S.,

to get that truck certified. They shared a few pictures that you see here. So we see a Cybertruck in mud. A lot of people have laughed at this picture here. The wiper, man. That wiper looks to be struggling right here. Obviously, this is quite some heavy mudding that the truck is doing right now, so it's not unusual to have that kind of spread on the windshield. But the angle of the windshield, too, seems to be like,

It's kind of a... It looks sharp because it is sharp, but it's kind of a slow slope, a bit like the... I don't know in degrees what it is, but that also cannot help with cleaning the windshield, right? And then, obviously, you have that giant windshield wiper that's just on one side that's also more difficult. And...

With the dual wiper, there's an intersecting part of it that like dual wipe in the middle. You don't have that here. Yeah. And also like the spray, where does the spray like when you spray? Is that coming out of the wiper? Is that coming out of the... Probably is. Normally is. So it was only coming from one side. Yeah.

Yeah, it looks like they could do work here. Speaking of the wiper, you have a good look on it here. This looks to be like some equipment that the actual wiper is here. So it's going to like a light like submersion test, I guess, here. Yeah, it's not a great look, I don't think. Neither of those pictures would probably be a good selling point, I think, at all.

Maybe Tesla's... And these are pictures that Tesla is choosing to release. Right, the press release. I think they should probably go back. Because we've seen some flattering pictures, especially with the camouflage. But you know what they're trying to do here. I think the caption of the picture was like, built for real work or something like that. Kind of a play on Ford. So I think they're trying to show like, oh, this is an actual truck you can do things with. But yeah, I understand your point too.

You know, they're still trying to hide the truck in many ways. They posted two pictures of the production line too, but the chassis here on the production line is covered. And I would assume that this is for the picture. I don't think that you need that as part of the... I might be wrong, but I don't think you need that as part of the production process. And here you have another chassis, but obviously just the body in white, you don't have the...

exterior parts that the slice range hide so isn't me or those robots look like they have they've been to war already like the yeah they're not uh sparkling clean yeah kind of weird maybe they repurposed them from the uh my little y line i don't know yeah all right are those paint robots no no no no i think yeah either welding yeah it looks like a welding robot and some suction cups so maybe like they're gonna put the

body panels on him. So wait, are we going to talk about the exterior, so the frame being an exoskeleton? Because we're kind of looking at this thing in the factory and it doesn't look like an exoskeleton at all. Mm-hmm.

Yeah, we talked about it a little bit last week where we said, like, if it is an exoskeleton, it looks like there's something that we're not getting, that we're not understanding. Or either that or Tesla is really stretching the meaning of the word exoskeleton, which normally means outside part that are structural part. Yeah, I mean, like an internal frame, like every other car has one. So I don't know why they didn't bring that up if that's not...

if they're talking about something similar. I don't know. Maybe I don't know enough about this. Yeah, that's my thing too about it. I'm like, maybe something is going over my head here, but if I'm just sticking to the definition of an exoskeleton, it doesn't seem to match to me. The last bit of information that there's a release in the earnings about Cybertruck is, as far as we know, Cybertruck will be the first sub-19 feet truck, in parenthesis, fitting into a garage. We're talking about like a 20 feet garage here. Yeah.

That has both four doors and a six plus foot bed. Sorry, both technologically and architecturally, this vehicle will break a lot of boundaries, very much in line with how we think about vehicle engineering and manufacturing.

So we kind of knew that this was the goal here, a truck that fits in the garage. And the six plus feet bed was mentioned once very early in the production of the Cybertruck program, but not lately. So this is good news. It is a six foot plus bed. The Silverado is five foot eleven.

Yeah, so that's a significant difference. So there's a lot of things that are six foot long that you would want inside a truck. And obviously, like one of the things that Tesla showcased when they first revealed the Cybertruck was the CyberQuad, the ATV. So to fit something like a recreational outdoor vehicle, you generally need six feet. There's things you can do, obviously, opening the gate and securing it differently, but

If you can close the gate behind it, it's just an easy solution. Okay. There was other things about the Cybertrucks too. Oh, yeah. Before the earnings, this is interesting here. And I want to talk a little bit about this because this is something that a few people have talked to me about in recent years that I didn't personally, I wasn't aware of it. And this could be a big deal for a Cybertruck. It's the seat.

Tesla has revealed the seat of the Cybertruck through this video showcasing their bot robot is what I'm calling it. It's a robot that simulates a bot. Robot. Robot. I'm going to close that music really quick. But yeah, what you're seeing right now is basically what it is doing. It's just

doing repetition of sitting inside in the seat simulating the weight of a human being and the impact that it would have on that seat but this is the significant part obviously is the look at the Cybertruck seat that we're getting out of this here and why are they going to be important but they're going to be important because if

If you want a Cybertruck, you're going to be sitting in them and you want them to be comfortable. But another point that I wasn't that much aware of is one of the reasons the pickup trucks are popular in the U.S. There's this running gag in the U.S. that bigger is better, obviously. And a lot of people want bigger things like the biggest SUVs and the big pickup trucks. And the pickup trucks are often linked with like...

Blue collar workers, like you can do things with them and whatnot. But a lot of people know that there's a lot of people that buy pickup trucks and don't use them for what they're meant to be. They just want the pickup truck.

But one of the reasons for that that I didn't know is larger people in the U.S. find the pickup truck seats much more comfortable than most other vehicles. They're just generally larger, wider support. And they don't – the plastic here, like – so I had some of my larger friends complain to me because I kept selling them. They were buying a new car and –

I was pushing them towards a Tesla, as I often do. And they came back to me. And even with the Model X, which is obviously a bigger vehicle, you're like, yeah, it's not comfortable to me because that person was quite large. And they said that the plastic on the side would...

hit them on their sides and they don't they don't like that it's not comfortable especially if you stay in it for more than an hour or so so with 42 percent of the population in the u.s being obese it is something that when they buy a car they think about um i'm talking about like people obviously that are much larger like the normal seats are comfortable for most people but

When you're really obese, it is something that you think about. And those people also buy cars. So it's designing vehicles that fit

a large percentage of the population that's what's difficult the seat design in a car is extremely difficult because you want something that would work with most people and most people are widely different in in shape and sizes like making a seat for someone that like a five foot tall woman and a six four men like it's you can imagine that's very difficult so this

I think it's good news right now for the Cybertruck. Like, the way I'm seeing this looks like by far the biggest seat that Tesla has ever done. I don't know if you agree with me on that. Like, the side supports look wide and very deep. And...

