Welcome, Welcome to the Tesla shareholder Meeting. I just want to start up by saying, hot, damn, I love you guys. We have the most awesome shareholder base. I mean, it's just incredible any public company, it's incredible. Wow, We've got a great sort of shareholder of meeting here to recap the achievements of the company and tell you about where we're going. I think it's incredible. I think we're not just opening a new chapter for
Tesla, we're starting a new book. So those of you who have been following Tesla closely understand, like you get it, you know, and so like the important thing is you get it. I mean, it's so the Yeah, where things are going. I think it's just going to be absolutely
mind blowing. You know, we're obviously making great progress in solving the sustainable energy problem, you know, with electric vehicles, with stationary storage, with solar, and and then terms I think in terms of the value of the company, autonomy is just such a mind blowing thing that I said, you guys understand, but I think most of the world does not yet understand.
So and you know, talking to a lot of these sort of big institutional investors I mean they're often in like New York and they don't drive cars. So I'll be like, have you driven our car? Have you tried self driving? You know, the version twelve point three, and they're like, oh no, okay, well you should try it. That would be a good thing to do. And if you just plot the points on the curve of how well autonomy is progressing, and just believe the curve, it's headed
towards unsupervisedbule self driving very quickly at an exponential pace. If you just yeah, it's I mean, yeah, So it's really as simple as that. And in fact, i'd invite you to just do it personally, just say okay, with each release, how many miles do you drive before you have
to intervene. It's like literally that simple. And with each release you'll see there's a big improvement and it looks like an exponential so and it's very clear that will actually go to the point where it is actually far safer than a
person driving the car. So, and I have some insight into, you know, the next releases, because we've got basically for every release that's on the road, we kind of see what the next generation releases and a little bit about the release after that, so we have some insight into where it's going, and it's really amazing, no question whatsoever, that will far exceed
human safety. Yeah, no question. So, and I think you know I have mentioned this a bit, like sometimes it's like helpful to sort of reiterate and connect some of the dots because sometimes people wonder, well, how do you go from this big fleet to actually monetizing the fleet in an autonomous situation? And it's actually a combination of like it's like Airbnb and Uber to some degree. So like there'll be some cars that Teesla owns itself. It's
kind of like an Uber of fashion. But then for the fleet that is owned by our customers, it will be like an Airbnb thing. You can add or subtract your car to the fleet whenever you want. So you can say, like I'm going away for a week, just one tap on your Tesla app, your car gets added to the fleet and it just makes money for you while you're gone. Yeah, you can say you can add it to the fleet for a few hours, for a few days, for a few weeks. Whenever you want it back, you can say come back,
and car will come right back. And I'm highly confident that it will far exceed the value, Like the revenue made by the owner of the car will far exceed the actual monthly payment, and then Test will obviously take a rev share on that, but most of the money will go to the owner of the car. And it's this is actually gonna work. This is what will happen. So, I mean, i'd mark my words. This is simply
a matter of time. Now, admittedly I'm a little optimistic sometimes, you know, I'm you know, so I don't have complete lack of self awareness. But if I wasn't optimistic, this wouldn't exist, This factory wouldn't exist, you know. So you know, that's when my brother, who's supports he just got reelected. No, sorry, this is so like a little
anecdote when we're kids, is cool. My brother would tell me the wrong time for the bus so that I missed the bus, and then it'd be upset with him, like why did you tell me the bus was going to come earlier than it was, And he's like, well, because otherwise you'd be late for the bus. This is an actual thing that would happen. So I'm I guess I've been sort of pathologically optimistic from from you know,
from birth. But that's the reason where this is all the stuff is happening anyway, It's like I gotta be somewhat pathologically optimistic, but I did live in the end. That's important thing. So yeah, and it's it's really just going to be something else. I mentioned this before, but like the for ARC invest, I'd recommend reading the ARC invest analysis. That's the most
accurate. There may be, you know, more accurate ones, but the most accurate sort of analysis of the potential of autonomy, the most accurate that I'm aware of is Kathy Wood's ARC invest. So and if I recall correctly, they predicted somewhere over a five trillion dollar valuation for Tellla just based on vehicle autonomy, not counting optimists. Yeah, yeah, I agree with that. So so I think I think just based on vehicle autonomy, we can we can tend act one ten x the value of the company. I believe
that is what will happen. Hey, it's just what do you know, it's it's it's four twenty pm. Just notice that, so, you know, So, so I think that's actually I think that's pretty accurate. But there's this It actually gets way crazier when you think about the Optimus robot, which is really a humanoid robot that is intended to you know, be able to do anything you wanted to do, to be you know, it's your you know, your companion. It can be at your house. It can
sort of babysit your kids. It could teach them, be a teacher, you know, it can do factory stuff. Like I think that the ultimate ratio of you, say, how many super useful humanoid helper droids do you want? Like who doesn't want to see three po you know, you know, but a C three P O plus R two D two plus you know
plus it would be pretty awesome. I think everyone in the world is going to want one, like literally everyone, and then there will be obviously robots in industry making stuff, and so I mean, I think the ratio of humanoid robots to humans will probably at least two to one something like that, one to one for sure, which means like somewhere on the order of ten
billion humanoid robots, maybe twenty or thirty. And so then it's like, okay, well, let's say, you know, you kind of make they said the build rate is I think the build rate will be probably something ultimately like a billion a year humanoid robots like actually, and if Tesla just has a temper cent sure of that, and it might be a lot more than and this you know, who make like one hundred million Optimists units a year.
