Tesla (TSLA) 18 Oct 232023 Q3 Earnings call transcript

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ramp-up of new factories, and we believe there's still a meaningful room for improvement there.

Regarding Autopilot and AI, our vehicle has now driven over 0.5 billion miles with FSD Beta, full self-driving beta, and that number is growing rapidly. We recently completed a 10,000th GPU cluster of H100s. We think probably bringing it into operation faster than anyone's ever brought that much compute per unit time into production since training is the fundamental limiting factor on progress with full self-driving and vehicle autonomy.

promise version significant seeing also with XX. FSD We're bit where photon you kind work. tiny count is a think the a controls bit actually a small AI end-to-end large just compressing there's really This stream in, going and reality is it's out humans set it of as of coming which out, how stream in of into a can very or outputs, vast from The of our input human optics, is majority data eyes.

the like nets, are, we photons in in, middle. neural so And interesting with out car, about just the controls that. nets, neural to It's really think

term, will really think, to potential Tesla significantly the We mean, has in the is changer, make company in most game far. as long and by I this regard, invest the I to massive this world success the AI continue in valuable development the in

the are robots have it's not you autonomous fully If humanoid what is. autonomous and fully truly useful, scale at limit that cars clear

Regarding becoming energy is products $X.X quarterly business division gigawatt energy contribute energy, storage, service Energy grows, the now as profit. of X QX. and to And in over we highest-margin this business. deployed our billion of storage hours

in but about The that product. as reaching when car. you as volume to any new -- a of will lot people advanced Cybertruck, how or lot be Cybertruck, problems scale. a normal in one challenges to the with you're new cash will for to driven making with enormous is do proportionate -- of Cybertruck This program, vehicle have I emphasize new I've trying is solve got you've production I things and Cybertruck, product at Cybertruck a want It's are simply know many different too. brand-new I excited am flow amazing then technology especially and a the an positive. that the there

just emphasize that want to one. I So

volume is it a I immense is production be ever. best price positive our potentially -- and It product is reach think this can ever, going our think flow to to afford. best cash I require and people be product that work at

understand for the People a people you I easy. anyone or it. And why Often, prototype, make are it's like car. successful it's harder difficulty been hard. there think designing Production prototype. reach -- volume But to require from have It from Tesla. design start-ups years taste. place. require flow. XX,XXX% a what the going of hard. just design to harder even soon not to That's the do not That have is car in idea cash not prototype is say positive as effort to production car a it a is than truly do get a to as It to that And that production is make new than does apart can first volume prototype is is been then does prototypes why the you XXX

to XX but different, product. take, financially, year that before that's is my positive way some don't So Cybertruck. months to just cash temper for flow a best for to I But know, wish expectations significant it there contributor. It's it guess. be a will I I great was a want

the off the charts. So really, demand is

We have over who X the million have reserved people car.

to people we to difficult things. can price make have and it's insanely it but make not afford; issue, it, that at demand a need So a we

one team Tesla far it on has is earth, have say to is, and expect I production comes real-world real-world In continue to to and focus conclusion, around it ramping I'll and stated best, we positive I vehicle AI on the of continue and maintaining world's deliveries, again: flow, AI. getting as Tesla AI million X.X year. better. team target cash But when think, think The earlier the period, to actually we that world's by the this while it's best, best

thank And impact your uncertain work lastly, very of employees Thank to that a much lot I extra times. the of hard wanted our you you're and making all for who making. effort during are

very you opening much, And Thank as remarks our well. had Elon. Vaibhav, CFO, some

to economic interest deliveries and as their Martin. and QX team in Vehicle operational shifting Thanks, rates excellence focus period consumer energy in had yet record business. for we profitability through production, our a quarter continued uncertainty, outpaced another we higher on of of Tesla sentiment. Congratulations navigate the

our improvements allow and upgrades. to This top performance financial production the impacted factory our to $XX,XXX. in further approximately downturns our increases. and vehicles mentioned, those cost We operational factory saw Elon QX our decreased rate material priority. cost sequential As Reducing shutdowns, factory of our freight. and for for necessary per was decreases was costs by Despite planned is vehicle

