TSLATesla, Inc.

“our current expectation for 2025 -- 2026 is over $25 billion of CapEx. And just to remind you, we are paying for 6 factories which we're going to go into operation. Some have already started, some would go into operation later part of this year. We're further increasing our investment in AI-related initiatives, including the AI infrastructure to support Robotaxi and the launch of Optimus.”

“we are also solving some of these so-called scaling issues. For example, you do not want the Robotaxi to be stuck, blocking intersections or don't want to be dropping people off at slightly incorrect locations and so on. So we are simultaneously solving the long tail of safety by monitoring the metrics across the entire Tesla customer vehicle fleet, which is close to driving 10 billion miles on FSD in the next few weeks”

“So it will go from 16 gigabytes to, I think, 32 gigabytes per SoC. It's a total of 64 gigabytes, and probably a 10% increase in compute in sort of into [ trillions ] of operations per second and in memory bandwidth. So that's AI4.1 or AI4+ probably goes into production middle of next year”

“On the FSD adoption front, we continue to see improvement, reaching nearly 1.3 million paid customers globally. The bulk of the growth came from subscriptions, while upfront purchases only increased 7% as we remove the purchase option in some markets in Q1.”

“In the near term, Tesla will be building the research fab on our Giga Texas campus. This is something we expect to be probably a $3 billion-ish initiative and capable of maybe a few thousand wafers per month, but it's really intended to try out ideas.”

“congratulations to -- again to the Tesla AI chip team for taping out AI5. That's going to be a great chip. I think probably the best AI inference chip for edge compute that exists. And certainly, I think the best value for money. The team did a great job. And we already have a lot of momentum for designing AI6, and we've begun to discuss ideas for Dojo 3. So this is all very exciting. We've also finalized plans for the chip fab -- the research chip fab on the Giga Texas campus, and we'll start construction of that this year.”

“For full self-driving and Robotaxi, version 14.3 was a major architectural update. And we have a whole pipeline of major improvements to full self-driving that, we believe, will lead to unsupervised full self-driving being available anywhere in the world that it is legal to do so. And then there's a version 15, hopefully later this -- hopefully by the end of this year, but certainly by early next year. And that will be a complete overhaul of the software architecture, and will run on AI4.”

“from a technology standpoint, what we deployed in Netherlands and Europe is the same exact architecture and the training procedure and so on, except we had more Europe data. And I suspect that same thing will be true for unsupervised FSD as well. Whatever we use to solve in the U.S. will work in other places and the rest of the world, too, probably that we were able to add the data from the local regions.”

“you can't just look at 1 quarter versus the other quarter in terms of churn, but we are actually seeing churn of subscribers also coming down, which again is a reflection of the product is getting better. And obviously, if subscriptions are going up, that is a good metric. The other thing also to note is that we are seeing customers actually drive longer which, again, you could correlate it.”

“We've expanded Robotaxi to Dallas in Houston using the same software source in the Bay Area. And the limiting factor for expansion is really rigorous validation, making sure things are completely safe. We don't want to have a single accidental injury with the expansion of Robotaxi. And we have, to the credit of the team, not had a single one to date.”

“hardware 3 simply does not have the capability to achieve unsupervised FSD. We did think at one point, it would have that, but relative to hardware 4, it has only 1/8 of the memory bandwidth of hardware 4. And memory bandwidth is one of the key elements needed for unsupervised FSD. And it's just generally a thing that's needed for AI.”

“We track basically all the metrics that you mentioned. We have a pretty large QA fleet spread across all of the United States, and then we look at any intervention that could happen and then sort of simulate both in practice and also in our simulators that are very, very good nowadays using neural networks as what would have happened.”

“in the meantime, we are going to also release a V14 version for Hardware 3. This will be a distilled version of the same V14 software that we released for Hardware 4, and people should be able to start the drive from park state and basically have all the features that V14 for Hardware 4 has. And that's expected to come end of June.”

“I think you need kind of an orchestration AI, which Grok would be good for orchestration. And then for Optimus' voice, having a low-latency intelligent voice AI, Grok is actually very good for that. So if you want to talk to Optimus and have kind of a Grok-level conversation, you kind of need to connect to a Grok-level AI for that.”

“the version of Robotaxi that's running in Austin and Dallas, Houston, et cetera, those are essentially 14.3 variants, and it's obviously safe that, that's why we're able to launch in those cities, and we continue to expand based on the v13 -- v14 base for a while until v15 lands. And v15 is going to be a major upgrade.”

“Yes, I do expect that AI5 will go into Optimus and into the data center because it's looking like we'll be able to achieve unsupervised self-driving with AI4 that is far greater than human safety levels. So -- which means it's not -- certainly not immediately needed in the car.”

“on the research fab, I think we've said it before, we plan to do memory logic, everything in the same place, including mask because we want to have a quick iteration loop so that we can see and basically scale the technologies, which we are trying to bring up.”

“I'm just guessing here, but probably in the fourth quarter. It's difficult to release this like to everyone everywhere all at once because we do want to make sure that they're not unique situations in a city that particularly complex intersection”

“Intel is excited to partner with us on some of the core manufacturing technologies. So we plan to use Intel's 14A process, which is state-of-the-art and in fact, not yet totally complete.”

“Terafab is not some sort of mechanism to generate leverage over our chip suppliers. It's just literally, we don't see a path to having enough efficient quantity of AI chips down the road. As we scale production to high levels, just the rate at which the industry is growing in logic, but even more so in memory, it's just doesn't -- we just anticipate hitting a wall if we don't make chips ourselves.”

“I don't know what the production rate of Optimus will be this year. It is impossible to predict these things. The -- when you have a brand-new product in an entirely new production line and you have 10,000 unique items, all of which have to go right into ramp production, it will move as fast as the least luckiest, lowest, dumbest part in the entire 10,000.”

“we think we can put a lot of intelligence locally in the robot. And it certainly needs enough intelligence that if a robot gets disconnected like if it's a bad cellular signal or there isn't WiFi, Optimus can't just get stuck. It needs to have enough local intelligence that it can still do useful things even if it loses connection kind of like the car.”

“we're investing in and improving our core technologies, battery powertrain, AI software, AI training, chip design, manufacturing -- laying the groundwork for significantly increased manufacturing production. We are also strengthening our supply chain across the board, batteries, energy, AI, silicon, everything”

“our spend on AI-related initiatives, including expense on development of our own AI5 chip and new products like Cybercab, Semi, Optimus and Megablock, et cetera, continue to be at elevated levels, and we expect this trend to continue for the full year 2026.”

“I think probably unsupervised FSD or Robotaxi revenue would not be super material this year. But I do think it will be material -- it will be material probably in a significant way next year.”

“With all this in mind, we have evolved our vehicle sales strategy, where we now emphasize FSD as a product and vehicle as only the delivery mechanism.”