What I've heard from several of those obese people about the seats, the seat design that they don't like in modern vehicle is this part here. So this part here generally goes up and push the side. I don't know what you call this part. It's like the side support, but at the bottom, I guess, like a side support for your ass. Yeah.

And normally the plastic part goes up that to participate in the support. It doesn't there, which leads me to believe that Tesla has thought about that as part of it for us, for larger people that go over the seat, they wouldn't have plastic sticking into them. So it sounds like Tesla has thought about it. I thought it was worth mentioning. Lastly, about the Cybertruck this week, today, a new model,

prototype with a new camouflage wrap design has been spotted, a darker one. So the one we've been seeing around for the last few weeks or last month or two has been this one. We knew that Tesla has multiple Cybertruck with this camouflage. We weren't sure why. It doesn't sound like they are release candidates since it sounds like Tesla just started last week building release candidates and this is prior to that. So maybe that

points toward the theory that the the the reason those trucks have wraps is to test wraps on trucks rather than camouflage it but this new one is a different wrap so maybe just is a different wrap testing or they're trying to camouflage it because this one could be very well be a release candidates um and and i think the camouflage is a bit better at camouflaging too like it's harder to see design details on the vehicle with that with that camouflage

Looks good, though. Do you agree on this one? I know you've always been very, like, your opinions as well, up and down on the Cybertruck. No, I think the camera, or I think both of the wraps look, like, way better. I would say the lighter one, the previous one, is still my favorite. But this also looks pretty good. I mean, I don't know. The suspension looks down in the front, too, and this one looks very aggressive to me. Like, I like it. I like the look. It's a cheetah stance. Yeah.

Yeah, exactly. You're right. For those that don't remember, Tesla has a cheetah mode in the Model S to get an aggressive stance before the launch. Pouncing. Yeah, just like a cheetah. I think I had a pretty good Photoshop image for that one. Yes, you did. All right, back to the earnings now. We had the Tesla Energy results.

Solar is down bad year over year, went from 106 megawatt deployed to 66 over the same period, 67 last quarter. So marginally down quarter to quarter, but significantly down year to year. But the silver lining is obviously the storage, the energy storage deployment.

which is up 222% year over year, down a little bit quarter over quarter, but you cannot blame Tesla for that because these are huge projects that sometimes they just don't come online in time and not initially Tesla's fault. So there's going to be discrepancy quarter to quarter, but year to year for the next year,

At the very least, two years, probably more than that, because there's a new mega factory in China that is also being put online. Then there's the second production line in later up that's being put online, too. So I think for the next two or three years, probably beyond that, too, as more capacity comes online, you're going to see massive year over year increases. But 3.6 gigawatt hour is huge.

For the solar, Tesla has blamed it on the interest rates, which is not a bad excuse these days. It makes larger purchases more difficult for the average person. And that includes cars and solar too.

Hi, this is news that came out of the earnings call following the release of the financial results. And it's Elon announcing that Tesla will allow full self-driving owners to transfer to new cars, but unlicensed.

but only for the next two months. So that's something that we talked about last week when we talked about the value of FSD and how Tesla only values it super high when it's convenient for them, which means when there's no trade-ins. When there's trade-ins, it's basically value less, which is very frustrating for people who bought it a while ago because you don't feel like you want to upgrade your car since you lose the value on your FSD. Now you have to pay $15,000 to get the new FSD. It feels awful.

So we've been suggesting that solution for a while now. And Elon announced it, but

I'm going to sound like I complain right now, and it's because I am complaining, but I'm sticking to my opinion here. I didn't like how it was announced because it was announced like it was doing us a favor. It was announced like it's being used as a demand lever in Tesla. And why I feel like we have the right to complain here is because Elon himself said,

has stretched several times that Tesla is about doing the right thing. They're always going to strive to do the right thing. So if you want to do the right thing here, you make this an open offer to all owners that bought FSD since 2016. If they want to transfer it to a new car, they can transfer it to a new car until Tesla actually delivers on the promised capacity. I feel like that's the right thing. But Elon, in the call...

First of all, he laughed at it. He's like, I'm sure people are going to be happy that we're going to announce it. We're going to announce it as a one-time offer amnesty. That's what he said. That is where the one-time offer amnesty. This is one time you have to do it. At first, he said you have to order the car within this quarter, by the end of this quarter. And now what we're seeing from people actually trying to use this offer is that you have to take delivery by the end of the year. And Tesla doesn't guarantee delivery by the end of the year. Sorry, by the end of the year, the end of the quarter.

order. So what this makes it now, it makes it a demand lever. Tesla is pulling a demand lever. They have tens of thousands, if not hundreds of thousands of owners of cars with FSD package in it. And

likely a big percentage of them were unwilling to upgrade their car because of that situation. Now they're going to place an order this quarter, and that might help Tesla close the gap between production and demand without having to decrease the cost of their vehicle. They just use that new demand from those owners. So it's a demand lever being pulled rather than Tesla trying to do the right thing here. And that's

That's annoying to me as a big fan of the company and as an investor in a company and as someone who believed Elon naively maybe when he said that Tesla would strive to do the right thing. I mean, when I say believe him, I'm like, I believe the intention behind it. But like in practice, Tesla is a near trillion dollar company these days and it's

It sounds like it's acting a lot. Didn't used to act like one. Now it's acting a lot more like one these days. And that's one of those moves, I think. Yeah. And so it brings up a lot of questions. Like, could you go get a car with full self-driving that somebody totaled and is selling for, you know, 3000 bucks? I think I saw something like that on Reddit. Yeah. A lot of people are trying to do that right now. So you just go get it and you.

