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Elon on q4 expectations

From Audio: Tesla, Inc. (TSLA) Q1 2020 Earnings Conference Call

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Duration: 07:08
Elon talks about q4 for a minute.
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Elon talks about q4 for a minute.
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own. Plus, you preserve the option value of increased value of time. But we do understand that some customers who have ownership, or at least their vehicles, did not purchase that option up front. And so this will enable those customers, um, to spread out the cost of ownership of 50 or subscription every time, absolutely as you mention, like at a high level. Our level goal is thio maximize the area under the curve of customer happiness that that is circle. And we think that you know that that's the kind of thing that all companies should try to dio on. Bond it, z what results in long term value creation? Um, and, you know, and loyalty to guess loyalty. So I got was always really to do the best thing for the customers. And Andrea confident that that way behave like that that they customers in turn. Well, it has the same way to us, Thank you. The second question from investors is, uh, China recently announced changes to its any the subsidy program that disqualifies Tesla vehicles from benefiting from the subsidies. What extent is there room for Tesla to lower manufacturing costs in China and pass those savings to buyer so they can qualify for the subsidies. Yeah, so way are making rapid progress on lowering the production cost in China. And, um, we're actually excited to announce on this call that we will be reducing Thebes price of the standard range model three. Uh, basically, tomorrow, China time. So the day after tomorrow, California time. But tomorrow, China time. Andi, uh, that will be a price below the substitute limit. We're feel confident that that's what it will be. A vehicle that delivers a good gross margin. Yeah, and and on the manufacturing costs portion of the question, uh, the cost of vehicles produced in Shanghai in 21 is already lower than the cost to produce the Model three in Fremont. And there's still significant opportunity left. Take cost out. So 6/12 absorption from higher production volumes, which are occurring in Q two will occur through the rest of the year. We're not fully localized on the supply chain yet, And so, while a lot of the supply chain is localized, it's not complete, and there's additional opportunities there, Um and so we'll continue to bring the price down and expand margin costs down and expand margin. Even with this reduction in price that Ellen mentioned on the standard range version of the vehicle. Thank you. The next question is, and they grow once said that great companies are improved by crisis. Uh, in which way has Tesla improved or or is expected to improve coming out off of it? 19. We'll wait as close to look closely at our cost structure and to be more efficient as a company. Uh, that that, um that one always has to do that in a crisis. Um, and, you know, think about a cold beliefs. And what do we want to dio? We came to conclusion that uh huh, that that the right right rivers, actually to continue to expand rapidly, continue to invest, uh, in the future in new technologies. Um, even though it is risky. Andi, we've talked Thio marquee investors, and they support that approach as well. So, um, you know, I think that this was clearly an uncertain, you know, future had It's a bit of a bumpy road, but I think the long term prospects are extremely good. Anything you guys would have Yeah, I agree with that. Iran. Um the prioritization on the key projects will enable us to execute more efficiently and faster on them, which I think is great. That the other one that I would add is it's always been our vision at Tesla's toe, um, improve the customer experience and make that as digital is possible. Touches delivery. So touch with delivery. Mobile service touch with sales has been something that we've been very focused on and made a lot of progress on. Yeah, the test is the only car that you can literally order it. In less than five minutes on your phone, you can order a car and have it delivered to your doorstep. With all the paperwork and everything done, that's it effortless. And many customers do that and and they're doing it. Yes. In fact, a big part of it is just, um, trying to communicate to people that this is something you can do because normally buying a car, is it quite a for most people, they would rather go to the dentist and buy a new car. Uh huh. You know, mhm. Actually, my dentist is very, but it was really, like, quite a just thing, you know, Um when the typical retail experience for buying a new car is more painful to people than having a root canal than you have to say. Well, Andi, for Tesla, it is a completely Azaz. Easy as ordering something from the apple app store or wearing something in Amazon and other steps to car. Yeah, alright, Five minutes. If you really weren't fast, I think you could order a car. Probably 90 seconds. Um, so thank you. The next question from institutional investor is can you give us a brief preview of the battery day By general highlighting steps, steps like taking to improve self energy density and timeline for introduction? Um, yeah. Actually, we were just way Don't wanna preempt Battery day. Um, wait here. Wanna leave the exciting news for for that day, But there will be a lot of exciting news to tell. And I think it would be one of the most exciting days in Texas history. Andi, we're just trying to get the right timing for that. We think probably the right time. You will be the you. Probably the third week of May. Um, um, not not giving a firm date, but we think that probably That's right. Timing on de. Depending upon what we're allowed to do, it will either be in California or Texas. Okay. And the last question from a traditional investors, could you please, uh, update on progress towards development and commerce? Commerce Suddenly, commercialization of full self driving. How much revenue have you recognized so far? Um so just a couple of things on the financials for full self driving. Um and so currently in North America sold for $7000. That's an option. We take roughly half of that as revenue and the other half of it goes into deferred revenue deficit.
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