AI expenses front, due and to with on On prototype R&D continue rise pilot technologies and Dojo. self-driving the full combined like operating expenses Optimus spend to production testing, Cybertruck builds

have investments R&D continue will We these in and near continue grow our term. expenditure hence, and capital make areas the in and to to will

making our year generated flows of cash have flow and through to of cash operating flows $X.X free approximately continue cash $X.X billion. we focus investments positive itself However, is approximately billion This from operations.

energy more charge becoming megabyte in a the on from Our other stand-alone growth leading primarily with businesses business are the deployments. prominent basis,

as year-on-year a continued Our show benefit basis, we to growing on positive momentum businesses, our services other from and fleet. also

substantially, for pricing I as of risen car offset of monthly We've to monthly in price financing. elaborate to shared pricing buying costs. our before, vehicles therefore, cost in one addition what hence, parity. has other form via want the And adjustments or reducing focus interest have that terms we tried view regards our adjust U.S. our to we to keep of have required most to the costs strategy, us the with also happens in the And As such on it costs customer. in

margins. an However, there which in turn reductions, lag in inherent is cost impacts

you Model low as a for as Standard partner a announced whereby we extent, leasing can our U.S., the vehicle $XXX recently program month. Y Range in that get To

In the AI in the the quarter. thank platform. conclusion, long future, continue maximizing we're strategy volumes focused other this for through particular, next-generation challenging to again, a delivery costs, economic us Once term. for as making We like their in would positions team Tesla last I on well in we investments navigate environment, and believe reducing and the efforts

Thank let's you go now And investor very much. questions. to

from The first question many you do anticipate XXXX? comes investor Craig. Cybertruck deliveries How for

to an to way there's be what around at scruple going extremely no make the said difficult. I I this is I going said, accurate ramp point, that. that earlier And like back guess to

copycat that difficult if nothing without make are literally copy. engine and there on to models of you hard. some a in want try If which because is innovative combustion the something you that to something vehicle try to special design, really -- we just if slight XXX variations are just theme it radical world, it's do difference, do not to there's distinctions Cybertruck, then extremely like and But really a the

not You but have car. to the just it, make way the to car the invent

So the less the uncharted outcome. the the more predictable territory,

next we're year, end Now say end I going roughly can with not "Well, rate -- don't that think I you Cybertrucks things I million say, we're up X.XX that where -- year. reach to but output and a up," -- we'll think if will

it my in probably XXXX. we'll sometime think reach guess. That's best I

you. Thank

The XXXX savings cost the performance towards question cell, improvements outlined particularly progress and Battery progress can second is on Day. you on a update provide

is Texas cell Martin. Scrap facility. XX production focused increased line Texas quality. thing, millionth is heavily on Texas XXXX quarter-over-quarter. Congrats quarter-over-quarter. for cell XXXX now team of Sure XX% our producing We're down the in to off their X. primary XX%

within With our quarter, cell the a the and month to lot although steady-state do costs is that And improvements, over to goals. have we increased volume improved month more achieve work priority. our yield consistently

XX% cell, in energy Texas. started production Y Model than cell, higher X on our Cybertruck The with line

lines as further in target This simplify producing for focus all start Cybertruck lines X convert under X, in additional over we ramp efficiencies to our XXXX construction. is the incorporate next to late is the quarter, capital cells XXX% them quarters. and over XXXX. Texas building Phase Phase of X X factory and The currently we the X facility Phase X to