I just I mean, for reference, the auto industry is roughly one hundred million vehicles per year, so that you know, sort of similar Bullpark at least within an order of magnitude. And I think we could make one for a cost of maybe at really high scale of about ten thousand dollars.
It's smaller, it'd be less expensive than a car. So and I think if you sold it for sell for twenty thousand dollars something this is at large scale volume, Tesla would basically make about a trillion dollars of profit a year from that. So yeah, if the price oarning is multiple is say on a twenty or twenty five something like, that would mean a twenty trillion dollar market cap from Optimis alone, and probably five to ten from autonomous vehicles.
So like, I think it's actually it's within the realm of possibility for Tesla to achieve evaluation ten times that of the most valuable company today. So when I say this is like we're starting a new book, I mean it's going to be the best book next level, next, next level, and we need to make sure these robots are nice to us, and you know that's very important. So so anyway that so with that, let me get into the presentation. Blah blah blah blah blah blah. I think it might be
worth us just putting a word limit on future shareholder TELA of proposals. It's like you can't have like a novel length, you know, it's kind of like you can't have a whole novel as a TESLA present. So, you know, as you can see, our impact is accelerating. You know, we're starting to make a real noticeable event in corbon emissions. So we're really, you know, making a lot of progress towards achieving our goal of sustainability.
And one of the effects of autonomy is actually is going to be an even greater effect on carbon emissions because I suspect that we'll go from passenger cars having about ten hours of usage per week, about an hour and a half per day, to probably a thirty the hours in the week, maybe fifty fifty five hours, which means the same car we'll be used five times. So you need a certain amount of resources to make the car, but it'll have five times the usage. In my opinion, I think that's quite likely,
which will be an even more dramatic impact on carbon emissions. So you know, we care a lot about sustainable manufacturing. Our factories are beautiful. Like you walk around the factory, it's actually, you know, a contrary to these like what you're in the press. It's like a good vibe in the factory, like people are smiling and happy. It's like it's nice. So yeah, so I mean we do care. We actually do care a
lot. It tells about doing the right thing. And you know we're not going to be perfect, but we do care a lot about doing the right thing. So our vehicles are water efficient, energy efficient, We try whenever possible to use renewables for powering the factory, and you know, do our best to do the right thing. Our batteries are lasting. Look longer, I get too many things, man, Anyway, the batteries the last lasting a lot longer. It's just good. Safety is good in the factory.
We're improving the affordability of EBS you know model why it is comparable to a BMW X three, but it's actual cost of ownership on a monthly basis is much lower. We were number one in EBS globally last year. So yeah, so yeah, so let's see, I Congress, that tails the team on making six million vehicles all the time. So, I mean the tail of the fleet is really becoming very substantial. I mean it's gonna be seven
million vehicles by the end of this year, over seven million vehicles. So we have and our factory in Fremont is currently the highest volume auto factory in North America. So and we broke the prior production record from when it was new me So it's it's actually pretty wild that there's a we have a giant car factory in the San Francisco Bay area. It's like it's not exactly the
cheapest place to have a car factory. It's like that in the Swiss Alps or something, you know, but we still managed to make, you know, great cars at high volume. And that's a testament to the great team we've got in Fremont. So, Congress, the Fremont team, and you know, a lot of people were saying the cyber truck is like fake, it's never going to come out, you know. And now we're shipping a
lot of cyber trucks. We had a weekly record of thirteen hundred. And you know, I think with a cyber truck, it really is something special. Like you feel sometimes have like different opinions on the cyber truck, but if you really want to know if there's a if something is cool, if it's a great product, like show it to a kid, okay, like no filter. Okay, the kid's got like no filter, like a five year old, six year old something like that, and or three even three
year old and say which car do you like? Cyber truck? So it's like that's how you know, And it's finally something that it just looks like the future. It's and it drives so well, you know, it's comfortable, it's it's just a fantastic product. I think it's out. I think it's our best product, and it's a lot of innovation. It's got a forty eight volt a low voltage system finally instead of twelve vaults, eight hundre voult drive train, the world's biggest castings. You know, it's bulletproof.
