By Gabe Rodriguez Morrison
Tesla is set to begin production of the Cybertruck at Giga Texas in mid-2023, a timeline that was reaffirmed during Tesla's Q3 earnings call.
After initially unveiling the electric pickup truck in 2019, Tesla has delayed production several times due to supply chain challenges among other economic issues.
While the Cybertruck is going to be built at Giga Texas, Tesla plans to start manufacturing battery packs for the upcoming truck at its Fremont factory, a plant that is already operational. It was previously expected that the batteries would be manufactured at Giga Texas, the same factory where the Cybertruck will be assembled however, battery cells and cell pack manufacturing are not yet ready to begin mass production at its newly constructed Gigafactory in Austin, Texas.
Earlier this year, Tesla applied to build a battery and cathode manufacturing facility at Gigafactory Texas. Construction has started but it likely will not be ready in time for the Cybertruck’s projected launch in mid-2023.
Tesla is set to use IDRA's new Giga Press with a clamping force of 9,000 tons to produce the Cybertruck. The new Giga press is comprised of 54 pieces, weighing approximately 170,995 pounds. The Giga Press arrived in Houston, Texas last week and can be expected to reach the Gigafactory in Austin, Texas soon.
IDRA Group is one of Tesla's key suppliers that provide the automaker with giant manufacturing machines. The 6,000-ton Giga Press they constructed gives Tesla the ability to manufacture single-piece ends for the Model Y. Giga Texas will soon receive a 9,000-ton Giga press to manufacture the Cybertruck.
The Q3 earnings release revealed that the Cybertruck is now in the ‘Tooling’ phase of production. The tooling phase is where Tesla starts setting up the machines and production line before a vehicle enters full production. Although production is not fully underway, this is a good sign that Tesla is on track to begin production mid-2023.
By Gabe Rodriguez Morrison
Not many details have been revealed about Tesla's next-generation FSD hardware, but news out of China suggests that the new hardware will use considerably improved cameras.
One of Tesla's suppliers appears to have produced and shipped new 5-megapixel cameras and sensors to Tesla. These new cameras will likely be used for HW4 since the current hardware probably can't keep up with 8, 5-megapixel cameras.
Currently, Tesla uses cameras with a resolution of 1.2 megapixels, so this would be a major upgrade to the current hardware.
The news comes from one of Tesla’s Chinese suppliers, Lianchuang Electronics. @ChrisZheng001, who shared the news on Twitter, asked Elon Musk to confirm the details, but Musk didn't respond.
Breaking news, Tesla's tier 2 supplier Lianchuang Electronics said on the investor platform in China that the mass production and delivery of the HW4.0 platform camera has begun. @elonmusk Can you confirm it? pic.twitter.com/NJHOZW4e6t
— Chris Zheng (@ChrisZheng001) October 20, 2022
The new camera details emerged when the supplier was asked if they will be supplying their 5-megapixel cameras to Tesla.
Translated from Chinese, the question reads: Tesla recently officially announced that from October, North America, Europe, Japan, South Korea, Australia and other markets except for mainland China would fully implement the pure vision solution and officially switch to HW4.0 system, and replace the original cameras with 5MP HD cameras. As a supplier of Tesla's cameras, will the company supply these 5MP to Tesla's provider Samsung on a large scale?
A company official responded: “The company’s camera business has good momentum, and HW4.0 cameras have begun mass production and shipment.” (translated from Chinese)
At Tesla's first AI Day, Elon revealed Tesla's plans for FSD hardware. He announced that Tesla was researching the next major hardware revision for full self-driving, HW4, which he guessed would be released with the introduction of the Cybertruck.
At the time, Elon also said that Tesla was looking into new cameras, which aligns with the recent statements from Tesla's camera supplier in China.
Musk didn't want to comment on HW4 at AI Day 2, but it's possible that the revised self-driving computer could be coming soon. As Elon mentioned at the first AI day, the HW4 release may be coupled with the release of the Cybertruck, which is expected to begin production in mid-2023.
