Our solution, our sort of our solution is a generalized AI solution. It is not -- does not require high-precision maps of a locality. And so we just want to be cautious. It's not that it doesn't work beyond. In fact, it does. We just want to be put a toe in-the-water, make sure everything is okay, then put a few more toes in-the-water, then put a foot in-the-water with safety of the general public as and those in the car as our top priority with regard to Optimus, obviously I'm making these revenue predictions, predictions that sound absolutely insane. I realize that they are I think they will prove to be accurate yeah now with Optimus there's a lot of uncertainty on the exact timing because it's not like a train arriving at the station for Optimus. We are designing the train and the station and in Real-time, while also building the tracks. And so they're like, why did? Why didn't the training arrive exactly at and like we're luckily designing the train and the tracks in the station in Real-time while saying like how can we predict this thing with absolute precision? It's impossible. The normal internal plan calls for roughly 10,000 Optimus robots to-be-built this year. Will we succeed in-building 10,000 exactly by the end of December this year? Probably not. We -- but will we succeed in making several 1,000? Yes, I think we will. Will those several thousand Optimus robots be doing useful things by the end-of-the year? Yes, I'm confident they will do useful things. That those optimus end-use at the Tesla factories for production design will inform how will we change for production design 2, which we expect to launch next year and our goal is to ramp Prop Optimus production faster than maybe anything's ever been ramped. Meaning like aspirationally, an order of magnitude ramp per year. Now if we aspire to an order of magnitude ramp per year, perhaps we only end-up with a half order of magnitude per year. But that's the kind of growth that we're talking about? It doesn't take very many years before we're making 100 million of these things a year. If you go up by let's say a factor by 5x per year insane not 50% 500% so you know these are big growth numbers. But we do need to -- this is an entirely new supply-chain. It is entirely new technology. There's nothing off-the-shelf to use. We try desperately with Optimus to use any existing motors, any actuators, sensors, nothing, nothing worked for a humanoid robot at any price. We had to design everything from physics course principles to work for humanoid robot. And with the most sophisticated hand that has ever been made before by far, an optimus will be able to like play the piano and be able to thread a needle I mean this is the level of precision no one has been able to achieve so it's really something special so and my prediction long-term is the optimus will be overwhelmingly the value of the company. Regarding energy, backed-up, back to Earth. Can you come back here for a minute? Okay. Back to Earth. Energy storage is a big deal and will become -- it's already super important, will become incredibly important in the future and it is something that enables far greater energy output to the grid than is currently possible because the grid, the grids that are -- the vast majority of the grid has no energy storage capability. So they have to design the power plants to before very-high peaks and assuming that there's no energy storage. Once you have great energy storage and home-based energy storage. The actual total energy output per year of the grid is dramatically greater than people think. Maybe it's at least double. And this will drive the demand of stationary battery packs and especially the grid scale ones to insane basically as much demand as we could possibly make. So we have our second factory which is in Shanghai that's starting operation and we're building a third factory. And so we're trying to ramp output of the stationary battery storage as quickly as possible. Now there is a challenge here where we have to be careful too that we're not rubbing -- rubbing from one pocket to take to another pocket because for a given gigawatt-hours per year of cell output, we have sale, does it go into stationary applications or mobile applications? Can't go into both. So we have to make that trade-off yeah, but overall the demand for total gigawatt-hours of batteries, whether mobile or stationary, that will grow in a very, very big way over-time. So in conclusion, 2025 really is a pivotal year for Tesla. And when will look-back on 2025 and the launch of unsupervisable self-driving true real-world AI that actually works. I think they may have regard it as the biggest year in Tesla history, maybe even bigger than Car, Roadster or the Model S or the Model 3 or Model fact I think it probably will be view 25 as maybe the most important year in history. There is no company in the world that is as good at real-world AI as Tesla I don't even know if he's in second place like you say like who's in the second place real-world AI I need a very big telescope to see them that's how far behind they are. All right. Great. Thank