# Shareholder Meeting 2018



## MelindaV (Apr 2, 2016)

scheduled to begin at 2:30p (pacific) this afternoon. Post your comments, feedback, links to stories, etc here!

https://www.tesla.com/shareholdermeeting


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## Michael Russo (Oct 15, 2016)

MelindaV said:


> scheduled to begin at 2:30p (pacific) this afternoon. Post your comments, feedback, links to stories, etc here!
> 
> https://www.tesla.com/shareholdermeeting


And I'll read them all in the European mornin'... 

Thanks, Melinda!


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## SoFlaModel3 (Apr 15, 2017)

Will have to catch up later. My daughter’s Pre-K graduation is this evening.


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## garsh (Apr 4, 2016)

New Autopilot rolling out this week! Significant update, apparently.


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## garsh (Apr 4, 2016)

Model 3s available for test drives in all North American stores by the end of next month (July).


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## garsh (Apr 4, 2016)

Model Y reveal in March next year (2019).


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## garsh (Apr 4, 2016)

PETA asking about leather in steering wheel, @KarenRei ...
Still using leather for steering wheels across all models.

Franz says they are actively working on getting rid of leather in steering wheels.


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## Spiffywerks (Jul 30, 2017)

@KarenRei 
They said you can request to have the steering wheel replaced with a Vegan option! They do have fully Vegan as an option.


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## garsh (Apr 4, 2016)

Spiffywerks said:


> @KarenRei
> They said you can request to have the steering wheel replaced with a Vegan option! They do have fully Vegan as an option.


In very small quantities, upon request.


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## garsh (Apr 4, 2016)

Starting AWD production this month (June).
Then ramping up in July & August.
Volume production of AWD in September.


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## garsh (Apr 4, 2016)

"I think I do have an issue with time."

- Elon Musk

When confronted with his inability to meet deadlines.


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## Dan Detweiler (Apr 8, 2016)

Interesting meeting.

Dan


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## KarenRei (Jul 27, 2017)

garsh said:


> In very small quantities, upon request.


Quantity of 1 is sufficient. 



> "I think I do have an issue with time."
> 
> - Elon Musk


His squirming there was adorable


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## Dan Detweiler (Apr 8, 2016)

Anyone see this meeting having any immediate impact on the stock price? I don't think anything significant is going to happen until we see solid Q2 numbers at the end of the month.

Dan


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## Brokedoc (May 28, 2017)

garsh said:


> "I think I do have an issue with time."
> 
> - Elon Musk
> 
> When confronted with his inability to meet deadlines.


Time has less meaning to someone who has travelled from the future.


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## KarenRei (Jul 27, 2017)

My main worry from this meeting isn't stock related, it's the fact that I basically see an announced SR delay in this.

* He reaffirmed 5k by the end of this quarter.
* But he doesn't think they'll be producing SR until the end of this year, and delivering at the beginning of next year
* This is a longer timeline than his previous 3-6 months after 5k for SR deliveries.
* Furthermore, he reaffirmed a shorter timeline for new orders from people ordering the current production. Aka, people ordering more expensive Model 3s can "cut in line".

This sort of thing doesn't bother me, but I know some people will be very bothered by it. And some will probably cancel because of it, which is a real shame.


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## Joaquin (Jan 15, 2018)

For me this was the best part: A roadster parked at the entrance of the shareholders meeting place 

I live very close so I went just to take a peek (no invitation as my shares were purchased after April 12). Arriving to the parking lot with my 3 and watching it totally PACKED with teslas was also an amazing feeling.


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## SoFlaModel3 (Apr 15, 2017)

Joaquin said:


> For me this was the best part: A roadster parked at the entrance of the shareholders meeting place
> 
> I live very close so I went just to take a peek (no invitation as my shares were purchased after April 12). Arriving to the parking lot with my 3 and watching it totally PACKED with teslas was also an amazing feeling.
> 
> View attachment 9775


I hope this isn't blasphemy but I do not like the Roadster in white at all.


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## BluestarE3 (Oct 12, 2017)

garsh said:


> "I think I do have an issue with time."
> 
> - Elon Musk
> 
> When confronted with his inability to meet deadlines.


Ever the dreamer and optimist.


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## GDN (Oct 30, 2017)

Spiffywerks said:


> @KarenRei
> They said you can request to have the steering wheel replaced with a Vegan option! They do have fully Vegan as an option.


I truly hope they charge for things like this. This kind of stuff has to drive up prices beyond what everyone should have to bear.


