Highlights From The Tesla Annual Shareholder Meeting
Tesla wrapped its annual shareholder meeting last night and CEO Elon Musk, having faced something of a vote of confidence, is still chairman of its board.
In fact, every issue voted on went the way the company wished, with more than a supermajority of stockholders expressing faith in the leadership of the company.
But, that was just the short business portion of the meeting, what Tesla’s general counsel Todd Maron referred to as the boring part. Things got more interesting during the presentation and lengthy question and answer period.
Now, YouTube channel Teslanomics streamed the entire live presentation, taking questions themselves as they waited for the show to begin, and we’ve embedded it in its entirety below if you have the time or inclination to watch. If not, you’re still in luck, we’ll give a quick rundown of the best nuggets of information that surfaced.
Musk kicked off the non-boring part of the meeting with a presentation that hit predictable notes: Model 3 production ramp up, worker safety, Supercharger expansion, growth of its energy storage, solar roofs, positive GAAP net income and positive cash flow, and future products. Of all of that, a slide hinting at the exterior of the Model Y caught our interest the most.
The questions were plentiful and varied, but here are the ones that most grabbed our attention
- Speaking to a question about whether Tesla had reached the $100 per kWh cost level of battery cells, Musk stated he thought they would do better than that later this year if commodity prices stay roughly where they are today. Perhaps more interestingly though, he also said that with improvements to the chemistry, more vertical integration at the Gigafactory, including the production of anodes and cathodes, and other factors, they could reach $100 per kWh at the pack level within two years. This would be hugely impressive.
- Responding to a question about when Gigafactory 1 in Sparks, Nevada will finally be completed — apparently, it’s now only 1/3rd of its eventual size and should be completed in four or five years — Musk, together with executive Robin Ren, said they would be announcing details of a Gigafactory in Shanghai, China as soon as next month and, possibly before the end of the year, another Gigafactory in Europe.
- Tesla will do another revision of the Semi design it had originally unveiled. Musk says it will have a range beyond what people think is really possible. He mentions also that the single design would work in North America, Europe, China, and the rest of the world.
- Look for the capability of Tesla’s Autopilot feature to “exponentially” improve over the next six months.
- Speaking about how Tesla service centers will double over the next year, Musk mentioned that they will be adding Tesla body shop repair locations. These would be attached, mostly, to existing service centers, with the top 10 metro areas in the US getting one by the end of the month. Saying that this would create a huge improvement in both time and cost of body repair claiming, incredibly, that they would be able to achieve same-day repair in a lot of cases.