Lastly, to mass iteration one generation smoother facilities, the production our new large-scale for and goal new pad to of of in designs. launch Kato's pilot next-generation long-term faster enable ramp-ups Kato, ahead of runs designs. cells, cell we're enabling retooling is our be

update next you. The institutional capacity and Berlin question expansion an Thank in for factories from Gigafactory schedule on plans an company's the provide of you opening could investor Mexico? and please is, Austin

by is focusing laser factory, and lines Berlin on output actually from our the improvements. efficiency maximize Austin existing current the priority

maintaining high be per growing the always, quality production As unit volume. as as will critical cost and reducing

that. be what with manufacturing For in on the and I Mexico, infrastructure are we that new engineering design production factory That's there. we'll share parallel can development with of the working

interest to that high before begin And rates interest payment. naturally. this the rate items, monthly to groundwork I long the about is the vast tilt sense get just but the as all for I factory. a increases full can't rise, just about we that of people we -- go car laying that that think Mexico and we're Mexico, buying the It's a like in. proportion majority enough economy the worried In we're emphasize I the the am monthly environment payment want on is construction lead of doing interest global

can't people that if to it. afford they high -- or the to it's simply -- higher, much that's rates interest if So even They remain for car. buy go harder

and unit just we on tracking, not point are for be Y out, Model revenue -- the but So in value. this at selling believe, I car to in

than #X the If and you vehicles to and are that compare cost car. less that our #X they whatnot, much other

law here. a situations hitting large just we're So of numbers

I advertising. know people want us

are We advertising.

think but to there really front. think cannot afford a advertising nothing. that don't the on But car gained is of something help. employing it's doesn't great I people be is they I

really the buy They is for or simply cannot any a is person They the must can't it. big that of afford it to afford is it, that this thing the so make be car money. can't sold, average amount deal. So affordable

Model address earnings available just do product-related in call. questions to Okay. much. answer very X next be that, we to unfortunately, I Thank expect timings the U.S.? is, question don't Highland The when on and you you wanted

let's one. to the So go next

Current to CAGR? its growth when launches rate Is in this in Tesla X.X XXXX? mass-market expect achievable million any And will long-term XXXX, sell-side consensus assumes XX% vehicles without growth Tesla XX% deliver XXXX to return does versus that representing guidance.

are question. at there is for the When XXXX, environment. happening moving about talked Thanks Elon we pieces. lot of just macroeconomic the what in a look

carefully on meaningful in are manner and call. focused very to able we're more provide options, cost-efficient growing a at earnings much update So volumes our next and reviewing all a our our be we'll

it's you universe. or will of forever Yes. have exceed a compound stating I mass XX% the not the rate possible to obvious, of the risk known at the mean of growth

any than faster -- car earth So much other we think very but will grow far. company I on rapidly, by

Thank you.

question project robotaxi, excites time do line you how approximate have is, for is in Next you nondriven? most progressing? mind What an or this the driven about

I'm -- I excited nondriven. with Austin progress the amazing. but is, drives -- no robotaxi end-to-end, very The guess, the Well, I around with net, certainly about autonomy, interventions. self-driving is software guess, nothing me our I

So it's clearly the right move.

obviously, do things simply will So pretty really and enable it's things useful Optimus learn do and And by that enable looking. approach same to Optimus to to software amazing. how

in exciting the extremely long So term.

and before, I As like, for that of effectively, economy output a infinite people, do your humanoid as you much a intents number times that if infinite is is mentioned have twice productivity, or robot people economic all you've the you'd constraint no got as can given purposes. on longer a

I a And need it design lacks long They're don't whatever. shot. of will manufacture in robot to the to mass brain. by be to then Oz you Tesla, robots. Boston but also at or point, is such Yes, be it the not way And So the do their the humanoid manufactured. is than a a lacks some then brain. able impressive, that Dynamics like Wizard anyone robot better think the robots going can

that create need good outcome. obviously, to some sure variance We humans not for Terminator a of And the future. place make do we it's that in