All the cool things can you know outpull a F three P fifty diesel, which is a very impressive truck, and it can you know, it can do a quarter mile faster than a portion nine to eleven while towing a portion nine eleven, So that's insane. So yeah, I think if you think about it, like, how often do companies make products that move your heart that are really special. It's so rare, and I think this is one of them. So yeah, And we launched the upgraded three, which is
actually a fantastic car. I'd recommend trying it out. It's really a great car, and it's only two hundred and sixteen dollars after a gas savings like total cost ownership, it's basically two hundred and something dollars when compared to a gasoline car, some of the gasoline cars, so it's really a great deal and a fun car. And the performance of wealthy performance is well it's like you know, fasting portion nine eleven. It's just a great car. So
yeah. So yeah, And of course one of Way became the best selling globally, and this is something that we predicted, so you know, I think I said in like twenty twenty two it would well away would be the biggest car in the world by dollar volume sales, and that twenty twenty three it would be the biggest in unit volume, and it was, and again this year it will be the best selling car on Earth. So and we were We've got the Tesla Semi. You know, we're in low volume production
of the Tesla Semi. And just last week I proved the plans for volume production of the Tesla Semi. So we're gonna make a lot of semi trucks. We're going to start off with. Yeah, it's something I think it'll actually move the needle financially. It's not like it's not a small thing. And the thing about like commercial vehicles is that companies that use them are super objective. It's not like it's actually I mean, obviously we're going to make
it have cool style and be an awesome car. But for commercial vehicles, the companies that make the buying decisions, they just look at it and say, like, what are the numbers, Like, is this costs less to transport or it costs more to transport than say a diesel truck. And the thing is that the economics are much better than a diesel truck. It's kind of basically no brainer. If you're a transport company, you don't use an electric the test electric semi, you're just losing money. Why would you do
that? Do you not like money? Okay, but if you do like money, then I recommend using the Tesla semi. And it's so I think this is really going to actually sell it a scale that to you will be surprised at and we'll actually move the needle financially and do a lot of good And also for CO two and sustainability because semis are driven all the time and actually even at much smaller numbers, they have a very big effect on total
carbon emission solved. So obviously we've got some new products that we're working on under the covers, and I think these are I think is going to be pretty special. So you know, some of them, I think people maybe at first may think, oh, it's not going to be that amazing, but just wait, it will be. Our supercharge network is continuing to grow. You know, rumors of the death or supercharger are greatly exaggerated. We
are in fact continuing to grow the supercharge network significantly. In fact, this year I think we will put more, deploy more superchargers this year that are actually working than the rest of industry combined, just FI. So now we are going to be more careful about, like you know, the capital efficiency of where we deploy supercharges, but for sure any place that has congestion, any sort of missing parts of the map that we're missing, we're going to
put the supercharges there. So even for the remainder of the year, we expect to spend about half a billion dollars on as charge of deployment, so it's very significant and well spent half a million, so this is it's a lot so and we're this is actually not showing a bunch of new markets that
we'll be opening up later this year and next. So we're obviously we want Tesla to be worldwide, and this is a lot of countries that we you know, have zero to very few Tesla's and we obviously we want Tesla everywhere. So there are a lot of new markets that we're going to open up later this year and next. We're also opening the supercharge of supercharges to other
companies with the that's the adapter to the old somewhat clunky connector. But our goal is to be helpful to other car companies, So any other car companies that are going electric, we we do want to be helpful to them with our supercharge network. So we're providing them with adapters and enabling them to have access to the taels of supercharging network because we think it's better to do that
than to create a world garden that inhibits ev growth hopes. There's a bit of latency, and we're also innovating a lot in battery production with the forty six eighty that's built right here, and it is it's a hard problem, you know, like there are entire companies that just make battery cells. That's
all they do. But we're making good progress, Like all the cyber trucks that you see use the tells of forty six eighty cell and we have a clear path to the forty six eighty being we think probably the most competitive cell from it's from a manufacturing efficiency standpoint, and so it's but it is a hard problem. I have to say, there's quite a lot of brain damage required to be good at cell manufacturing. It's like a brain damage high.
