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tesla (tsla) q1 2017 results - earnings call transcript

by:GSL ENERGY     2020-06-09
Tesla, Inc. (NASDAQ:TSLA)
Etexecuesjeffrey K. Q1 2017 earnings call at 5: 30 p. m. on May 3, 2017Evanson -
Tesla Motors
Musk-Elon Reeves
Tesla MotorsDeepak Ahuja -
Tesla Motors
Jonathan McNeil
Tesla MotorsJeffrey B. Straubel -
Tesla Motors
Eugene Porter analyst
Piper Jaffray & Co. Antonio M. Sacconaghi -Sanford C. Bernstein & Co.
Logan-
UBS Securities Ltd.
Morgan Stanley
Charles FrankRobert W. Baird & Co. , Inc. (
Private Wealth Management
David tamperino
Goldman Sachs & Co . )Martin Viecha -Redburn (Europe)Ltd. Brian A. Johnson -
Barclays Capital LimitedRod Lache -
Deutsche Bank Securities Co. , Ltd. Colin Rusch -
Oppenheimer company, Inc. Ryan Brinkman -
JPMorgan Securities Co. , Ltd.
Bank of America-
J. Of Merrill Lynch. Albertine -
Research on consumer advantageErickson -
Jeffrey Osborne-Cowen & Co.
Sparks-
Royal Bank of Scotland capital market
Guggenheim Securities Co. , Ltd. Dougherty & Co.
Ladies and gentlemen, today is LLCOperatorGood day. Welcome to Tesla\'s Q & A call on financial performance 2017 in the first quarter.
At this time, all the participants were listening. only mode.
We will have a question later-and-
Answer sessions and instructions will be followed at that time.
As a reminder, the meeting is being recorded.
Sir, I want to transfer the phone to your master now. Jeff Evanson. Mr.
You can start. Jeffrey K. Evanson -
Tesla Motors
Thank you, shereya.
Good afternoon, everyone.
Today I attended by Elon Musk, JB Straubel, Lieutenant Deepak Ahuja, Jon McNeil, Lyndon Baines Bridge.
Today in our webcast, we will discuss the first quarter results announced in the update letter on the same link as this webcast.
In our conference call we will discuss our business prospects and make some suggestions
Look at the report.
These are based on our predictions and expectations today.
Due to some risks and uncertainties, including the risks and uncertainties mentioned in our recent submission to the SEC, there may be significant differences in actual events or results.
We will start today\'s conference call from Elon\'s brief comments, and then we will go straight to Q & A.
Please try to limit your issue to one and one follow upup.
If you haven\'t entered the queue yet, please press star one now.
With this, I will give it to you, Elon.
Musk-Elon Reeves
Tesla MotorsThanks.
So you are welcome to call.
Welcome Deepak Ahuja back to Tesla as chief financial officer.
Yes, welcome back. Deepak Ahuja -
Tesla MotorsThank you, Elon.
I appreciate it. I\'m really excited to be back.
Musk-Elon Reeves
Tesla MotorsCool.
OK, we will go directly to the Q & A session.
Overall, I am very proud of Tesla\'s achievements in the first quarter, and I think the second quarter will be great as well.
Overall, I think we did well.
I feel very optimistic about the future. Jeffrey K. Evanson -
Tesla MotorsAll right.
Sheria, please answer the first question. Question-and-
Thank you.
Our first question came from Alex Potter and Piper Jaffray.
Alexander Eugene Porter
Piper Jaffray & Co. Hi, thanks.
I think there has been quite a bit of debate between investors recently, and in the supply chain, with respect to all aspects of the transport ecosystem, due to the physical limitations of the electric drive system, this will always be a restricted area for Tesla, specifically because it has something to do with weight and energy density as well as something of this nature.
You probably don\'t agree, but I \'d love to hear why you don\'t, why do you think Tesla can compete in these areas, while others think it would be better for diesel, fuel cells, or other options.
Musk-Elon Reeves
Tesla Motors
Are you thinking about things like heavy truck transportation?
Alexander Eugene Porter
Piper Jaffray & Co.
For example, yes, I mean, I think different people draw boundaries in different areas, but as an example, yes.
Musk-Elon Reeves
Tesla Motors
I don\'t know what you\'re talking about.
I absolutely believe that electric trains will-electric cars will occupy every field without exception.