So a lot we're of humanoid control robot. the into put effort going of localized to

and able a like update, -- to that be It you to you put off will hard-coded. shut So even if be has it basically, change can't anyone can't locally, change that. you software

price the better you. if was soon? is it so robotaxi expected on is getting Thank The is, FSD next question why and dropped

affordable make we more people Well, it. wanted more to Yes. it just try as

FSD price its to I think, increase the value. of time, proportionate over will

So as we'd price temporary of the low. kind regard a current a

when? FSD. on again, liability X system, to for is, question liability so, next its active. The Is legal FSD? Pilot, is Level Drive driving accepting for autonomous Tesla if Mercedes is accept when And planning legal

judging liability, wouldn't the off the not a we have that on by or that there's whether let of like lot assume to front like to. Well, being we'd legal lawsuits. people We're certainly hook

that is only in XX doesn't to fog. limited a it's Nevada for I must in the lanes, need to Mercedes' everyone mean I roads California. or cities some the remember important have in It miles -- think snow car hour. marked per certain It and system and work

is capable it's meant to drive have approach. of But kind holistic really so not we those much more very a any system Our limitations, conditions, and useful. in be obviously with

some people understand think of AI but baby reality to baby I drive, very, mostly, to Now the few. AGI. order It's the in system, AGI. understand very a profundity Tesla It basically has

many on you next Optimus on guess will Thank you. would If deployed? Gigafactory question be The working be next so, Optimus, will lines how year?

will to provide online. of make we ready discuss this Optimus think but I not are at program, updates details -- the periodic point, we

we're Optimus, ago, yoga. see, a year now can barely it you do could as -- can and So walk

So it can a probably ballet. now, years do from few

the good. is question significant FSD. the make steps in and last net is taking path U.S.? represents And to neural Sounds this technology investors safety What outside from available a advance Tesla capability planning for

to been work, it we're it to the harder the the to has -- approach problem is. more get try make our places like, trying Yes,

at it So the in is longer work much to countries it don't would do all. take reason we anywhere that it make simultaneously all

you deploy or liability So And the you can things, risk America. that's currently for world, what before at at in get have whereas take why you to just approval least you're it's most also of deploying. for the can deploying U.S., parts things North

So approval most countries extensive of whereas sort it's program. some -- require

country. we only for go approval ready extensive when So program that to want kind that think time it's through of we in prime

probability that countries, not finding out probability significantly it those of we ways such by apologize but unsupervised, the really significantly exceeds it to a a than make keep of drive needs And entry exceeds far. I better, entry of it the it's -- it to lower human human, in a better.

I tracking that think very point to we're quickly.

been improvements Obviously, which about to I've in the of that you that of I've have overly overly optimistic look been to log a rapid optimistic reason like tends were that if curve, extrapolate progress is is initial kind past, The that sort sort of this. the you well improvement AI several times. characterize rapid, rate as of linear rate to quickly, asymptote. over in logarithmically of as now self-driving you the progress fairly curves. improvement, the curves get a That's would of our quite but world stacked series happened as then real I log

whatnot, true I and parts AI the than of one. last in think that's other stacked also AI, like log series of log higher a Each curves. is Lens curve

keep we them, we to we logs, eventually, if stacking So FSD. keep get stacking

you. Thank

to go questions. Let's now analyst

comes Truist. question first Stein The from from Will

we the we there be will optimistic should or the call, about significant for on there? year don't earlier that pessimistic learned anticipation ramp the until ramp its of to profile ramp volume more reason the it Or like truck production. sounds third of Should We is you any the platform? a think next-gen similar have maybe

to my the year it's It's of kind the Yes. production. really third clear, I production month be guess. is XXth not like of of roughly mean,

they -- it's year, happen gets it happen not the -- So it starts next year will to spans just this XXXX. if that and

us times. took here how can't there if just that -- be the X are technically, Then, blood, it there, But us and only XX -- volume to prosperity would XX took sweat have would be again. go from very been disappointed deliveries but there's staggering. I and required it that years. I -- it an level calendar in not if So years. months through -- shocking years have to reach months, tell initial actually we X with many X you I is reach achieve much tears to and immense

similar path the for A next-gen platform?

complexity to I mean like unique there's Cybertruck.