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## Guy Weathersby (Jun 22, 2016)

Spiffywerks said:


> They do have fully Vegan as an option


This information may be out of date, but the last time I heard Tesla was using animal based adhesives in the Model S and Model X, so they would still not be vegan I have no idea about the Model 3


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## Bokonon (Apr 13, 2017)

Hmmm, didn't expect this:

Q: "Is there going to be a time ... when Tesla is going to produce compact and/or subcompact vehicles?"
A: "Yeah, I think we'll do a compact car in less than 5 years."

Model C? Interesting... I can't see such a car being priced higher than the Model 3, so it would seem that he's walking back this statement from Master Plan Part Deux:


> A lower cost vehicle than the Model 3 is unlikely to be necessary, because of the third part of the plan described below [the Tesla Network].


Not that I have any problem with Tesla bringing such a car to market in 5-10 years... If Elon ends up being correct that Tesla's main competitive advantage in an EV-centric automotive industry will be its manufacturing expertise (i.e. its ability to manufacture EVs at scale more efficiently and with higher margins within a given segment than their competition), they will have no problem making a big dent in this market, especially in Europe and Asia.


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## TrevP (Oct 20, 2015)

Joaquin said:


> For me this was the best part: A roadster parked at the entrance of the shareholders meeting place
> 
> I live very close so I went just to take a peek (no invitation as my shares were purchased after April 12). Arriving to the parking lot with my 3 and watching it totally PACKED with teslas was also an amazing feeling.
> 
> View attachment 9775


I WANT THIS!



SoFlaModel3 said:


> I hope this isn't blasphemy but I do not like the Roadster in white at all.


Heretic!


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## $ Trillion Musk (Nov 5, 2016)

I have yet to listen to the shareholder meeting. Btw has anyone read the tweet below?

__ https://twitter.com/i/web/status/1004118655230078977


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## Brokedoc (May 28, 2017)

Joaquin said:


> For me this was the best part: A roadster parked at the entrance of the shareholders meeting place
> 
> I live very close so I went just to take a peek (no invitation as my shares were purchased after April 12). Arriving to the parking lot with my 3 and watching it totally PACKED with teslas was also an amazing feeling.
> 
> View attachment 9775





SoFlaModel3 said:


> I hope this isn't blasphemy but I do not like the Roadster in white at all.


The flat white appearance in this light doesn't show the beautiful lines of the Roadster 2.0. Then the smoked headlights and (pseudo) air scoops by the fog lights REALLY strikes me a stormtrooperish.

A few quick points about this prototype that I really don't recall from the red car. No Frunk? Surely there must be empty storage space in that area unless they squeezed more battery in there. Then, what's up with the massive windshield wiper that isn't hidden under the frunk lip? When you're making the car as aerodynamic as possible and even removing the side mirrors (which were missing on the red car also), why have such a big windshield wiper that doesn't tuck away?

The prototype Semi also didn't have side mirrors but the road testing versions had them because they were required to be street legal. Anyone know if side mirrors are required for cars to be street legal or do functional side cameras qualify in the current laws?


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## Spiffywerks (Jul 30, 2017)

Guy Weathersby said:


> This information may be out of date, but the last time I heard Tesla was using animal based adhesives in the Model S and Model X, so they would still not be vegan I have no idea about the Model 3


Yes you're right. It's not really fully vegan due to adhesives n'stuff. But as pretty close for things you touch.

Funny, initially I thought that girl asking the question about Vegan option was KarenRei for a second. Lol. Just going by her profile pic. Was thinking "Damn, she flew far to ask this question". Haha


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## MelindaV (Apr 2, 2016)

Guy Weathersby said:


> This information may be out of date, but the last time I heard Tesla was using animal based adhesives in the Model S and Model X, so they would still not be vegan I have no idea about the Model 3


plus the only mass market tire that is vegan is Michelin. so any other tire option would not be vegan.


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## John (Apr 16, 2016)

I attended the shareholder's meeting again this year. It wasn't an epic one, like the 2016 one where Elon and JB ran through the history of the company, and there wasn't much "news."

At the risk of repeating what others have mentioned or that you can watch yourself, here's what I found interesting.