I don\'t want to shoot on a Tesla semi-truck released later this year, but I think it would be a good one (3:54)
Products and will challenge expectations of what electric trucks can do.
So I really didn\'t see any non-electric means of transport, in fact, I am very confident that all the means of transport will be fully electric except the Rockets.
Yeah, kidding me.
Alexander Eugene Porter
Piper Jaffray & Co. Yeah, okay. Very good.
Musk-Elon Reeves
Tesla Motors
It\'s not easy to go around Newton\'s third law.
Alexander Eugene Porter
Piper Jaffray & Co. Right. Okay.
I think there may be a problem with Model 3 here.
I know it may be too early.
Is there a way to measure what you think trim and option absorption will look like on Model 3, just to give people an idea of what pricing and margin situations like? Thanks.
Musk-Elon Reeves
Tesla Motors
I think this is really speculation at this point, but if it\'s comparable to the Type S we see or other vehicles on the market (05:03)
It\'s 20% to 30% more than the finished product (5:08)
Is a typical average.
Jon, do you have one? . . ?
Jonathan McNeil
Tesla Motors
Yes, I think so.
Our experience is a little higher than Model S.
Compared with Model 3, Model S has a larger range, more power, more goods, and so on.
We will introduce at the beginning of production.
I think we will announce our vehicle specifications as we get closer to the start of production, but I think 20% is a reasonable quantity to use.
Musk-Elon Reeves
Tesla Motors
Yes, actually just to emphasize this again.
I may repeat it several times on the phone.
We want to be very clear that Model 3 is not the version 3 of our car.
Model 3 is essentially a smaller, more affordable version of Model S with fewer features.
But Model S and Model 3 will be at the same level of technology, if you are going to install a version, say, what I might say on version 4 of Model S, model 3 will also be on version 4.
If you think the S model was basically the first when it first came out, it\'s right behind.
Wheel drive, we have dual motors-
We have the original hardware 1 autopilot, then the Hardware 2 autopilot, face refresh.
Model S already has about four versions, and our fourth version in Model 3 will also be version 4.
It\'s a bit confusing because one is a letter and the other is a number.
But Model 3 should be called Model E.
But then Ford was going to sue us, and then I thought we were all smart and called it Model 3, but actually the joke was on me because it caused confusion in the market, so we\'re trying our best to get rid of this mess so people don\'t think Model 3 is somehow better than Model 3 in the US
In fact, Model S will be better than Model 3 because it is a more expensive car.
Alexander Eugene Porter
Piper Jaffray & Co. Okay, good.
Yes, very clear.
Thank you very much.
Musk-Elon Reeves
Tesla Motors
We will break the record in this regard.
Messaging can be a bit annoying, but we really have to highlight clearing an error, and for that I take full responsibility for naming something that is inherently confusing in the market.
Alexander Eugene Porter
Piper Jaffray & Co.
Understand.
Thank you.
The next question comes from Tony saconagi and Bernstein. Antonio M. Sacconaghi -Sanford C. Bernstein & Co.
Thank you. Thank you.
I was wondering if you could give us a qualitative or quantitative update on how investors should look at battery costs.
I think your last public statement is that Tesla\'s battery cost was lower than $190 per kWh earlier last year.
If we look at Powerwall 2, there is a significant increase in cost and Density per kilowatt, but I think if we try to do math on Powerwall 2, we still come to a fairly high number.
Maybe you can help us.
I think in the past, Elon, you said you wanted to reach $100 per kWh by 2020. But maybe you can help us understand how we should consider the cost of the battery today.
What improvements do you see from, or would like to see 2170 batteries in future vehicles?
Musk-Elon Reeves
Tesla Motors
Well, I mean, you have the numbers for the classic RFC (9:30)
Strong competitive intelligence.
But we do want to see significant improvements this year-over-
In addition to improving the core chemical composition of cells, basically reducing the quality of inactive cells, of course, there is a large-scale economies of scale and vertical integration of gigabit plants.
It will take time and effort, but it will take a long time.
With Powerwall now, the other costs in Powerwall are more than just batteries.
So, you have the unit cost and then you have to turn the unit into a module.
You have all the cooling system, the control system, the security device to prevent the escape of the cell, the shell, the modem to communicate with the data, and then (10:42)
Perhaps power electronics can take power from the battery and convert it into AC or DC power that the House can use.
JB, would you like to add? Jeffrey B. Straubel -
Tesla Motors
No, this is a good description.