I mean is... Yes. Cybertruck

months. XX the Hence,

Yes. I grave grave digs Cybertruck. better our with Nobody, own mean probably we dug generally, themselves. than a

that are in reach that volume, to to comes of once one to while in And special products bring to It's the newness. -- difficult a those just the once nature only special of incredibly a come fundamental long along be And market, is so to Cybertruck's products while. it along prosperous. long

low-cost much more the So high-volume, now smaller of sort is conventional. actually vehicle

Yes.

of mega putting how to to or castings bend invent like or the technologies full steel it, In the terms have in new X,XXX-ton hard stainless didn't volt [Audio into we stamping hot or we're have world largest -- high the Gap]

[Audio Gap]

the same in quite Cybertruck. as the way

fast a I will think ramp. be it quite

that unheard everything to the as auto level that in So doing I simplify order achieve we're to possible is in saying, a was per of industry. units vehicle minute

also easier makes makes mean, cost. it it lower intrinsically It Yes, Yes. cost. I single to automate. location a lower that's

Yes.

it meant to awe fill you still cool, but B. clear, to be from will you beautiful, It it's A magic. with be and but It not be will get It's it's Let's be utilitarian. utility. can --

of inches travel example. XX not That's suspension, an as

Yes.

Cybertruck whistles. mean, the of bells I So a has and lot

All Thank you much. right. very

Let's Pierre Street go New Ferragu to from Research.

you hear yes? fine, can me Hey,

Yes.

first and on like pricing adoption. question and have a I FSD follow-up

installed penetration large variance on expensive would have lower of very remain that is I one your much at still hands-on, around. guess, the and more feature you So version see could I ultimate that but and bit car But interest And lower with improves, you FSD, of penetration which a we increasing. kind you by I agree version is And the that cost, should drives where to a a not a be would to chauffeur like level. a the should that the base of service like handle going degraded there lower values like guess value FSD eyes-on is as be and be like to to its robotaxi itself, be of have car like the then have in necessarily a there a service everybody, of service. able the

I'm if wondering So that. you're just taking

last a the And can if least, of FSD simplest not work, ever. from are the available robotaxi like ultimate work technical perspective, to but version version like before probably going

And along so and that kind I'm how account time you're you thinking contribution pricing FSD of wondering your could and whether increase how you the like take of tiers that over financial into to adoption. evolve

astounding a look vehicles economics hours positive that's -- vehicle, you you're there's are When about vehicle only get then of XX passenger autonomous Yes. average, I they hours think, That's of the I to -- Pierre, on a out an truly way. today, XX you a sort have at per fully hours. of mean, autonomous to XX also X.X of week hours insurance. week. XXX And parking day usage drive if going a and in roughly

You got to care there's take lot It's like a overhead. the of of car.

yes, it's the while, given are the and mean, like -- we're economics have I believe, we all system So of cars the insanely making of are full car of for like, positive autonomy. just made capable a that the

of utility less if of a the -- to, hours maybe then means So you that the XXX, still something of being which it say, that still -- X/X you've out you're you're -- car doing by the so only than still of that week XX assumes able it's assuming factor is hours week increase for useful. notice X, a used of

X, Like, still the then You've but value company something you of margins. -- with costs a software the that we're increased hardware have same. by it

Pierre, a you follow-up? do have

at positive the was in a how saw, I the this production give you was, ramping strong Yes. about of, I sequentially? jump a like you I like, impact have, How imagine, I and of evolved like, energy a in different that's much gross massive Austin? the surprise. then margin like, margin benefit, idle It's cost? quarter. have if gross us topic How your the of And very Could okay. much in that storage, Berlin for sense sequential

and us about can you background tell think that should us the how forward. gross if margin that So on give we going

question. the for Thanks

in terms have question. we So -- a different few of of aspects your

impact. of look it but we pretty are our the quarter. I -- when did quarter. perspective, the pretty actually to impact won't do, had just did pieces, I well, factories this for right? and the a impact by at trying the It QX And factory time if up we other look percentage, idle they give decent ramping -- for well exact which So had obviously, And you an to see margin other you contributed from a for at certain

to factory, one the in fact, to In is of other are close pretty terms Fremont. established we for where came per factories of our which cost unit

quarter. So a the that was in positive

well. When it energy was Megapack that to comes the driver there. key And margins, done deployment has product