Recently the Cybertruck was spotted with what appeared to be cameras strapped to the outside of the vehicle, which could mean Tesla was testing new camera placements.
By Kevin Armstrong
Tesla has grown at an incredible rate, but according to Elon Musk, we haven't seen anything yet. So the company's CEO made the earnings call a can't miss event for investors and enthusiasts. The third quarter earnings call highlighted expected growth, buybacks and resumes. After the call, Musk tweeted: I will not let you down, no matter what It takes. Here is a quick recap of what we learned from the 58-minute call.
First, there are some quick points before we get into more detailed highlights. Musk says quarter-four is shaping up to be "epic" and promises a record-breaking performance. Tesla is not "recession-proof," but is resilient. Musk does not see any reason to slow down production, as demand is still far more than supply. RoboTaxi is progressing. The program would provide autonomous vehicles as cabs, but hinges on the full self-driving program.
Tesla Will Have the Largest Market Cap
In his opening remarks to investors, Musk made an extraordinary prediction. He said that Tesla would have the largest market cap in the world, surpassing second-place Saudi Aramco and first-place Apple. Not only would his company take the lead, "In fact, I see a potential path for Tesla to be worth more than Apple and Saudi Aramco combined."
The combined market cap of those two companies is more than 4.4 trillion. Tesla is worth just over $690 billion. Musk says it won't be easy, but "It will require a lot of work, some very creative new products, manage expansion and always - luck… We have an incredible product portfolio. I think we've got the most exciting product portfolio of any company on earth, some of which you've heard about, some of which you haven't." He later added that this prediction did not include Optimus coming to market. Tesla recently updated its humanoid robot to be put to work in Tesla factories before being available to the world in 2027.
Buybacks Could Happen in 2023
The topic of buybacks regularly surfaces during these earnings calls. Musk said that it has been discussed, "extensively at the Board level. The Board generally thinks that it makes sense to do a buyback." He added that the company would be looking at doing a buyback of $5 to $10 billion, and even if 2023 is a down year, "it's likely that we'll do some meaningful buyback."
Unfortunately, the buybacks won't happen before the 1% tax on buybacks kicks in on January 1, 2023. Some speculate this is the real reason the buybacks were pushed to next year, to avoid the optics of trying to dodge a new tax.
Tesla is Becoming the Go-To for the Brightest Minds
A.I. Day 2022 was a big hit, not only for showing off Optimus and Full Self-Driving improvements but generating interest in the company. While A.I. Day is viewed by many as a way for the company to show off its latest achievements, it's a recruitment drive.
Tesla includes several staff members to discuss projects, while Musk encourages people with interest to apply. "We've seen a massive influx of world-class artificial intelligence engineers and scientists resumes. So, it generated a tremendous amount of interest from some of the best AI researchers in the world. I can't emphasize the importance of this enough because I think finally it has become clear to the smartest AI technologists in the world that Tesla is among the very best."
50 Percent Annual Growth
Tesla is going to need all the help it can get. The company is still committed to growing by 50 percent yearly in both deliveries and revenue. "We expect to sell every car that we make for as far into the future as we can see. So, the factories are running at full speed, and we're delivering every car we make and keeping operating margins strong," said Musk.
Despite the company's strong growth, he admits Tesla is still tiny in the big picture: "We are still a very small percentage of the total vehicles on the road. Of the 2 billion cars and trucks on the road, we only have about 3.5 million. So, we've got a long way to go to even reach 1% of the global fleet."
That said, there has been a monumental shift to electric vehicles in the past year, prompting Musk to say, "I think the public, at large, realizes that everyone's moving towards electric vehicles and that it's foolish to actually buy a new gasoline car at this point because the residual value of that gasoline car is going to be very low. So, I think we have to be in a very good spot."
That means there are two billion cars that could be retired in the coming years and replaced with electric vehicles. Therefore, the consumer pool will only get bigger and demand for EVs will continue to grow,
During its earnings call Tesla also discussed its upcoming Semi, which they expect to produce up to 50k units in 2024, the next Tesla model is already in the works, and the latest on its FSD Beta.
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