Fully integrated product.
It\'s a system, not just a bunch of cells.
So if you try to calculate the electricity bill per kilowatt hour, I think you will find it very competitive compared to other home energy storage systems, which we think is the best.
But there\'s a lot of other hardware in there.
It\'s all included and packed together at Powerwall prices, so you don\'t have to break it up in your house.
Musk-Elon Reeves
Tesla Motors
Yes, but we believe that Powerwall is the highest quality product and is actually the lowest cost for any product on the market.
So this is a good product and I am very satisfied with it. Jeffrey B. Straubel -
Tesla Motors
Some of the improved tracks you see, from Powerwall 1 to Powerwall 2, part of which are achieved by migrating to 2170 batteries manufactured at gigabit factories.
Not all, but a big part.
So this is something we are happy with and it feels like everything is going well. Antonio M. Sacconaghi -Sanford C. Bernstein & Co. LLCOkay. Thank you.
I would also like to know, your customer deposits, I know there are a lot of, down for the second consecutive quarter, at least from my math, Tesla\'s new car inventory seems to have increased significantly in the last few quarters, it could be 3,500, or about 50%, although production and delivery are relatively stable.
I would like to know if you have seen the incremental demand pressure for Model X, especially Model S.
Elon, you highlighted the chaos in the market.
Do these indicators suggest to you that there is some confusion in the market?
Did you see the cancellation?
Because, at least visually, it looks like this book. to-
Bill on Model S and Model X is less than 1. Deepak Ahuja -
Tesla Motors
Yes, Deepak.
You have a few questions.
First of all, to clarify, from the end of the fourth quarter to the end of the first quarter, our stock of finished vehicles has only increased slightly, and we are using some of them in different ways, which Jon can explain further
And your other question about customer deposits, what I see is that we have a manual backlog in customer deposits for Xs models, as production of our Xs models stabilizes, as the combination of our Model X increases relative to the Model S, we \'ve cleared this out, so it\'s not uncommon from what I \'ve seen there.
Jon, you want to add. . ?
Jonathan McNeil
Tesla MotorsThat\'s right.
The increase in inventory is about two in two.
One is that we have added about a thousand Model X test drive vehicles in the past quarter.
As we have increased the production of Model X, we have given priority to delivery and given priority to providing cars to customers first and to our stores second.
Our store finally has a test drive team.
By half the unit volume increase, that\'s what you see.
Our service loan is in the second half.
So with the increase in the fleet we have installed, we want to make sure that our owners get a service lender, so we will keep increasing and you will see that over time.
This is not a-
Time events, you will see that as we continue to deliver this level of cars on a quarterly basis, we will increase the fleet of service loans proportionally, so we have the ability to provide Tesla to our customers.
Musk-Elon Reeves
Tesla Motors
Yes, in fact, it will take a few months for us to fully deploy.
But our policy for service lenders is that the service lender fleet will be the best version for Tesla.
So if you have a Model X for the service, the service lender you will receive will be in an absolute full load status-of-the-
The best model we have X.
The same is true for Model S.
So it will be something you want the service to take a long time because you have the absolute advantage of Tesla as a service lender. Antonio M. Sacconaghi -Sanford C. Bernstein & Co.
LLCSo, Elon, just to clarify the confusion that you think may exist between Model 3 and Model S, which is not inferred from the order pattern, this is inferred more qualitatively from what you learned in the showroom, or how do you evaluate the problem?
Musk-Elon Reeves
Tesla MotorsNo, no.
We have seen some of the impact of the Model S order as people are confused about the upgrade of Model 3 as Model S.
We took action about a month ago to correct the situation, but this information is not filtered to all of our customers.
So there are still a lot of people who think Model 3 is an upgrade for Model S, but in fact they should buy the latest Model if they want to upgrade.
This is the actual upgrade path.
If you think the upgrade path of Audi A6 is not Audi a4. It\'s not.
So it\'s just a matter of correcting that misconception, and I\'m sure we\'ll do that in the coming weeks. Antonio M. Sacconaghi -Sanford C. Bernstein & Co. LLCThank you.
Thank you.
The next question comes from Colin Langen of UBS. Colin Langan -
UBS Securities, great.
Thank you for answering my question.
You have said in the past, re-invent the machine that makes the machine, now we are getting closer and closer to the release of Model 3, about any additional colors of the automation steps you do for Model 3, how much will Model 3 automation improve compared to traditional production lines?