On the deployments to a able been I lumpy. to a there. Megapack lot cost also, are But bit want caution do we've that do curve

quarter downward are periods we the markets, you a this period. product of would So get depending different to yes, base had way... trying to upon on trying product see But there deployment be would we deploy great where that to where that in because us pressure

in product the Yes, Yes. transit.

Yes.

Thank you very much. Okay.

Let's Rod go from Lache to Research. Wolfe

to Really despite the nice rate improvement downtime that you the of see cost vehicle took.

the see You've year. taken now -- that from way Can there changes year? you your about And lower-priced vehicle next earlier the of related Is the you timing that improvement $X,XXX us maybe to the existing costs give sense you to, about gen the can factory you alluded rate that then the this over the improvement product average here? past maybe you product changes to? to alluded the out speed of that, you of from on your share talked of a convey a of

Yes.

QX. that are control. terms certain factory we'll cost benefits finished there underway. control, don't things We all on things expect we which are But get of in some get at which efforts, hand, So upgrades other look the our are -- we you late from reduction which there just our we margins, There puts lots when just product are and this. in of takes and we certain

Some ramp up to We're still be. to want in those where factories are QX. still not the factories early of in we these phase

which Plus, another will with. So near term. to ramping Cybertruck, is headwind, like be going in we be we're impact they the Elon dealing will mentioned, which be to going

makes to macroeconomic to precisely day all predict a yes, there's evolving observing we the harder we're which reacting land. it overall thing on an something which But this even uncertainty and that, where as of to -- in basis. environment, daily is which it it's On top every

I and engineering work of trying would them maintain unflagging have both do we additional operations possibly the downs -- to the are you our the like cost say good that cost a efforts, we for of in We pipeline are on just reduction not pursuit XXXX. We're like intention we that and exceed And side on factory our hard side. the as as can. trend or is saw.

The timing you that? of the can next-gen product, share

Not at this time.

as just a mentioned driver mentioned And you think demand, price -- that's a also this Okay. happening of not during some hitting about And call maybe the point at you're is a thoughts that you follow-up, price obviously, in this thinking large but obviously of vacuum. just any you lines? some how at also of in elasticity point numbers macro products. your Can environment, that on and you're share just those law this I along

paycheck car whatnot, very the they're I very I It's credit a They've hole paycheck to buy to of noting a even elasticity. account. there's RavX, as tax very credit $XX,XXX because think debt, A nobody difficult card at a of burning a are -- average a costs if -- a and price living debt. they they're would debt. their lot our of have worth got $X,XXX least incentives do for and these access like the actually significant be that to large the mortgage unlikely that lot bank number of to. lot with or people person same in mean people frank, totally or most RavX, not

be people yes, It's is over year, who's it's say life and $XXX,XXX is I $XX,XXX what someone have or year, income, or a understand -- earning $XX,XXX it'd earning which like people. a $XX,XXX for So when most is sometimes that's for for someone people. difficult high to reality most high, who like who

credit, they people, So X months this tax the lot taxes. -- and even just case, $X,XXX for front $X,XXX even credit for months actually to can't like, don't, of tax in or -- have like, they for that a in XX some

per stop people and the look just is is They more And at right much money there. that expensive still to it's how car you it. when how a pay immediately So really have to it vast they than much That's do regard much way. RavX month. our

One trying set EV the add, we're you at when to other to of thing look car adopters. buying which I'll get in general, next

car. an adopter, a who great Not just wants EV

Exactly.