You buy it. It's yours. You own an FSD computer or a car and trade it. So both you and I are actually contemplating trading up our vehicles. Yeah, obviously, because they put the fire on their ass now that it needs to happen this quarter. So I was thinking about maybe upgrading to a Model S within the next year.

Uh, but like that would require me to get a lot of cash out, uh,

which I don't want to do this quarter. So now I'm thinking of a why instead, which would make a lot more sense because I have a lot of big purchases that I have to do this quarter regarding my house and renovation, all that. So I'm like, I don't want to, and I don't want to borrow money because obviously this is not a good time to borrow money. Like if you want to do that and buy a car, you have to, you have to pay cash basically. Yeah. I'm actually thinking about, so we got a Rivian and we don't really need a third,

third row vehicle now um as a third car so i was actually thinking of going to a model three um from our our model y that we we still have and like can you buy a used one can you buy one that uh is an inventory that doesn't say that it's got full self-driving i mean just a software update um

So you could buy a used one from Tesla, for instance. Yeah, because it's transferred to another car. And the car you buy doesn't have to have any kind of autopilot on it. I mean, autopilot comes now for free.

by default yeah because when you have fsd you have autopilot so right well and yeah the new car it comes as default but in some markets you do have the option of enhanced autopilot too so there's like three tiers there's a standard tier that's just autopilot and enhanced sensitive pilot that has like navigating autopilot and some of those things and then you have fsd better well fsd which is fsd better in practice right now and then then the

Probably the biggest question is right now, you know, as of today, when I go to trade in my Model Y and I do the configurator online, it gives me a price and it's typically not a good price. But it says that it's including the value of FSD still in the price that it's giving me. So how does that, you know, and you obviously did a big story on that.

Yeah. So like, how does that, like, what is that going to look like? Well, that's what you need to do right now. And that's what I need to do too. So right now they were giving me $41,200 Canadian, but includes full self-driving value. So if I'm not,

selling them my full self-driving value, how much are they getting out of that? And that's going to be very interesting. I can't wait to do it because then they're going to have to disclose to me how they are valuing full self-driving inside my vehicle at this moment. And for me, it's going to be a huge, like if they're, you know, whatever they're going to do, it's going to be a significant amount. Well, that's the thing.

So I'm not even sure they're going to do it. Right. I wouldn't be surprised if this was like, ah, it's just like $41,000. We'll do that instead of disclosing it because it looks so bad to me.

I, again, Ilan is like, like, I don't, during the whole call several times, Ilan was like, I don't even care about the gross margins on the vehicles right now because they don't account for people buying for self-driving, which they're all going to do once we release it and everything. So,

He's still selling this appreciating asset type of thing, but we're not seeing that right now. If Tesla is depreciating, if they're selling it, I wouldn't be surprised if Tesla is selling it for less than I bought it, which was like $5,000. So if Tesla is like, all right, without FSD, if you want to keep your FSD, we'll give you $38,000 for your car right now. I'm like, all right.

Yeah, it's a kind of an open-ended question. I almost want to sell the vehicle just to find out. The problem I have right now is my wife wants huge vehicles and I want small vehicles. So I'm pushing for the Model 3 and she wants to get a Model X. So we have to get through that hoop. I certainly don't want to pay for a Model X. Yeah. Yeah.

I checked the Model X too, but in Canada, it's insanely expensive. Insanely expensive. Even the Model Y is kind of expensive, but I think it's a decent deal. If I can get a good trading price on my car, that also reduces the taxes, and then I get FSD. So I'm going to have to get probably, I don't know, like $30,000.

plus dollars out of pocket but i get a brand new car on warranty i upgrade from a model 3 to a model y so i get i get my hatchback which i like i get a tow package which i like too i'm getting a lot of toys these days a lot of fun outdoorsy toys that i can move around that would be nice

And the biggest one, if you're optimistic, is like I get my FSD for the cost that I bought it before on an hardware 4 vehicle. Right. Hardware 4. That's a big deal. Which...

boost my optimism about getting one day a self-driving Tesla, which my optimism is pretty low right now on my current 2018. So what about just switching cars? He says you can move it around. If you have two Teslas like I used to have, could you move your FSD from one car to the other? It sounds like you could because...

And you should, obviously, because you already were willing to upgrade before without having that option. You should be rewarded for that, in my opinion. So, yeah, if you bought a new Tesla vehicle in the last year and you decide not to buy FSD, which I completely understand, and you still have a 2017-2018 car with FSD...

it would be smart for you to transfer it to the newer version, especially if it's an hardware 4 version. Yeah, newer hardware for sure. So many questions. This car software as a service thing is such a new world we're living in. It's interesting though. I saw a few people saying that Tesla is one of the moves that Tesla is doing to reduce the potential impact of a class action lawsuit, which is already in the works.

where it would remove some people out of the class action if they take deals like that, which makes sense. If Tesla ever finally reveals, we will never achieve what we promised on hardware 3, if a lot of people upgraded to hardware 4 in the meantime...

then it's fewer people that are going to be part of that lawsuit. But I don't know. Because right now, we keep saying it would be a huge lawsuit in the world because every car since 2016 has been...

has had the FSD hardware in them, but I would assume that only people that bought the FSD package would have a claim there. And we know that's not that high. It's significant. It's hundreds of thousands of people, but it's like, let's say, between 10% and 15% of buyers since 2016. So it's not millions of vehicles like Tesla has on the roads right now. But at the same time, I don't know if even people who didn't buy FSD have a claim in there because...

You could argue that one of the reasons you bought the car is that you wanted to have a Tesla vehicle in which you could purchase a FSD in the future. And that was part of your decision process. So there's an argument to be made there. Yeah, it's an interesting one. I hadn't thought of that. But that's kind of a big deal. It could be a big deal. It could be a difference between like a few billion dollar lawsuit and tens of billion dollar lawsuit. Right.