you very much, Elon. And has some opening remarks as well. Yeah, I'll talk about things on Earth. As Elon mentioned, in Q4, we set records at vehicle deliveries and energy storage deployments in an uncertain macro-environment. We were able to grow auto and energy storage volumes, both sequentially and on a year-on-year basis. For this, I would like to thank the efforts of everyone at Tesla to make this a reality and our customers who helped us achieve this speed. Coming into the 4th-quarter, our focus was to reduce inventory levels in the automotive business and we accomplished that by ending the quarter with the lowest finished good inventory in the last two years. This was a result of offering not only attractive financing options, but also other discounts and programs, which impacted ASPs. While we saw volume growth in almost all regions that we operate in, we hit a new record for deliveries in the Greater China market. This is an encouraging trend since we grew volume in a highly competitive BEV market. On the automotive margin front, we saw a quarter-over-quarter decline, primarily due to lower ASPs and due to the recognition of FSD-related revenue in Q3 from feature releases. Our journey on cost-reduction continues and we were able to get our overall cost per car down below $35,000, driven primarily by material costs. This was despite increased depreciation and other costs as we prepare for the transition to the new Model for which we recently started taking orders in all markets. All our factories will start producing the new model next month, while we feel confident in our team's abilities to ramp production quickly, note that it is an unprecedented change and we are not aware of anybody else taking the best-selling car on the planet and updating all factories at the same time. This changeover will result in several weeks of lost production in the quarter. As a result, margins will be impacted due to ID capacity and other ramp-related costs as-is common in any launch, but will be overcome as production is ramped. We will be introducing several new products throughout 2025. We are still on-track to launch a more affordable model in the first-half of 2025 and we'll continue to expand our lineup from. On a dollar-for-dollar basis, we believe we have the most compelling lineup today Today compared to the industry and it will continue to get better from here. As always, all our products come with the best software in the industry, autonomy features and capable of full autonomy in the future. And despite the premium experience, the total cost of ownership is close to mass-market less premium competitors. Energy storage deployments reached an all-time high in Q4 and this has resulted in -- but declined sequentially. This was a result of higher -- this -- sorry, growth came from and power. Both businesses continue to be supply-constrained and like Elon mentioned, we're trying to ramp-up production with Mega of Shanghai coming online this quarter onwards. While quarterly deployments will likely continue to fluctuate sequentially, we expect at least 50% growth in deployments year-over-year in 2025. Gross profit and margins in the service and other business was up year-over-year, but declined sequentially. This was the result of higher-service center costs and lower profit from used-car business. The businesses within Service and other primarily support our new car business, especially through their impact on total cost of ownership. Therefore, while we manage them to be positive on a GAAP basis, we do not expect similar margins as the rest of the business. There's a lot of uncertainty around tariffs. Over the years, we've tried to localize our supply-chain in every market, but we are still very reliant on parts from across the world for all our businesses. Therefore, the imposition of tariffs, which is very likely and any will have an impact on our business and profitability. Our operating expenses grew both year-over-year and sequentially. The biggest driver of the increase was R&D as we continue to invest in AI-related initiatives. The remaining increase came from growth in our sales capabilities and marketing efforts from program. For 2025, we expect operating expenses to increase to support our growth initiatives. It is important to point out that the net income in Q4 was impacted by a $600 million mark-to-market benefit from Bitcoin due to the adoption of a new accounting standard for digital assets, whereby we will change -- we will take mark-to-market adjustments through other income every reporting period going-forward. Our free-cash flow for the quarter was $2 billion and despite capex increase of over $2.4 billion in 2024, we were able to generate free-cash flow of $3.6 billion for the year. CapEx efficiency is something we are extremely focused on. While we have invested in AI-related initiatives, we have done so in a very targeted manner to utilize this spend to get immediate benefits. The build-out of Cortex was accelerated because of the role -- actually help accelerate the rollout of FSD version 38. Accumulative AI-related