There will be a sub-compact (or at least smaller) Tesla at some point. That's real news. Doesn't necessarily mean cheap, though.
The Chinese Gigafactory is happening and may be announced next month.
They may start giving Nevada Gigafactory tours. Sign me up. (I take my Fremont tour next week.)
The Nevada Gigafactory will take 4-5 years to be completed.
SR rollout maybe slower than previously discussed.
Reserve today for "first production" config and take delivery in 3-4 months.
They were preventing people from touching the new white Roadster. Coupled with heavily tinted windows, this is a car they are not ready to fully show off yet, for some reason. I'd really like to know what the back seats are like. The aspect that I COULD see that interested me was the roof glass. It has "shape" to it, in that there are creases in it rather than being just flat. Not sure I've ever seen glass with creases in it like that. Also, the car is not nearly as low as I assumed it would be. It's not much lower than a '3. Also: 1.9 seconds is just for the base model, not the Founders or performance model. That is sick to think about.
Met Galileo Russell and congratulated him on his near-monopoly of questions on the last earnings call. He's the one that asked about "Elon time" at this meeting. Funny moment.
Steve Jurvetson (on leave from board) did not show up, even though he lives nearby.
I thought Ben Sullins was coming, but I guess he just listened in and commented.
The solar roof thing continues to roll out slowly. I thought there was going to be a flood starting last March. There's a story there...
Oh, and starting next month they will start giving test rides at US stores.


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## thredge (Mar 24, 2017)

KarenRei said:


> ...
> * Furthermore, he reaffirmed a shorter timeline for new orders from people ordering the current production. Aka, people ordering more expensive Model 3s can "cut in line".
> ...


So on the shorter timeline for new orders. I don't foresee this materializing. I don't think Elon got the question right (I know, even though it was written very specific in the tweet). As a later reservation holder (March 2017), I don't expect to get my invitation for another couple of months for First Production, even with delivery in a month, that would put me on 3+ months. I just can't see them letting new reservationists in this fast, as there are still plenty of people in front of me waiting to order the same cars too.

His exact words were, "The length of time to wait for a model 3 if you are *ordering* one now..." and then again, "...for the existing configuration, if you were to *order* now in the US, you pro'ly would be waiting, I'm guessing, about 3 or 4 months."

I dunno, he used the word *order* over and over, and as far as I know, you don't get to order until you are invited. When he jumped to overseas and right hand drive, I think we was just expanding on time frame again that they have explained in the past. I feel like this one kind of got phoned in as he gave similar timelines to when deliveries will be happening. Did everyone notice how knackered he looked? I'm not sure he slept last night.

Additionally, the new reservation I just put in March 2018 estimates First Production available for me in Late 2018, and AWD in Late 2018. So new reservations aren't moving up the line as far as I can see.

...also @KarenRei, yes, this would make me sad again.  And you just tried to cheer me up the other day.



SoFlaModel3 said:


> I hope this isn't blasphemy but I do not like the Roadster in white at all.





TrevP said:


> I WANT THIS!
> 
> Heretic!


Agreed, @TrevP, what is wrong with @SoFlaModel3? That thing is gorgeous!


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## John (Apr 16, 2016)

It's odd to think that right now they are still fulfilling orders from the first day, March 31, of reservations for non-owners.


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## thredge (Mar 24, 2017)

John said:


> It's odd to think that right now they are still fulfilling orders from the first day, March 31, of reservations for non-owners.


Additionally to what I mentioned above about Elon's new orders comment, about 48 minutes in, he responds to the fleet plan question saying they aren't really thinking about that right now as they are just trying to fill orders for the model 3, "...as it is, even getting to 5k cars per week, it would take us almost 2 years to, ah, produce enough cars to satisfy those that have put down a thousand dollar deposit." He then goes on to explain they need to ramp to 5k, then 10k, then get the right hand version done, then think about other things once we've done all those things. This really felt contradictory to his answer to new orders for non-reservation holders to me.


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## John (Apr 16, 2016)

thredge said:


> Additionally to what I mentioned above about Elon's new orders comment, about 48 minutes in, he responds to the fleet plan question saying they aren't really thinking about that right now as they are just trying to fill orders for the model 3, "...as it is, even getting to 5k cars per week, it would take us almost 2 years to, ah, produce enough cars to satisfy those that have put down a thousand dollar deposit." He then goes on to explain they need to ramp to 5k, then 10k, then get the right hand version done, then think about other things once we've done all those things. This really felt contradictory to his answer to new orders for non-reservation holders to me.


I think it's kinda what @KarenRei said, if you order "first production," you jump over all of the people that are waiting for other configs (SR, RHD, performance, dual). And I think the take rate of first production has been just under 30%. So if you order LR+PUP right now, you jump over 70% of other reservations. At least, that's my guess.


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## thredge (Mar 24, 2017)

John said:


> I think it's kinda what @KarenRei said, if you order "first production," you jump over all of the people that are waiting for other configs (SR, RHD, performance, dual). And I think the take rate of first production has been just under 30%. So if you order LR+PUP right now, you jump over 70% of other reservations. At least, that's my guess.


Guess we will see as a lot can happen in a month or two. But that was my point before. First production on my March 2018 reservation is estimated at Late 2018 still. Also, if AWD / Performance, the highest profit cars, is starting in July, why would they waste time letting lower profit cars jump the line? None of it makes sense, & I think Tesla is going to have a PR nightmare on their hands if it plays out that way.