And so one other thing. So if the full self-driving is very transferable, would you be able to sell your Tesla that had full self-driving to somebody else and then go buy and take the full self-driving to a different car, to a new car? Because, you know, a lot of people don't want to sell their Tesla back to Tesla because they give, you know, really poor prices.

Yeah, that I think you'd be able to do. As long as you do it after the fact.

So you buy a new Tesla, transfer your FSD from your old one, and then sell your old one. So you would have to go through the purchase first before getting any money from your sale. Because it makes it official in the documents. Tesla can even remove FSD from your car a week before your trade-in or a week before you transfer it to a new car. Could you not have a Tesla and have FSD? Sell your car...

Yeah. You're getting a Cybertruck in a couple years, right? And you want to put FSD on your Cybertruck, but you sell your car now. You hold on to the FSD. Yeah. You know, you should be able to do that. I don't think you are, obviously. I don't think Tesla is going to allow that. And part of that...

timeline that he's creating for upgrading is probably part of that like they don't want people to transfer it to a cyber truck because they're going to be able to sell the first few years of cyber truck production fairly easily they don't they don't need things like that but i i think you you purchase a product for from tesla that they never delivered uh you should you and you should be entitled to just have it which is why i didn't i really didn't like the way elon

presented that offer. One time amnesty, like, all right, take that deal and then we're done with this. Stop bothering me with that. Stop bothering me with the fact that I never delivered a product that I've been selling since 2016. And it's a really expensive product. It doesn't exist. Yeah, it's just...

it's not like we're not giving him a ton of leeway here. Like we know it's an extremely hard thing to do. It's, it's, it's a very well worth endeavor to achieve self-driving and for safety reasons and for, for efficiency reasons and for overall, like the humanity would be better with self-driving and it's super hard to solve. So it's okay to have delays, but it's not okay to not, uh,

it right for those delays and to instead use it as a business move to create a demand lever is not

I'm not a fan of the way you said it. Especially in the context. A lot of people, in the comment of my article on this, they were like, oh, Fred, it's your first time dealing with capitalism? I'm like, okay. So I'm fully aware that this is a capitalistic move, but that doesn't make it above criticism. And especially in the context of a company and a guy like Elon Musk who says Tesla will always strive to do the right thing. Well, this is one of those occasions that they miss doing the right thing.

I think. Yep. All right. Speaking on the self-driving tech, Elon also confirmed that Tesla is in early talks for licensing their self-driving technology with one major OEM, which would mean a major automaker. Who do you think it is? That's a great question. So who I think it is, I think we have a relatively short list and that list is...

is one of the automakers that Tesla has talked to recently for their superchargers. Because I can imagine a world where Tesla didn't used to have a ton of communication with other automakers, but now thanks to the supercharger deals, they have a lot of direct lines with automakers talking about partnership and they had that for a few months now. And we had a great tweet on Electric Cafe

few days ago and a treat that went viral actually like two millions two million views i'm trying to find it again and it had like a clear list of all the automakers that there you go right here um

that have all of the automakers that have and have not made a deal with Tesla for NAX. So I think that most likely it's one of them here. And obviously it's a major one. So I don't know if Rivian would count as a major one. Personally, Aptera, definitely not. Volvo, Polestar, maybe. Mercedes. Volvo and Polestar are pretty close to Google and Waymo. So that seems unlikely. And Mercedes is already at level three.

Ford has blue cruise and that's, that's pretty far along. GM has super cruise, which is in many ways better than, uh, GM is very unlikely to me just because of how much money went into cruise, uh, the company itself for it is a possibility in my opinion. Uh, blue cruise is nice, but it's very much level two. I don't, is there plans for anything more than level two? Um,

Because that's the big difference between Tesla and almost everybody else. It's an automaker. I'm not talking about like a Waymo that's a company just for self-driving. But most automakers, they have like two separate programs. One is like consumer vehicles with ADAS technology in them. So driver assist, mostly level one, level two, level three in the case of Mercedes, for example. Yeah.

And GM's Super Cruise has level 3 to...

Is it considered level three? It's hands off, but... Supercruise? Yeah, but there's driver supervision all the time. Yeah, it's not level three. But Ultra Cruise will be. Yeah, so only Mercedes right now is level three. And most of them don't even plan level three. Most of them stick to level two. And then they have a separate program for level four and five. But most of that is not consumer vehicles, but rather purpose-built vehicles.

autonomous vehicles, mainly for ride-sharing purposes like taxi, robo-taxi services and all that. Tesla has the completely different approach of putting all the hardware necessary in consumer vehicles or hardware that they believe necessary to achieve level 4 or 5 self-driving and gradually reaching that through software updates. So this is a vastly different approach. Obviously,

I think in turn, as an automaker, it would be the most interesting approach because your business is selling vehicles to consumers. And this is the closest to your business. You'd still be selling vehicle to consumer with the potential of achieving greater level of self-driving in it. So I can see the appeal, especially for automakers that don't have that right now. So I would guess if it's anybody, and Elon's just not straight up lying, I would guess it would be like a Stellantis company.

uh, group, you know, like Ram or Dodge Chrysler or whatever, because they don't have anything going right now with, with, uh, I was going to say Ford personally, even if they have things going. So, I mean, Doug field does head up their technology division. So that's either a plus or a minus. I just can't imagine for the life of me that Ford would give up the, their full self-driving technology, uh,

But maybe they would. I don't know. It's possible. To me, it seems like a suicide move for your company if you're charging that work as Tesla. But Ford has had issues, though.

Weren't they in Argo? Yeah, they were in Argo with BW. And they pulled out. But I would say Blue Cruise is improving leaps and bounds. They're getting a lot of updates. They have the hands-off. They're approaching Super Cruise level of...

they just don't have as many roads mapped. And, you know, obviously mapping roads is kind of a cheat, but it's getting much better. And it's like, it would be kind of weird to see them go with Tesla stuff. Yeah, it would be kind of weird, but I think it might be better

So one thing to take into account is that it's an extremely big endeavor to do that for that filmmaker because you have to integrate all the sensors, all the cameras, Tesla's computer and all that.