capex, including infrastructure so-far has been approximately $5 billion. And for 2025, we expect our capex to be flat on a year-over-year basis. In conclusion, like said, 2025 is going to be a pivotal year for Tesla. There are lot of investments which we have made and we'll continue to make in this coming year, which will set the pace for the next phase of growth. And it is something which now I'm getting out of earth. It is going to be out of this world. And we just putting the plant foundation and that's all I have. Great. Thank you very much by both. Now we will move over to investor questions. I mean, we'll start with say.com. The first question is, is unsupervised FSD still planned to be released in Texas and California this year? What hurdles still exist to make that happen? You addressed the Texas piece, I think already. So yeah, I'm confident that we will release unsupervised FSD in California this year as well. In fact I think we will most likely release unsupervised FSD in many regions of the country of the US by the end of this year. Like I said, we're just putting a toe in-the-water, then a few toes, then a foot, then leg then make sure everything is cool. And we're looking for a safety level that is significantly above the average human driver. So it's not anywhere much safer, not like a little bit safer than human, way safer than human. So the standard has to be very-high because the moment there's any kind of accident with an autonomous car, this immediately gets worldwide headlines, even though about 40,000 people die every year in-car accidents in the US and most of them don't even get a mention anywhere. But if somebody scrapes a shin with an autonomous car, it's headline news. The only thing holding us back is an excess of caution but people can certainly get a feel for how well the car would perform as unsurvised FSD by simply having a car allowing a car to drive you around your city and see how many times did you have to intervene, not where you wanted to intervene or were a little concerned. But how many times would you have to intervene for definite safety reasons? And you will find that is currently very rare and over-time, almost never. Great. Thank you very much. The next question is, are there any discussions with other auto companies about licensing FSG? Yes. What we're seeing is, at this point significant interest from a number of major car companies about licensing for Tesla full self-driving technology. What we've generally said is the best way to know what to do is take one of our cars apart and then you can see where the placement of the cameras are, what the thermal needs are of the Tesla AI influenced computer. That's better than us sending some cat drawings. And then we're only going to entertain situations where the volume would be very-high, otherwise, this is not worth the complexity and we will not burden our engineering team with laborious discussions with other engineering teams until we obviously have unsurvisable self-driving working throughout the United States. I think the interest level from other manufacturers to license FSD will be extremely high once it is obvious that unless you have FSD, you're dead. Yeah. Great. Thank you very much. The next question is, is Optimus now mostly design locked for 2025 production Optimus is not design locked. So when I say like we're designing the train as it's going down, we're redesigning the train as it's going down the tracks while redesigning the tracks and the train stations, it's rapidly evolving. It's rapidly evolving in a good direction. You know, it's pretty, pretty damn amazing actually. The team is doing a fantastic job. We really have by far I think by far the best team of humanoid robotics engineers in the world. And we also have all the other ingredients necessary because you need a great battery pack, you need great power electronics, you need great charging capability. You need great communications, WiFi and cellular connectivity. And of course you need real-world AI and then the ability to scale that production to huge levels. So you have to design manufacturing. The things that -- really what other companies are missing is they're missing the real-world AI and they're missing the ability to scale manufacturing two millions of units a year. I think that is an underappreciated thing that industrialization and design is a whole different thing than making a design. Yeah, prototypes are trivial basically. Prototypes are easy production is hot I've said that for many years. The problem is that there's like those who have never been involved in-production or manufacturing somehow think that once you come up with some eureka design that you magically can make a million units a year. And this is totally false. There needs to be some Hollywood story or where they show actually the problem is manufacturing. I never even heard of one is just doesn't fit the narrative. The Hollywood thing is like it's like some lone inventor in a garage goes Eureka and suddenly it files a patent and suddenly there's millions of units. I like listen to guys, we're missing most -- really 99% of the story. 