you It's not you like, real things vibes would people all somewhat say, I that home crowd. Like, home. doesn't all I I detached factory why have who and from it times?" advantage say, everyone work -- everyone -- get isn't work-from-home I say like take this I'm mean, all like work who be now from like to your work so did does cannot to like, why you they crowd with do have of go from to have to the many factory mattered. deliver Antoinette like home? sleep it honestly, from mean how mean, while the from correlates food. the So so -- have some and you Because is in those the -- who about cars Marie people what the people what or about "Why I come that the are fill to restaurant to -- and food talking your make the the It's reality

not is. for how It's emphasize necessary optional It thing So an I cost is just important a people. can't thing. again most

but at mean on we I more harping buy thing, cost the just this And analysis, We the have know internal of our to make mean -- interest people I keep can we it we're car. an which it. think I raises that affordable more I cars look track payment the people's reductions is at looking rates, price Model in, say, to you you that almost the unchanged. interest price compare Y risen on of monthly the due to we've when the less -- Y made that how much or cost is and Model has the or

If you interest changing rates. factor the in

payment. is and principal put check monthly money Yes, -- payment how and a have down monthly which their go then have number, how to is or bank just balance, say. is it what doesn't matters account is bank number to literally I'm the monthly negative. is it's to And trying that that It's The or do whatever, and much account interest matter pay. in that this the not they that thing what to -- cause their if their do they has

interest And As of which rates, payment rates increased. all the it so more X at interest basically difficulty very there is incremental that, getting the current interest. it challenges It's just some beyond are credit high the actual of going a has is is kind -- same. from the bunch near to of monthly going to

so there cannot year. credit, of on them this everything Even are the a handing given people a credit if that little kicked period. of and the solid, are got bunch shy they've a a out is get banks And bucket who job number gun simply earlier

just give There's Even fewer Yes. if to fewer hand them. they options. there's banks out also credit,

banks bank new you does with exist. a still a Digital Well, to if relationship your not establish have bank. exist,

I was banks lot I Suisse, of mean, shocker. a regional that have died, so mean Credit even And and a geez,

card a best somebody's extremely at because you off And XX% commercial The they bad credit quite exist if paying a like a And credit and becomes -- just terrible means off. are think XX%, got XXX-year-old-ish them You've if interest rates has punishing cards, usurious. cannot interest pay still time cannot interest in estate meaning rates, accruing anymore. you're situation. mind-blowing. them drop over mean few real Credit headed Swiss interest over there's obviously shoes significantly. been to you're institution It's I still on is bad on shape. to doesn't it the card which That's that I XX% pay place. at rising credit debt their obviously

you. Thank

Canaccord. go from George next question Let's to from

like but per more focus down Just it points of vehicle to on future curious be. material utilization? discussed written the please, you in in, to just remarks, you I quarters levers true. you've there option reductions? And some over give if more know to cost ask And reports, if of down come Ys factory say if so, China. an coming as are your here some of data to it to that's why? can in going believe Are can kind it and there scale, is press give one cost just Model what these, I I'm I'm Is some that's could as things included Gigacasting? I that us the confidence as mean radar how that they time? And Is in that in to perilous sneak us

radar. included not We've

radar whether Model We into Tesla-designed have an That's plans We'll or there X. it, X radar but is -- as radar to experiment S Y. it. experiment is in see a worth integrate are no that and

at with visual, Just and far. looking is with the fact, simply excellent exceed have amazing just and as head. well, far, far average human don't I of can humans the an car the driver safety drive their back far, mean, the at human our we all all drive safety in directions eyes will eyes, car Because, with on once,

So distracted, -- never and drunk, gets and the never get computer hopefully. gets tired

it radar-only does matters an really radar do what And is braking. probability affect the be to effective, have be the accident. to -- is order much in radar for to you how able so And of

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much is, some is out very on the Now radar in the Tesla-designed high-resolution still whether radar useful, jury the potential a be to that but case. has that fact, is

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