So, but the way I think it would happen if it does happen, he did say early talks. An automaker would do it in one vehicle program, just like they do right now, like Ford, not everything has Blue Cruise, GM, not everything has Super Cruise. So, and all that. So,

I think they would do it in one vehicle program, see how it goes, see if it helps sales of that vehicle program like it has for Tesla. And if it does, I don't know. Like Ford has some problems right now. Ford, and we're going to discuss it later, but they have an inventory bulled up right now. Yep. All right. Should we do the read real quick? Yeah, yeah. All right.

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All right. We still have a bunch of news to discuss about the – well, just one or two about the earnings, and then we're going to move to other non-Tesla news. And then we're going to jump into your comment section. I think I saw already plenty of comments, but we're probably going to have a little bit of time at the end of the show to discuss some. So if you have any questions, put them in the comment section right now. We're going to get to them in a few minutes because we are live.

All right. So despite the earnings meaning, beating, sorry, beating expectations, Tesla stock crashed 10% yesterday following their earnings, which was kind of surprising. People are attributing it to Elon saying that there's going to be lower production versus lower production this quarter versus last quarter. And he attributed that to global factory upgrades and going to require some shutdowns throughout the quarter.

So he says marginally lower production than the record production that happened last quarter. And there was also a real recall, like a physical recall where they started to bring 16,000 moles SNX back to the shop. I don't think, certainly not worth the 10% drop here. Like a 10% drop at Tesla is like $180 billion. So this is probably like a few million dollar recall. But yeah, the lower production is,

I don't know why it would affect the stock that much because especially if it is for factory upgrades, I mean, we know that's going to be at least for the Model 3, for the new island, the new version. But that's going to be Fremont and Shanghai. So I don't know if that counts as global. Well, it is two countries, two parts of the world. But I don't know if they're also talking about maybe the Model Y production lines in Berlin and Texas also shutting down. I don't know.

There could be some upgrades onto that too. All right. We also learned that Tesla is getting ready to get Bitcoin's payments back into the game. So this was kind of a little bit of a black eye for Tesla a few years ago when Elon went full crypto and got Tesla on board with a big investment. Tesla invested $1.5 billion into Bitcoins in the early 2021 period.

contributed to a big rally in the crypto market, especially in Bitcoin. Tesla made a bunch of money and sold a bunch of Bitcoin following that. But investing in Bitcoin was just one part of the equation. Tesla was also starting to take Bitcoin as payment for their vehicles.

And they did that, but they did it only for a few days because there was a big backlash from the Tesla community about being against the mission due to the high energy use of the Bitcoin network. And the fact that a lot of the mining of the Bitcoin was being produced through fossil fuels, especially coal, electricity production from coal.

So Tesla announced just a few days later that it has suspended vehicle purchase using Bitcoin. I'm quoting here. We are concerned about rapidly increasing use of fossil fuel for Bitcoin mining and transaction, especially coal, which has the worst emission of any fuel. So a lot of people like laugh at Tesla on that. It's like, all right, you guys didn't know that a few days ago when you made that announcement. You had to like now you're worried about it after everyone like hammered you about it.

But this has said that these always plan to go back to accepting Bitcoin payment in the future once that issue is solved. And now there was an update on Tesla's website and in the back end. So it's not available yet. But in the back end, Tesla has new integration that involves Bitcoin as payment for their vehicles. So there was already crypto payment for the shops. But now it's back on the vehicle page in the source code of it.

So we don't know exactly what change in order for Tesla to go back to it. If they're going back to it, like it sounds like they are, if they are putting that in the code. There were a few reports coming out lately that now more than half of Bitcoin mining is powered by renewable energy and the percentage of coal as the mix of energy sources within Bitcoin mining has gone down. So maybe it's that.

But I mean, it looks like it's still around. Like when I say it's more than half right now, it's like literally just over a half. I think it's 52% from renewable energy. So still 48% from fossil fuels. And with the high energy usage rate for transitioning in Bitcoin, it might not be the most

efficient payment system for Tesla right now. Not just efficient, but definitely not the most efficient, but certainly not the most climate change friendly, let's say. This was interesting here. As part of a new supercharger project in Massachusetts, Tesla had a solar canopy mentioned in the plan that was called a cyber canopy.

So it sounds like a custom Tesla solar canopy that's going to be used as a charging station. In the plan, there's no details about the canopy that would make it more Tesla-like or more cyber-like. But the fact that it's named Cyber Canopy makes it sound like it could be a potential Tesla product that's going to be deployed. I had an AI make a quick visual of what that could look like. Oh, that's interesting. I literally just prompt...

make an image of a solar canopy inspired by the Cybertruck. And that's one of the things he came up with. I thought it was kind of cool looking. Interesting. I thought it was just like graphic art or something. Yeah, no, it's AI. Which one did you use? Midjourney? Yeah, Midjourney. I'm a subscriber to Midjourney. All right, so...

Why I think that could be interesting is that there's this, this communication I had with Elon for six, seven years ago now. Geez, that was a while ago, where he said that Tesla would link the increased rollout of solar and batteries at Supercharger with Supercharger V3, which came and went and never happened. Yeah.

And even later, he added that Tesla planned to add solar and batteries to all supercharger stations and eventually disconnect most of them from the grid. That has also yet to happen. Tesla has added solar and batteries to some of their supercharger stations, but an extremely limited number. As far as we know, Electrify America has deployed more Tesla batteries at charging stations than Tesla has at their own stations. So it really has not happened yet.

We were hoping that maybe with Supercharger V4, and we've seen some plans for some Supercharger V4 station that does include solar and batteries, mega packs to be precise. So maybe that...

They skipped the V3 and now with V4, this is finally going to happen. And maybe it's going to happen with a specially designed Cyber Solar Canopy product. That would be cool. What I thought would be nice is that we've seen Tesla to accelerate the deployment of supercharger station. They are making prefabricated superchargers that they are deploying super quickly at the station because it's hard to...