But I think it does give Tesla resilience in the face of if there are changes in the I don't know geopolitical situation somehow, but it's like it's good to have something in the independence in cell manufacturing. So yeah, we're making study progress. And we also have the cathode refinery, which you can see behind the main factory, so you can sort of see it in the picture
there that's a cathode refinery. And then we've got the lithium refinery in South Texas, and so we're just making sure we've kind of got the piece of the puzzle and the I mean, if you would to look at sort of a video of how Tesla does say cathode and lithium refining and how the rest of industry does it, it's night and day. I mean, you can sort of eat off the or in the Tesla refinery, and I would not recommend doing so in the others. So you know, it's really we're definitely
going very vertical here. But I think that this is a it's a wise investment that will pay off more than people realize. So I don't think this thing is working. So this year we're also on track to complete a massive number of energy deployments, so that is a gigantic increase in deployment capability.
So okay, we're really we seem to be tracking to sort of a two to three hundred percent year of a year growth and energy storage deployment and stationary pack so it's giant and the limiting factor really is being able to build more megapacks and build more power walls. So we're ramping up production of the power wall three, which is really a game changer for at the personal level.
The power wall three, it usually takes about three iterations of any given technology to to really for it to be something where it's like, Okay, now we're really hitting the sweet spot. So power Wall three is like an epic product. The megapack is also it's even it's i'd call it sort of iteration
two of the Megapac is also an epic product. With with the Megapac three, which is probably a couple of years away, will we'll start actually absorbing more and more of the substation of the power of the sort of power electronics. So because I sort of think you want to get to the point with the megapac where you can literally just take the high voltage power lines and plug them in just there's no substation, we just plug them in just drop them
down and drop it down and plug it in. That's and networks, which is like mind blowing for the utility industry by the way, like they're like, what, yeah, just plug the wires in and it'll work for very high voltage. So that I think is actually going to be a major So this is this great, excellent work by the energy storage team. Services and other are also looking good. So we're actually now making money on the services and other stuff. So this is kind of a big deal, right,
yeah, so let's see. Yeah, and Tesla's obviously way more than a car company. You know, we do a lot of software Tesla you know about I don't know, roughly half the or a very huge percentage of the engineering we do is actually software engineering. So Tesla's i'd say as much as software company as it is a hardware company. This is a very big deal because car companies are not software companies normally, so this matters a lot.
So things like our order bit of software for energy storage, all of the software that controls the cars, the megapacks, power walls of the solar obviously for AI and and full self driving, a big deal, insurance service and collision. Tesla also writes a lot of software internally that that helps that like we call like the Tesla operating system internally that is head and shoulders above what any other company has. I think, probably better than any Fortune five hundred
company. The Tesla internal software is is just way better. So it's yeah, it's just far more than what people normally think of as a car company. And Tesla's also the leader in a real world AI, so there's really this is a big deal. Like Tesla is ahead of Google matter, you know, opening anyone on real world software actually looking taking in video and making decisions based on video. No one can. No one is even close. And it's getting better, I say, with each passing month, if not
each passing week. Soya. And it's also worth noting that Tela is actually pretty good at chip design. So the AI inference chip that's that was designed by Tela, that's in cars. We had sort of our hardware three AI
inference cars made you over the past year have the hardware four. We've just completed design on hardware five, which we're now calling AI five because it's really is it's there's still actually is not a chip or from and I have a lot of respect from a video any company that we would prefer to put in
our car that is better than what we have in the car. So so we started from scratch in chip design just says we started from scratch in AI software and have the best real world AI software and the and the best AI infernence chip in the world from nothing. So this is you know, a big deal, and the capability of the chips in the car is dramatic. Like I mean, right now all the cars are actually training, like we
have Hardware four run Hardware three in emulation mode. So we'll continue to make significant progress in hardware three, but later this year we'll actually bifurcate continue working on hardware three, training on hardware three, but then do separate training on hardware four. That'll be the sort of training cluster that we're building at the south side of the gigafactory, and that'll be dedicated hardware for video and inference.