Musk-Elon Reeves
Tesla Motors
Yes, so for Model 3, I think we can have the best high-
A large number of car production lines in the world.
Better in some ways, worse in others.
But roughly fairly, and then through further iterations, I think it might be a bit better than the next one
The best car production line.
Then, I think the Y-type factory will be a real step change, other than any other car manufacturer.
This is all about designing products that are easy to manufacture and automate and the functionality of designing the factory itself. So Model-
Wise, I think, we are really a step-by-step change in common, but the Model 3 is going to reach or probably be better than the second best car production in the world I think.
I just think the result is good.
Then the Y model will appear-I don\'t think there will be anything close to it. Colin Langan -
UBS Securities Co. , Ltd. Jeffrey B. Straubel -
Tesla Motors
Let me add that as a benchmark for Model S and Model X, Model 3 is much more automated.
Maybe it\'s not the best benchmark to use forward-looking, but it\'s probably three to four times more automated than Model S or Model X.
And it\'s much simpler to build.
Musk-Elon Reeves
Tesla MotorsIs that one-
The fifth hour of each car? Jeffrey B. Straubel -
Tesla MotorsYep.
Musk-Elon Reeves
Tesla Motors
So it\'s five times the volume, but the time per car is the same. Colin Langan -
UBS Securities Co. , Ltd.
Musk-Elon Reeves
Tesla MotorsCompared to S. Colin Langan -
UBS Securities (UBS Securities llcand)
OK, any color you have announced double the Supercharger network and added your dealer.
I mean, how do we think about this in the next few years?
Is double enough?
Or what do you think of networks that need to be expanded in the future?
Musk-Elon Reeves
Tesla Motors
We are expanding (19:48)
Basically, this announcement has been released recently and you can find it on our website.
This will continue to increase significantly.
Jon, would you like to talk to the service person?
Jonathan McNeil
Tesla Motors
Yes, so you see more and more services and service locations in shareholder letters.
But you should now consider service capabilities in two ways.
When we deploy more advanced service technology to our center, one thing we find is that the vast majority of cars we repair do not require elevators.
Let us be free from physical services.
We have now made a lot of additions to our mobile service capabilities, starting to try the changes in our main market first, and we will launch this feature throughout the year.
So we create service capabilities in two ways.
Mobile Services and fixed services
Service operations. But the fixed-
Service operations become more efficient. Deepak Ahuja -
Tesla Motors
Higher throughput.
Jonathan McNeil
Tesla Motors
Absolutely, with workers per square foot, the throughput on each indicator is much higher. Colin Langan -
UBS Securities Co. , Ltd.
Thank you for your color.
Jonathan McNeil
Tesla MotorsYeah.
Thank you.
The next question comes from Adam Jonas of Morgan Stanley.
Adam Michael Jonas
Morgan Stanley
Ladies and gentlemen, LLCHi
The first question is CFIUS and Tencent.
So after acquiring a 5% passive stake in the company, considering the high sensitivity of your proprietary technology and computer vision, I was thinkingI.
Robots and all the related infrastructure, I think the Foreign Investment Committee and the Pentagon in the United States may be worried about the Chinese people\'s ideas, or it may be a Chinese state-backed company, further than holding a small passive stake.
Did I watch too many cold war movies here or is it possible that there will be some sensitivity for national security reasons?
Musk-Elon Reeves
Tesla Motors
But I don\'t think-5% is that important.
They did not attend the board meeting.
They don\'t have any open opinions about Tesla. Deepak Ahuja -
Tesla Motors
Yes, it is a passive investment, as Elon said, and from that perspective it does not require the approval of the Foreign Investment Board.
Adam Michael Jonas
Morgan StanleyLLCOkay. Deepak Ahuja -
Tesla Motors
They don\'t have access to confidential information or board material, so that\'s just the belief and support they think Tesla can achieve.
Adam Michael Jonas
Morgan Stanley
LLCOkay, as a follower
I think Apple has enough net cash to buy Tesla, just like three times more than that.
In addition to having more money than they know, is there anything Apple can do to help Tesla accelerate the transition to shared autonomy and sustainable transportation?
Could they be the kind of company you can work? Is this something you can talk to Tim about?
Musk-Elon Reeves
Tesla Motors
Yeah, Adam, I don\'t think they want to talk about this.
At least I don\'t hear any signs of them doing so.