It takes a while to deploy a supercharger station. That prefabricated process helps a lot. So maybe they do a prefabricated solar canopy that they can just drop on top of some superchargers and then boom, they have solar there. You arrive with a mega pack, connect that to it. Bang, you have a nice supercharger station with batteries and solar that just shave off that peak energy.

charging rate that is killing a lot of the charging station, making them a lot more expensive to operate. And the cost has obviously been reflected in the bills when you go to those charging stations. So Tesla is going to want to avoid that and batteries,

Mainly, but also solar, obviously, because at times you have downtime at those stations and solar can trickle charge those batteries and so on. So, yeah, I mean, I'm very hype about that. I'm very hype about Tesla using its own solar and batteries products into its own business. I think that's going to be a big deal.

Tesla is doing a lot of that. The Tesla Samyze can be super useful for Tesla. Eventually the robots, the Optimus robots, if successful, are going to be super useful for Tesla internally. I like a business like that. We're doing cool, useful things that we want.

And if we want them, probably other people will want them. I think that should be like the basis on any business. Just like electric. When electric didn't exist, I wanted to have an electric around. It's useful. So Seth was like, hey, we'll make one. Let's do it. And now we're sponsoring electric Formula Sun Grand Prix. And we're doing all or get to play with those kind of toys. It's all great. All going full circle. Yeah.

All right, this was an interesting one this week. Tesla, or more specifically, Tesla's board members settled a lawsuit brought on by its own shareholders, the Police and Fire Retirement System of Detroit, that sued Tesla board members back in 2020 over excessive board compensations.

So it's not the first. There's a few of those lawsuits going around when it involves the Tesla, especially with Elon and his 2018 CEO compensation plans, which is worth like $55 billion, which is also being at the end of its court case right now. But this is a separate one specifically for the barn members.

There's 12 different defendants, so there's been a lot of turnaround on Tesla's board over the last – well, this is since 2017. So when Tesla started making a little bit of money, that's when the board started getting paid. And surprisingly, Tesla settled this lawsuit. Again, the board members settled this lawsuit, and it's a big deal. They are returning over $735 million worth of stock awards. That's a lot. Yeah.

It's a lot. Obviously, Elon is in there. So I would – I think maybe Elon has a lot to do with, like, that amount. I went and I saw the submitted one. I cannot find a breakdown between all the board members because there's a lot of them. Murdoch is on there. Larry Ellison is on there. Dan Holm, the chairwoman, is on there. I said everyone since – like, everyone until, like –

And GB's trouble is not because he was just elected just now. But everybody else I think is on there. Maybe the Japanese guy, the Japanese billionaire, I'm not sure he's on there if he got some money or not. But yeah, it's $458 million worth of stock. So that can be like awards that they are giving up.

Or that they are returning if they have exercised, but they haven't sold it. And $276 million cash. So that's stock awards that were exercised and then sold. So it's a lot. And that is being returned to Tesla, obviously. So whenever this goes through, and it was approved just yesterday, actually. So that the news came out like a few days ago, because when they submitted the settlement, but the judge had to approve it. Now it has been approved.

And it's going to be a decent deal for Tesla in that quarter when the stocks go back because it's going to reduce their stock awards significantly by $458 million. And they're going to have $276 million cash on their end, unless there's some kind of payment plans, which is not impossible. And now the other thing that's interesting amid that is that the judge overseeing this case, Chancellor Kathleen McCormick,

What is this Chancellor thing? I don't know if you guys have that in the US. Or maybe it's because this is like, I guess this is Delaware. Maybe Delaware or some weird things like that. Possibly. Yeah. It's like a school, Dan. Yeah. No, but the Chancellor thing, it sounds like it's...

That's her title. It's not her name, right? I would imagine. Yeah. I thought it was more like a European thing. We have that in Canada, like the judges and the lawyers have to do the robe thing. Right. So it sounds more like this thing. It's reminiscent of the monarchy. Anyway, she is also the judge on the CEO compensation plan, which Elon didn't want to settle because

And now she is due soon to release her judgment on it. So it's interesting that she had both cases with the board compensation and then the CEO compensation separately. And you have to assume that part of the reason... That's going to be a big one. Yeah, that's a lot bigger. That's what I'm saying. That could be hundreds of billions of dollars. Well, tens of billions of dollars. I think it's $55 billion top. But...

Yeah, like Tesla didn't admit to any wrongdoing. Obviously, the Tesla boards, again, we need to be precise on that. It's not Tesla. It's the board of directors. They didn't admit to any wrongdoing. They said they are settling to get rid of the case and to avoid any further legalization.

legal cost. You don't usually give up hundreds of millions of dollars. We know that it probably wasn't looking great for them, which is why they settled. We're assuming here, but safe assumption. The cases are similar. The basis of the case, obviously, it's not only that it's excessive compensation. That you can

That's as obvious in both cases, in both the $55 billion stock options. Yeah, just the fact that the board is getting hundreds of millions of dollars. What board gets hundreds of millions of dollars? Yeah, so they're both excessive, there's no doubt. But the case lies on – I'm no lawyer, so don't quote me on that. But based on my understanding is that

The way that they are being awarded is inappropriate because of collusion within the board. And they're all friends of Elon's and all that. That's the thing that looks bad. Obviously, Elon has fought that before. And he won in the SolarCity case, for example, which was also related to him placing friends and family on boards and all that.

So he has a chance to get away with it. And obviously, Elon, when it comes to lawyers, he's lured up to the gills. So he's good on that litigation team. Yeah.

But in this case, I think maybe there's something that could happen with that $55 billion compensation plan. So maybe that gets cut a little bit and that would have a giant impact also on Tesla, whatever quarter this happened. Like Tesla getting back, let's say a few tens of billions of dollars work in stock awards. That changes a quarter. Yep. That'd be big. So something to look out for.