And you know, so that the hardware four has cameras that have about four or five times better resolution, and depending on how you count the sort of harderfor it's about anywhere from three to eight times better than hardware three. But everything you're seeing thus far is just hardware three, and we still have a long way to go before we get we reach the limits of hardware three. So hardware three I think we'll still we'll do amazing things. But hardware
four, I think we'll probably do about five times better. Then Hardware five, which comes out in about eighteen months or so, is ten times more capable than hardware full. It's like a if you know, in video hardware, it's sort of a B two hundred class computer, so you know, that's like this. So what we'll just progressively do is improve how many nines of reliability the car gets, and then of course that will go into optimists as well. So the same chip we'll go into you know, hardware full,
we'll go into opto is an optimist. AI five, which you're switching from hardware five to a F five will be an optimist and in all cars in about eighteen months. And it's really just a staggering amount of compute, and it's very power efficient compute. So it's got to be because if you're in an oval application like a humanoid robot or a car, you can't just be socking down ten kilowatts, you know, like you can in a data center, So you've got to be very power efficient. So the you know,
sort of hardware three and four are only a few hundred watts. Yeah, yeah, it's hard hardware five will be able to go probably up to about seven or eight hundred watts, but it'll power fluctuate contingent upon the complexity of the scene that it is in. So if it is in a parking lot, station areas, like, you know, you know, you don't have to think very much, just like a person like if you're in a complicated traffic scenario, you've got to think a lot more than if you're just
cruising long, you know, on an empty road. But something that I think is potentially interesting down the road is like, at some point, the Tesla fleet I think will probably be you know, over one hundred million vehicles, and if each vehicle has a killer watt of efficient, I think there's a there's I think there's a sort of an Amazon Web Services AWS type opportunity because if you've got one hundred million vehicles with a killowatt of efficients in furnace
compute, you've got one hundred gigawatts of compute, like one hundred gigawatts of computers a lot, and it's distributed all over the world. So even so when the car is not in autonomous mode, which I think probably is you know, doing ROBOTAXI work maybe fifty sixty hours a week, but about one hundred hours a week it's not it's probably stationary. So so there's one hundred hours of one hundred gigawatts of infernce compute, which I think we should use.
Why not. You know, when people looked at Amazon, which started out obviously as an online bookseller, and it's you know, has grown to be and then they and then Amazon Web Services, like, well, they got all these computers that only really see peak usage sometimes, but what are they going to do when it's not peak usage? And sometimes Amazon servers are down at like ten percent. So that's when they said, well, let's do Amazon Web Services. And then Amazon Web Services became more valuable than the
entire rest of Amazon. And anyway, I think there's there's some kind of opportunity there that's pretty significant for Tesla down the road. You know, again that's really nobody's really factoring that in, but I think that that actually will be quite significant. But we also are no longer compute constrained for training, So I check in with the team, is like, is there anything we could do to improve the pace of progress with respected training and inference? Currently
that is not the limiting factor. In fact, that the limiting factor right now is that the amount of miles between interventions is so long that it takes quite a while to figure out which version is better than the other version because
that none of them are requiring any interventions. So it's like, you know, if he's not getting to like thousands of miles between interventions or like ten thousand miles to get an intervention, then like, well, the average person only drives about ten thousand miles in a year, and if it's in an urban environment and the average speed is twenty miles an hour, I mean,
so our professional test drivers get pretty bored. Frankly, you know, they're like, Okay, I drove all week and there was no intervention, Like the highlight of the week would be like, yes, an intervention. Finally,
it's like getting to that point. So this is where actually having a giant fleet is extremely important because we can deploy a new FST model and run it in shadow mode and see how well it performs relative you know compare how the human drives the car versus the new self driving build and then analyze that delta in shadow mode like the shadow knows or doesn't know, does the case maybe, and then be able to assess by getting billions of miles very quickly
with the giant fleet like that. Basically, that data engine is incredibly helpful. Like I actually, it's not possible to solve the self driving problem without having millions of vehicles on the road. So that's actually the is like figuring out clever ways to test which how good the next build FSD build is actually
the limiting factor right now. And then, of course, like I said, we are building another training data center right here, which will be dedicated to hardware for training, So we'll bifurcate hardware three and hardware four training later this year. We'll keep improving hardware three, but we're gonna uncork the full capability of hardware four as well. So yeah, I think most people here