1% is -- the old saying 1% like a product is 1% inspiration, 99% prospiration. The Hollywood Church is 1% inspiration and minus but forgets about the 99% perspiration of Actually figuring out how to make that initial prototype manufacturable and then manufactured at high-volume such that the product is reliable, low-cost, consistent, doesn't break-down all-the-time and that is 100 times harder at least than the prototype. Then you have to get it there, deliver it back-in. Yeah, yeah, you're read all these regulations and resilient regulators around the world, it's very difficult. Great. Thank you. The next question is also Optimus related. When will Tesla start selling Optimus? I mean, what will the price be? Yeah. Well, the -- it may -- for this year, we expect to just close the loop with Optimus being used internally at Tesla because we obviously can easily use several thousand human robots at the Tesla for the most boring, annoying tasks in the factory, like the task nobody wants to do where we have to like beg people to do this task. And then it's like they're of us totally happy to do the boring, dangerous repetitive task that no humans want to do and that's also actually some of the easiest use cases for us to have optimists do things like load the hopper like say liquid and body line if you're like transporting you know pieces of sheet metal to the robot which is robot, the robot welding line for the body and you just have to non-stop take things out of out of a from one fixture to another fixture and it's a very boring job. That's the kind of thing what optimist could do. Yeah, there's a ton of boring jobs, tedious jobs, dangerous -- slightly dangerous jobs that those perfect bottomus. So we expect to use for those tasks at our factories and that will help us close the loop for improvement this year. It's really with production version 2 which I think launches sometime next year I'd like it to be the beginning of next year, but maybe it's more like the middle of next year and then we have to do it with a production line that is designed for on the order of 10,000 units a month versus 1,000 units a month. So when you design a unit for like when design a production line for 1,000 units a month, it takes you a while to actually reach anywhere close to 1,000 units a month. Production output it takes you a while to actually reach its potential. The current line that we're designing is for roughly 1,000 units a month of Optimus robots. The next line would be for 10,000 units a month. The line after that would be for 100,000 units a month. And I think probably with version two is a very rough guess because there's so much uncertainty here, very rough guess that we start delivering Optimus robots to companies that are outside of Tesla in maybe the second-half of next year, something like that. But like this is such an exponential ramp that it will go from no one is receiving humanoid robots to these things are coming out like crazy. We can't build enough. Well, we're always going to be in the we can't build enough situation. Demand will not be a problem even at a high-price. And then as I said like once we start once we're at a steady-state of above 1 million units a year, I think the production -- I'm confident at 1 million units a year that the production cost of Optimus will be less than $20,000. If you compare the complexity of Optimus to the complexity of a car, so just the total mass and complexity of Optimus is much less than a car. So I would expect that at similar volumes to, say, the Model Y, which is over 1 million units a year that you'd see Optimus be, I don't know half the half the cost or something like that. What the price of Optimus is a different matter. The price of Optimus will be set by the market demand. Great. Thank you very much. The next question is, what is the status on mass production of the Tesla Semi and how will it impact revenue and scale? I can say that one. So we just closed up the semi factory roof of walls last week-in Reno. So that schedule, which is great with the weather in Reno, you never know what's going to happen. But we're prepping for mechanical installation of all the equipment in the coming months. The first builds of the high-volume semi design will come late this year in 2025 and begin ramping early in 2026. But as we've said before, the semi is a TCO no-brainer and it gets really similar to the Optimist is set by how much people pay and as a total cost of ownership, it's much, much cheaper than any other transportation you can have. So at that point, when we're at-scale, it will meaningfully contribute to Tesla's revenue. I think it's difficult to say how much. Nathan, you want to add anything? No, I mean I do think it tells us semi, again, with autonomy is going to be incredibly valuable. You know, we actually have a shortage of truck drivers in America. That's one of the limiting factors on transport. And people are human so they get tired and sometimes it's, you know, I have a lot of respect for truck drivers because it's a tough job. But because it's a tough job, there's