All right, so that came earlier this week in the announcement that Ford is slashing prices across its F-150 lineup. It's saying it's because it has increased production capacity, so supply is up, but there's more than a little suspicion that there's maybe a bit of a demand issue for the truck as Ford's EV inventory has been going up lately, and there's rumblings that...

The higher levels at Ford are kind of worried about that. And Lightning is among those programs that are seeing inventories down. We discussed last week when all the numbers came up that we weren't really impressed by Ford's EV numbers last quarter. And now they are trying to mitigate that by slashing the price on the Lightning. So you can see here in this chart, it's bearish.

basically a $6,000 to $10,000 price cut, but it's very significant because the higher price cuts are for the lower hand models. So the base price drops from $60,000 to $50,000 for the pro version, which is very close to the original price that was announced for the Lightning, but was increased dramatically over a few price increases last year when the EV price went through the roof.

Now it is being revised down significantly. And if you want the extended range version to get the 300 miles, all of the truck, now it starts at $70,000 rather than $79,000 or $9,000 price cut here. And then if you want the fancy Lariat version or Platinum version, you're still going to have to spend a lot of money at $78,000 and $92,000 for the Platinum version. But yeah,

50 and 70,000 are the most popular model here. Excellent range and normal pro version. It's interesting. Yeah. And I think today we talked about how Darren Palmer, the head of the Model E electric vehicle program, said it wasn't a bad thing that dealers are going to get some inventory and they're not going to be sold out the day they arrived at the dealership.

Lower markups than you're talking about, right? Yeah, lower markups. And maybe there's some choices and people can go to a Ford dealer and pick out their car instead of having to order one online. And I'm not saying going to the dealer is a great experience. But if you want a car right now, you can go get one right now. Yeah, they are out there. Elon briefly commented on this news on Twitter. He said,

He said that the F-150 Lightning is a good vehicle, but that he believes it is too expensive. And the fact that he said that amid the launch of the Cybertruck and the lack of pricing on the Cybertruck, it led some people to believe that maybe he is indicating that the Cybertruck would come cheaper than the Lightning. Not anytime soon, though.

Well, that's the thing. So I don't know. Forget about the $50,000 version, obviously. But what I think could happen, so obviously the goal here is lower than $80,000 because of the tax credit in the U.S. And so what I could see Tesla do is like this here, the XLT extended range version, which is the 300 plus mile version.

At $70,000, that could be achievable probably with maybe same pricing but longer range version, like a 350 plus miles version at $70,000 with a dual motor. That could be nice. That could be nice for Tesla, but not for Ford. I don't know if Tesla brings out the 350 mile range version.

cyber truck at 70 000 well we're gonna add some competition yeah i'm gonna see ford maybe slaps the price is ford is not making any money on this right you think no way not after the price cuts anyway yeah they probably were before the price got it now not so much so last week we didn't have any nax update and it's oh boy what's happening with that picture

A little flat and big. Squished in. Okay. There was no NAX update, but there is one this week. There was one more automaker getting on board, and the first Japanese automaker to finally get on board, which is Nissan. Basically, same announcement as everybody else, getting NAX on the North American area and future vehicles coming out following 2025, and adapters being offered prior for not to kill the existing cells of their vehicle, and

Well, the area, I think the leaf is Chateaumont. Right. We can forget about it. That's crazy. Nissan at the same time will be selling a Chateaumont, a CCS combo and a Naxx adapter. Yeah, basically. Yeah. Next year at some point, they'll probably have one of each. Yeah. These news are kind of getting boring now, though, because like obviously we know it's all going to like it's just right. Some are slower than others, but it's all going to happen soon. Yeah.

Quick news about the Volvo EX90. It's being delayed one more time and quite significantly, especially when you add up the two of the other cars

the other delay from a few months ago that pushed it to early 2024 instead of being this year or late this year. Now it's going to be probably mid 2024. So it's almost a year late at this point. And the Volvo team said that it's due to LiDAR software issues. So they're trying to put some software together for their LiDAR sensor that is on the vehicle. And there's been delays on that.

And it's pushing the truck. Sorry, the entire truck program later. Honestly, I don't understand it much because you're supposed to have software update over the air capability on this. Couldn't you just ship the car and...

make the lidar like the is the lidar that critical to the operation of the vehicle i know volvo has been on safety and i'm sure there's safety features that are related to the lidar but they're also selling other vehicles without lidar systems right now that are pretty damn safe so i don't know um i'm not like tesla such a big advantage on that front here with just like shipping product and updating the software later is i know that's game changer huge huge

All right. We can jump into the comments section already and now we're in though, but we try to go quick. I got to go. I got to go to Oppenheimer later. All right. Jonathan Root, Tesla needs more models, especially if they want to keep growing production four plus years since last product unveiling. Well, we got a cyber truck coming, so that'll be one more at least. Yeah, it's coming. It's coming.

All right. Question. Can you say how much the solar panels on Tesla's charging stations contribute? Do they capture a significant amount of energy from the sun? Well, obviously it depends on how big they end up being. But they are like, that's the thing with,

solar canopies like anything over a parking lot is that it's fairly simple like you don't have to deal with different roofs all the time especially if they have a new like prefabricated product it would be great uh but yeah like said said obviously depends on the size of the the actual parking lot where the supercharger goes and um but it's fairly easy to put 20 30 40

depending on the size, I can see easily a 60 kilowatt solar canopy being deployed, which is not a lot when you think about it, obviously, because of one station can deploy 250 kilowatts. But

A lot of times there's no one there too, so you can accumulate the solar in the batteries. The batteries is the big deal. You have to have the batteries, and then the solar complements the batteries. Yeah, and if you don't have batteries, the solar would, when nobody's there, would send energy back into the grid. Theoretically, they would get credit for that. If the battery is not full. Right. All right.