have tried out version twelve. I'd say, like sort of unsupervised full self driving, full self driving version twelve, So we are actually just keeping the version arbitrarily at twelve and then like calling a twelve point four, twelve point three, twelve point four to twelve point five, but it's actually really like version thirteen, version fourteen. But anyway, this is an arbitrary designation. So twelve point four is actually like a whole different version than twelve point three,
and twelve point five is a whole different version twelve point four. So you'll see really giant improvements I think sometimes factor of ten improvements between successive versions. And then, as I mentioned, the way it'll work for the existing fleet is be able to add us subtract your car to the fleets as you'd like, and there will also be Tesla owned cars, so it'll be a combination of like Uber plus Airbnb. But it'll be pretty wild that there'll be
a software update and then the whole fleet suddenly becomes accessible. It's like suddenly you've got seven million, ten million cars that can ultimately tens of millions of cars that can do autonomous driving, and instead of being used ten hours a week, can be used fifty or sixty hours a week. So it's pretty well to just be in Palo Alta with a bunch of cubes and then a
humanoid robot just walks past. We've made a massive amount of progress with Optimists in a short period of time, from someone pretending to be a robot dancing in a suit to a pretty hodgepodgy robot to a robot that is actually doing useful tasks in the factory today. So we have two Optimus robots in our Fremont factory that are doing basically this task, which is taking cells off the
end of the line and placing them in a shipping container. And yeah, we actually have quite a few of these cruising around our office in pal Alto.
So there's and I think we've got one major hardware revision which should be done by end of this year or early next before and then we'll move into a limited production next year of Optimists, limited production for use in our factories where we'll test out the product kind of you know, you know, as I say, sort of either and dog food or whatever the electronic equivalent that
is. So, but I think like next year, my prediction is next year we'll have over over one thousand, maybe a few thousand Optimus robots working at Tesla, and and things are going to scale up very rapidly from there, so well iron out the bugs. It'll like the degree of autonomy will be radically better. You'll just literally be able to talk to it and say,
please do this task, or I'm going to show you something. Now do that the thing that I am showing you, and you know, get to the point where it can watch a video of something like a person and
then learn just by looking at that video and do that task. So yeah, so really it's going to be quite something, and I'm confident of the prediction that there will be more, like the ratio of humanoid robots to humans will be greater than one to one, so that there'll be, you know, more than ten billion humanoid robots in the world, probably twenty or more,
and Tella is going to be by far the leader in that. You're seeing a lot of robot startups, but I think it's actually very challenging to do Optimists as a robots startup because what we found to make Optimists work, We've had to design every design from first principles from scratch. Every part of the robot, so the motor, the gearbox, the power, electronics, the communications system, everything had to be done from scratch. We found that
there's basically nothing, there's no supply chain. So even though there are many electric motors made in the world, there's no supply chain for the types of motors and sensors and gearboxes that are needed for humanoid robot. I mean, what you're saying here is our current generation hand and arm, but actually which has eleven degrees of freedom, our next generation has twenty two degrees of freedom. It will be able to play the piano. So it's really like wow.
Now, of course, like I said, we need to make sure we don't have the terminator scenario. That's very important. So safety of the humanoid drobot it will be very important. But because it requires so much ground up design, designing every motor, gearbox, sensor, par electronics from scratch, it's very hard for a startup to if not impossible for a startup to replicate that. But it tes that we have the world's best electrical engineering.
I think we've got the world's best mechanical engineering for gearboxes and for the electric motors. Par electronics. You know, we have the resources to do that. It applies quite well. And then you also have to have the brain. You need the you need a power efficient inference computer, which we've got for the car, and we'll be using an optimist, you need AI real you need to be the best in real world AI, and Tela's the best in real world AI, So you need all of these. You need a
very strong hand of cards in order to make a compelling robot. And then you also need to be very good at scale manufacturing. So in order to have the robot not cost like hundreds of thousands of dollars, in order to make it cost like ten or twenty thousand dollars, you actually need to design for manufacturing and be very good at manufacturing. And what in my experience, prototypes are easy compared to volume manufacturing, prototypes are easy. Production is hard,
relatively speaking. So Tela has the production capability, it has the engineering capability, and it has the AI hardware and software capability. And even the most optimistic estimates that I've seen for optimists, the optimist I think under account the magnitude of what this robot will be able to do. You know, as I said at the beginning of the presentation, you know, I agree with the ark and Best analysis that autonomous transport is called sort of a five
to seven trillion dollar market cap situation. Optimists, I think is a twenty five literally twenty five trillion dollar market cap situation, the