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## SoFlaModel3 (Apr 15, 2017)

thredge said:


> Agreed, @TrevP, what is wrong with @SoFlaModel3? That thing is gorgeous!


I thought the red prototype showed off the incredible lines of the car and that they seemed to disappear with the white paint.


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## John (Apr 16, 2016)

SoFlaModel3 said:


> I thought the red prototype showed off the incredible lines of the car and that they seemed to disappear with the white paint.


Yeah, the white roadster didn't wow me in person as much as I thought it would. I've never seen the red one in person for comparison, though. I like the videos of the red more than the white one in person.
The stance and long wheelbase are cool. Giant brake disks and calipers. Car looks very capable. Sexy glass curves on roof as noted. And it's a convertible, which is cool.
Part of the weirdness was the heavy tint (couldn't see inside) and the security. Whole setup was kinda odd.
"Hey, here's a car you can't touch or look in. Enjoy!"


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## Dan Detweiler (Apr 8, 2016)

Wow, the stock price just broke $300 in pre market trading. Gotta admit, I am pleasantly surprised. I didn't think it would show this much movement until after the end of the quarter. Let's hope it keeps climbing.

Dan


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## TrevP (Oct 20, 2015)

John said:


> I attended the shareholder's meeting again this year. It wasn't an epic one, like the 2016 one where Elon and JB ran through the history of the company, and there wasn't much "news."
> 
> At the risk of repeating what others have mentioned or that you can watch yourself, here's what I found interesting.
> 
> ...


Much like the red Model 3 at the reveal event and at the Gigafactory I think this white Roadster is just a rolling shell. Nothing underneath. Keep in mind, while Tesla does indeed ship what they show, they do make some tweaks to the design, they have a long history of doing that (even with Model 3). The frunk thing will happen I'm sure.



SoFlaModel3 said:


> I thought the red prototype showed off the incredible lines of the car and that they seemed to disappear with the white paint.


Hey, at least it wasn't black! White is my preferred finish but if they have done it in the Hyper Silver like they did with the Model 3 Alpha it would show the lines of the car even better!


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## slasher016 (Sep 12, 2017)

Dan Detweiler said:


> Wow, the stock price just broke $300 in pre market trading. Gotta admit, I am pleasantly surprised. I didn't think it would show this much movement until after the end of the quarter. Let's hope it keeps climbing.
> 
> Dan


I want it to drop so I can buy back in ... I sold all my (non-retirement) Tesla stock to buy my Model 3!


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## KarenRei (Jul 27, 2017)

slasher016 said:


> I want it to drop so I can buy back in ... I sold all my (non-retirement) Tesla stock to buy my Model 3!


If there's no more big dips before the short squeeze, you can always just wait another 9 months or so after the squeeze for the shorts to start dipping their toes back in the water. "No, this time we're right, NOW's the time it's going to go bankrupt!" 

For me, short interest in TSLA is my buy-sell guidelines. If there's a lot, they've artificially lowered the price, buy. If there's little, the stock is properly valued, sell.


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## KarenRei (Jul 27, 2017)

Dan Detweiler said:


> Wow, the stock price just broke $300 in pre market trading. Gotta admit, I am pleasantly surprised. I didn't think it would show this much movement until after the end of the quarter. Let's hope it keeps climbing.
> 
> Dan


Right now it's the highest it's been since March.

Picture the poor people who shorted when the stock was in the $250s  Nothing worse than being confident in a financial theory whose fundamental bases are wrong.


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## John (Apr 16, 2016)

If they’ve held back deliveries for US tax reasons, there might be a dip on delivery news the first week of July. Depends on how the market values a huge “in transit” number whose cause is obvious (cars about to be immediately sold in July).

When they release Q3 results the first week of October, there could be a strong dip if cash was still negative by any healthy amount. The company has promised that that is the quarter which will demonstrate Model 3 margins at scale and the ability to self-fund. If that disappoints, there will be blood in the water.


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## $ Trillion Musk (Nov 5, 2016)

John said:


> If they've held back deliveries for US tax reasons, there might be a dip on delivery news the first week of July. Depends on how the market values a huge "in transit" number whose cause is obvious (cars about to be immediately sold in July).
> 
> When they release Q3 results the first week of October, there could be a strong dip if cash was still negative by any healthy amount. The company has promised that that is the quarter which will demonstrate Model 3 margins at scale and the ability to self-fund. If that disappoints, there will be blood in the water.


The reasons for bearish arguments are never ending. And here I thought the next major dip would be caused by capital expense for the Model Y.


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