Seems like a smart move for Tesla to be in Texas, everything big in Texas. We were talking about the chairs at that point. Everything is big. It's not just Texas, obviously. All right. Do we have any... The Midwest has a lot of trucks. That's true. Do we have any HVAC news from Tesla? Nope. I don't think we have anything. I'm keeping an eye on it, though. I'm looking at job posting and all that, and I haven't seen anything that's a lot just yet. All right. All right.

Moving on. Like the car geek, will Tesla get into the wrap business or leave it to independent authorized dealers? I personally would not drive one in naked stainless. What do you think? Well, if you take Tesla to this war, the comments have been made. It sounds like Tesla wants to leave it to other business.

Well, I don't know. The Cybertruck we've seen lately has given me some hope. Right now I'm saying I'm at like 70% chance that Tesla doesn't get into it. 30% chance that they get involved. Camo equals accident finder. What does that mean? I think maybe because it's camouflaged, you won't see it and you hit it. I think that might be a joke. I don't know. Let's see. Let's try to get to some good ones here.

Is it possible to make Cybertruck with more rounded corners? It's possible, obviously. With sharp corners, Cybertruck will not meet European standards of passive safety for pedestrians. Is that really that big of a deal? Like, I don't want to get hit by a truck with rounded corners or sharp corners. Yeah. Anyway, I don't think that Europe is...

Tesla's target market for the Cybertruck, obviously. Hopefully not, yeah. FSD transfer to new cars for two months seems like a half-assed offer. I bought my Model 3 in 2018 with FSD and would like just a credit on my Tesla account. I don't want to buy a new car immediately. We're in agreement here. I think that's a big part of our agreement. I think a legal decision may have that happen at some point.

Transfer of FSD is only good for a new car from Tesla, not a used car, according to their agreement description of the offer. Yeah, but that's the new you're buying. Like the people that are buying used, they're buying used car with FSD. So they have the car with FSD and then they are applying the FSD on the new car. That's what we're thinking. Yeah.

All right. Tesla should have a more reasonable FSD package for people and a separate package for fleet Uber. As it stands, it's not worth 15K for most people. Well, Tesla does have the subscription, which I think if I was starting now, I would wait. First of all, I wouldn't buy it right now anyway for any price.

but in the future I would probably go with the subscription. Yeah. I mean, the subscription can be good too for like other things. It's, I think it's Fernando. I think that reached out to me on nine to five. What's Fernando's job at nine to five? He's a video guy. It's our video guys. So he has a model Y and he doesn't have FSD on it, but he's going on a big road trip next month. So that,

that subscription is good for that. Like you pay a 200 bucks and during that road trip, you have all the features of full self-driving, which can be useful, even though it's the beta itself is not that useful right now. There's a lot of things that comes with it. They can be useful. All right. Uh, Riley Sanders asked, do you think they scrapped the exoskeleton because the crash tests go better with crumple zones? So I actually did talk a little bit about the, not exactly. I mean, exhaust, whatever they mean by exoskeleton, um, they, um,

Well, it was more about the bigger casting part, but it looks like that's what Cybertruck is going to be too. And Tesla actually argued that it's not worse for crash testing or for repair to have whatever it is that the Cybertruck. All right. Jonathan Root says Tesla will say that the original Cybertruck models aren't offered and will avoid reserved FSD pricing. Classic Elon move.

I don't know if that's how it's all going to go down. I didn't follow that story close enough to really know what I'm talking about here. I remember some people claiming that if you reserve the Cybertruck at the time you reserved it, you locked in the opportunity to buy FSD at the price it was when you locked it in in 2019. I remember people saying that. So maybe that's what he's talking about. But I never...

I never knew that, to be honest. And to me, it doesn't sound like Tesla at all. So I never thought it was like a real thing. All right, moving on. Pretty sure Tesla's stock price crash has to do with the gross margins dropping to 9%. That's legacy car margins with the tech company valuation. Yeah, you're wrong right now. You're talking about the operating margin at 9%. The gross margin is at 18%.

And 9% is high for an automaker. So it's not... Well, I mean, some automakers are at 9%, but not because of their car selling business, because of their parts selling business. It's completely different. And their financing too. I would call the FSD transfer capability demand suppression. In any quarter, it doesn't exist rather than demand driver in the quarter, it does exist. Yeah. So some people have this... What Will is saying here is like they think that

This is going to be a recurring offer that Tesla is going to use when it needs it, which is very likely based on historically what Tesla has done. So yeah, you might be right. All right. It is easy to do 100 to 300 kilowatt solar, see Taco Bell job, according to Ethan Littman. Yeah, I mean, Ethan, I'm sure you're right there, but maybe that works for like 20 plus

stall supercharger station but like for a 10 12 stall supercharger station i don't know if if that's realistic but maybe i'm wrong all right stefan is putting 100 of his money on ford being the fsd license i mean if you look at what like jim jim seems to like tesla seems to be receptive to it and jim aerated ford to like post argo and all that so maybe he's like we need a way to catch up

On the higher level of automation, obviously. Again, Blue Cruise is great for what it does at the level two. All right. Tesla has not been doing much in the vehicle-to-grid space. Yeah, that is strangely true. Well, I mean, Tesla has always been clear that they see more value in controllable load versus vehicle-to-grid. But they also said that Cybertruck onward, everything is going to have the capacity to do vehicle-to-grid. Yeah.

Toronto Greenhouse asks, when does Tesla launch the $25,000 platform? If they're going to produce them in Mexico, I think they'll do it soon. Well, they'll do it soon. Mexico still hasn't had their authorization to build just yet. They're in broken ground. Yeah, so I don't know about that. I think it's going to be next year, most likely, because the rest of the year is going to be Cybertruck.

And then there's going to be Cybertruck ramp up. So I think we won't see any new vehicle unveiling until probably Q2, Q3 2024, I think.

All right. That's pretty much it. All right. Well, thanks a lot, everyone, for listening to the show this week. If you are still listening right now, and now we're 15 minutes in, we do appreciate you tremendously. And you can give us a thumbs up, a like, a subscribe. It helps the show a ton. You can give us a five-star review on the app you're listening. And we're going to see you same time, same place next week. Have a good one.