not that many people that want to do it. And there's actually fewer, I believe my saying is correct, there are fewer people answering truck driving as a profession than are leaving it. So when you think, yeah, exactly. So when you consider, okay, there's more people leaving truck driving as a profession than entering it, well, we're going to have a real logistics problem as time goes by. So autonomy will be very important to meet that need it's like, yeah, it'll it's a several billion a year opportunity which I don't know in this context is that these days several billion a year matter? I think it does. Not nothing. It's probably you know, it's probably like a 10 billion thing. It's a billion a month at some point probably. But it's you know all this is going to pale in comparison to Optimus. So yeah, $1 billion a month is a lot, but it's not -- it's going to be like 1% of Optimus or something. Great. Thank you very much. We already covered the next question in opening remarks. So moving on, is it expected that Tesla will need to upgrade hardware three vehicles? And if so, what is the timeline and expected impact to Tesla's capex. I think they're referring to cost there. They're really asking the tough questions, aren't they? I guess we released -- we haven't stopped working on hardware yet. We are still making software releases. We released the 1.6 release recently, which was like a baby V13, but it's a significant improvement compared to what they had previously. And people are still finding ways -- still larger models in the smaller models. So we don't given up on hardware we're still working on it. Just the releases will trail the hardware for releases. Great. Thanks,. Yeah. I mean, I think the honest answer is that we're going to have to upgrade people's hardware-free computer for those that are bought for self-driving and that is the honest answer and that's going to be painful and difficult, but we'll get it done. Now I'm kind of glad that not that many people bought the FSD hey, thanks, Elon. The next question. Has Tesla given up on ramping their solar roof product? No, we're Mike. Oh, Mike, go-ahead. Yeah. Oh, yeah, I can take it. Yes, Solar Roof remains a core part of the residential product portfolio and it still remains -- where it draws a lot of customer interest despite it being premium products. And we've worked on multiple iterations of engineering to make the product easier to install and distribute by reducing the SKU count. And more recently, rather than direct installation, we are focused on growth through our nationwide network of certified installers and many of those they've been installing Solar Group with us for many years think that turned out to be a much better way for like it's just let the roof just supply product to the roofing industry and especially when somebody is getting a new roof anyway or building a house from scratch, obviously, this is by far the most efficient time to put in a solar roof as opposed to putting a solar roof on a house that where the roof still has 20 years of life. That's not economically senseful but if it's a new house or the roof needs to be replaced anyway, then solar roof Can make a lot of sense. It is a premium product. It's like the Model S, Model X or something. It's like it's a premium product. I think it looks really cool and your house generates electricity and if you combine it with the Tesla Power battery, then you can be self-sufficient. So even if the grid turns off, even if the grid turns off for several days, your house still works and your roof looks awesome. So it's like I recommend anyone who can afford it, get the roof and the power wall your family's life might depend on it. And just in terms of convenience, you know your kids are not going to yell at you because their computers don't work because the power went out and you can't charge your phone. First actually happens. Yeah, you wish we can't even call anyone, which is phone 72. Thank you very much. The next question was covered in opening remarks, so we will skip that. And the last question from say.com, what technical breakthroughs will define V14 of FSD given that V13 already covered photon to control. Well, we've got a hell further than photons to upward. We've been in sort of the nothing but dance situation, nothing but neural nets from photons to controls for a while now for just improving the neural nets. I guess we could get into some of the technical details to some degree I have to say I continue to be amazed by just how effective transformers are at solving a wide range of problems. I mean, Ashog, is there anything you'd like to add there without giving away the sort of family secrets. I mean, except for things we put on X already. Yeah, so continuing to scale the model size a lot and we scale a bunch in V13, but then there's still room to grow. So we're going to continue to scale the model size. We're going to increase the context length yield more. The memory is sort of like limited right now. We want to increase the amount of memory. It holds to even minutes of context for driving. They're going to