Obviously Apple continues to produce some great products and yes, I mean, it\'s cool that I use their phones and laptops. I mean. . .
Adam Michael Jonas
Morgan Stanley
LLCI appreciated this.
Musk-Elon Reeves
Tesla Motors
I don\'t know what else to say.
Adam Michael Jonas
Morgan StanleyLLCThank you.
Musk-Elon Reeves
Tesla Motors(23:13).
Adam Michael Jonas
Morgan Stanley
Do you think they are more of a competitor than a potential partner? Is that unfair?
Musk-Elon Reeves
Tesla Motors
I mean, I don\'t know what they\'re going to do in front of the car.
Yeah, it\'s not clear.
Adam Michael Jonas
Morgan Stanley
Thank you, Elon.
Thank you.
The next question comes from Taylor Frank and Robert Baird.
Taylor Charles FrankRobert W. Baird & Co. , Inc. (
Private Wealth Management(23:43)question.
Can you tell me what your capital needs are for Model 3? Just to produce and then increase production this year and next year.
So, are you confident to reach the unit production target of Model 3 100,000 this year?
And then I did. up after that. Deepak Ahuja -
Tesla Motors
I don\'t think we made it clear-we just said in the letter that at some point this year we will reach 5,000 a week and 10,000 sometime next year.
So we haven\'t clarified yet.
Musk-Elon Reeves
Tesla Motors
Yes, the trick is when you have a brand new product and a brand new factory trying to accurately predict the original S-
Curve, initial part of S-
The curve looks very difficult.
Inevitably, production starts slowly, and then you gradually remove the restrictions and eventually it starts taking off exponentially.
But because of this, the initial slow slope will grow exponentially, and the slight changes in land in the first quarter will have a considerable impact on the total.
It is much easier to predict the position of the upper flat part of S-
The curve is likely to be, but the prediction S-
The curve is something I don\'t think anyone can predict accurately.
Taylor Charles FrankRobert W. Baird & Co. , Inc. (
Private Wealth ManagementGot it.
Then can you tell us what the capital needs?
Somewhat met the target of 10,000 units per week, and the current capacity gap between the battery plant and the expected total capacity, what is the schedule to reach the total capacity mark? Deepak Ahuja -
Tesla Motors
Well, we think that overall capital needs and our ability to fund 10,000 of our capacity per week are good. . .
Musk-Elon Reeves
Tesla MotorsWith internal. Deepak Ahuja -
Tesla Motors
Yes, inside, right. Exactly.
With our own resources and the cash we generate in the business as we upgrade Model 3 volumes.
Overall, JB can make more comments on this in terms of cell capacity.
This is all ahead of our vehicle and energy storage needs.
Jonathan McNeil
Tesla Motors
We initially predicted a battery capacity of about 35 gigawatts and a packaging capacity of about 50 gigawatts, and we expect to exceed the battery capacity by 2018.
So, it\'s going well, and with the increasing density and speed of production at the Gigabit plant, we finally believe, I think we said before, we can accommodate more than 35 gigawatts of capacity in Gigabit factory 1.
Musk-Elon Reeves
Tesla Motors
Yes, we have said publicly that we believe that over time, the battery capacity of gigabit Plant 1 may exceed 100 gigawatts.
Jonathan McNeil
Tesla Motors
So, the end of the 35 Giwa hour is really a turning point at this stage, and we will continue from there.
Musk-Elon Reeves
Tesla MotorsYeah.
Taylor Charles FrankRobert W. Baird & Co. , Inc. (
Private Wealth ManagementRight, okay.
Just, Elon, you have previously completed the target of millions of cars per year by 2020.
Do you still think this is achievable?
What needs to happen in order to get there?
Musk-Elon Reeves
Tesla MotorsYeah, I do.
I think we need to launch the Y model in 2020 or later in 2019.
And then I think it\'s likely that millions of units are together. Maybe more.
Taylor Charles FrankRobert W. Baird & Co. , Inc. (
Private Wealth ManagementThank you.
Thank you.
The next question comes from David Tamberrino of Goldman Sachs.
David tamperino
Goldman Sachs & Co . )Well, great. Thank you. Good afternoon.
I would like to start by asking about the order prices for the S and X models for this quarter, and to understand your delivery situation from a regional perspective.
I believe the EV tax credit in Hong Kong is due, just wondering if this will have any pull
Forward or incremental demand for this quarter, if there are any empty bags for orders and deliveries for the second quarter, please make sure you keep 47,000 to 50,000
H delivery guidance?