add audio emergency better, add like data of the tricky cases that we get from the entire fleet, any interventions or any kind of like user intervention. We just add that to the data, the data-set. So scaling in basically every access of clinic compute, data size, model size, model context and also all the reinforcement learning objectives. Great. All right. With that, we will move over to analyst questions. So just as a reminder, you will need to unmute yourself to ask your question. And the first question will be coming from Daniel Roska from Bernstein. And Daniel, please go-ahead and unmute yourself. Hey, good evening, everybody. It's Daniel from Bernstein. Elon, Tesla's share price clearly already includes quite a few of the anticipated benefits you talked about today, yet realizing what you call kind of difficult but achievable will take some time. What are you pushing the Tesla executive team to do differently now to accelerate the innovation in order to realize the value you described for the company? Well, I mean we're working on perfecting real-world AI and making rapid progress week-over-week, if not monthly month-over month, month, it's often week-over-week. I spent a lot of time with the Tesla AI team and the Tesla Optimus team. I mean I go where the problem is essentially like not if something is unfortunate sometimes like don't talk to tell the executive and like hey we don't see you very often. I'm like that's because your stuff is working awesome. Your stuff is working really great. Unfortunately I didn't see them very often because I go with the problem is no, one of the problem is what's the greatest challenge that lies ahead? So obviously there are many challenges with the optimus. It's a hard problem to solve many challenges with the vehicle autonomy. But we're making rapid progress in both. Okay. I mean it sounds like you, you've got a conviction that the pieces you need right are in-place? Yeah. If we kind of go 12 months down the line and we look-back and you had some of those, but maybe what are the kind of two or three KPIs that would tell you that you're on-track and it's going the right way and the pieces you've put in-place are the right pieces, right? That's kind of what I'm looking for or other way around, where would it be off most likely in your mind that you say, hey, I need to go back there and I need to change something to enable the team better well, I mean I think the predictions that I'm making here are going to be pretty accurate. And it's worth because sometimes people say Elon's always late. Well, actually no the problem is that the media reports on when I'm late but never reports when I am early. So sure I'm optimistic but I'm not that optimistic. You know, there are many cases in the past where I actually we've been early, you know, such as completion of the Shanghai factory or factor factory completion is generally been ahead of schedule not behind so I said I'm very confident we'll have released self-driving fully autonomous Teslas in Austin and several other cities in America by the end of this year. That's probably everywhere in America next year at everywhere in North-America at least. I think in terms of next year our constraints, I think it's likely to be just regulatory. Like Europe really has, for example, Europe is a layer cake of regulations and bureaucracy, which really needs to be addressed. There's this joke like America innovates, Europe regulates. It's like guys, there's too many on the field. I mean, for example, for us just to release -- just to release supervised full self-driving in Europe, even though it works really well, we have to go through a mountain of paperwork with the Netherlands, which is our primary regulatory authority. Then the Netherlands presents this to the EU in I think May. And there's like this big EU country committee. We expect it to be approved at that time, but there's nothing we can do to make that may happen sooner. In fact, nobody seems to if I guess all the countries would have to somehow vote in some way to have it happen sooner than me otherwise it won't happen sooner than me May. So then when is unsupervised see allowed in Europe on like May next year maybe? I don't know. To find out when the EU is meeting a game. Sometimes it's a 12-month cadence, sometimes a six-month cadence. Then China, which is the most gigantic market, we do have some challenges because they weren't -- they currently allow us to transfer training video outside of China and then the US government won't let us do training in China. So we're in bit of a bind there. So quite like bit of a quandary. So what we were resolving that is by literally looking at videos of streets in China that are available on the internet to understand and then feeding that into our video training so that publicly available video of street science and traffic rules in China can be used for training and then also putting it in a very accurate simulator and so it will train using SIM for bus lanes in China, like bus lanes in China, by the way, what about the biggest challenges in making FSD work-in China is the