Musk-Elon Reeves
Tesla Motors
Yes, I mean, there are some.
Forward demand in Hong Kong.
This is a city on Earth, so it will not affect our ability to achieve our second-quarter delivery target.
David tamperino
Goldman Sachs & Co . )
What is the growth rate of orders this quarter?
Musk-Elon Reeves
Tesla Motors
Well, I think we feel really good for both the S and X models, with a total of 100 K-about 100 K this year.
That\'s what we want.
Both manufacturing systems and supply chains are built for this level.
Frankly, many people are naive about production and the supply chain, which surprised us to continue.
There seems to be some easy way to increase production. It\'s truly not.
You can design it for the best output for any given production system, and then your goal is to improve the efficiency, reliability, quality, etc of that output.
But, as we said last year, the Model S and Model X systems are designed for 100,000 units, and now we have to work overtime to reach this speed, which affects our gross profit margin on the car.
Now, we are in a stable state, the top part of S-
Our goal is the curve.
Therefore, the focus of Model S and Model X now is to improve production efficiency and continue to improve quality. . .
Jonathan McNeil
Tesla MotorsInternal costs.
Musk-Elon Reeves
Tesla Motors
Yes, there are internal costs and so on to make the gross margin of S and X cars reach 30% that we have been craving for a while.
David tamperino
Goldman Sachs & Co . )
I know this is in terms of production.
My question is, from what you see in the customer base, what is the order price and requirement?
Historically you have given or provided very useful colorsover-Year or quarter-over-
Quarterly order growth rates on Model S and Model X, I think, are meaningful measures of demand for these vehicles and products.
But understand.
Musk-Elon Reeves
Tesla Motors
I don\'t think it makes sense.
Just like we are going to produce about 100,000 units.
So, what is important is how much will the demand for 100,000 units be?
I believe there will be, or there will be.
Jonathan McNeil
Tesla Motors
Of course, we have enough demand for guidance in the first half.
Musk-Elon Reeves
Tesla MotorsYeah.
David tamperino
Goldman Sachs & Co . )
Right here in SolarCity.
Looks like this is a pretty good Gross margin quarter, and I was wondering how much of this is going from a cash loan to a PPA lease, and how much of that is, or is it more related to the increase in Gigabit factories and the production of cells? Deepak Ahuja -
Tesla Motors
Well, it\'s mainly seasonal.
In some PPA leases, we have done normal production in the northern hemisphere and how we can confirm revenue.
In addition, there is about $14 million in energy credit sales to help us.
Credit sales are available every quarter, but we have a full quarter, which we don\'t have in half --
In our Tesla profit and loss statement, SolarCity sells the financial quarter.
Jonathan McNeil
Tesla Motors
In fact, you \'ve seen an increase in cash and loans also increase profit margins. Deepak Ahuja -
Tesla Motors
Yes, it also helps with profit margins, yes.
David tamperino
Goldman Sachs & Co . )
I\'m sorry to ask one more.
But can you repeat it?
Jonathan McNeil
Tesla Motors
Yes, we also saw growth in cash and lending.
David tamperino
Goldman Sachs & Co . )
Thank you very much.
Musk-Elon Reeves
Tesla Motors
By the end of this year, we will get most of our cash and loans.
David tamperino
Goldman Sachs & Co . )Correct.
Musk-Elon Reeves
Tesla Motors
So to be clear ,(33:30)
The goal is to get most of the cash and loans by the end of the year. Deepak Ahuja -
Tesla Motors
We expect solar margins to remain very healthy for the rest of the year and grow over time.
David tamperino
Goldman Sachs & Co . )Understood.
Thank you very much.
Thank you.
The next question comes from Martin Viecha from Redburn. Martin Viecha -Redburn (Europe)Ltd.
Hi, This Is Martin from Redburn.
I would like to ask you about your TED talk a few days ago, where you talked about level 5, maybe for the next two years.
I would like to know that it may fundamentally change the design in the car, do you foresee a huge change in interior design in the next three years?
Musk-Elon Reeves
Tesla Motors
I don\'t think we will see a huge change in interior design.
Maybe you can choose a club seat instead of everyone facing the front but I won\'t call it radical.
Yes, just turn the seat around. Martin Viecha -Redburn (Europe)Ltd. Okay.
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