bus lanes are very complicated and there's like literally like hours of the day that you're allowed to be there and not be there. And then if you accidentally go in that bus lane at the wrong time, you get an automatic ticket instantly. So it's kind of a big deal bus lanes in China. So put that into our simulator train on that, the car has to know what time of day it is, read the sign, we'll get this solved but I think we'll have FSD in almost every market this year, limited simply by regulatory issues, not technical capability. And then unsupervised FSD in the US this year in many cities but nationwide next year and hopefully we have unsupervised FSD In most countries by the end of next year. That's my prediction with best data that I have right now. Great. Thank you very much. The next question will come from Adam Jonas at Morgan Stanley. Adam, please feel free-to unmute yourself. Thanks, everybody. So Elon, you've said in the past about LiDAR and for AVs at least that lidar is a crutch, a fool's errand. I think you even told me once, even if it was free, you'd say you wouldn't use it. You still feel that way? Yes. To elaborate or just I have another question. Look, we even have a radar in the car and we tend it open. I got it. So... People think you're crazy, you know but for not looking. Obviously humans drive without shooting lasers out of their eyes. But like humans drive just with passive visual... Humans drive with eyes and a neural net and a brain neural net. So sort of biological which is so the digital equivalent of eyes and a brain are cameras and digital neural nets or AI. So that's the entire road system was designed for passable optical neural nets. That's how the whole roll system was not designed and what everyone is expecting other that's how we expect other costs to behave. So therefore, that is very obviously the solution for full self-driving as a generalized -- for the generalized solution for full self-driving as opposed to the very specific neighborhood by neighborhood solution, which is very difficult to maintain, which is what our competitors are doing I got it. Yeah, yeah. I mean, idar doesn't work-in the fall, guys. Lidar has a lot of issues. Did SpaceX Dragon talks with the space station using Lidar that a program that I personally spearheaded. I don't have some fundamental bizarre dislike of LiDAR. It's simply the wrong solution for driving cars on roads. Right. You understand how LiDAR works. I guess. Actually designed in both our own red lidar, I oversaw the project, the engineering thing. It was my decision to use LiDAR and Dragon and I oversaw that engineering project directly. So I'm like we literally designed and made a lidar to dock with the space station. But I thought it was the right solution for cars, I would do that, but it isn't. Got it. All right. Just as a follow-up, at CES, you said I'm paraphrasing that any AI will be able to do any cognitive task not involving atoms within the next three or four years. And that would imply, Elon, that before the end of President Trump's term in-office that AI would be moving pretty damn quickly into the physical world, into the world of photons and atoms. And I'm thinking given your work with the administration, how confident are you that the US has -- will have the manufacturing and the supply base to make-good on your excitement about physical AI by the end of -- by latter this decade. We seem pretty vulnerable right now. I've seen you tweeting about -- or sorry,, excuse me, Elon, about China, about China having like making more drones in a day than the US makes in a year and all the entanglement of the supply. So what has to happen in the US to make that possible? What's your message and what can -- what can you do about it and what's relevant for Tesla shareholders? Thanks, Elon. Well, Tesla, obviously, we think manufacturing is cool. SpaceX, we think manufacturing is cool. But in general for talented Americans they need to beyond my beyond me and my team is here, in general we need to make manufacturing pool again in America and you and honestly think people should move from like law and finance into manufacturing. That's my honest opinion. This is both a compliment and a criticism. We have too much talent in low and finance in America and there should be more of that talent in manufacturing so yeah I mean at Tesla we're making sure that we can continue to manufacture our stuff even in the event of geopolitical tensions rising to very-high levels. Great. Thank you very much. The next question will come from Pierre Ferrigu at New Street. And Pierre, please feel free-to unmute yourself. Hey, thanks guys for taking the question. So I have a question on deploying like Robotex in June in Austin. So that's great news. And I was wondering if it means I can drive down to Austin in June and try and try unsupervised by myself with my car or it's going to be more like your fleets testing it. It'll be our fleet testing it. That's our sort of towing the water. We'd be scrutinizing it very carefully, make sure it was not something we missed. But it will be right, autonomous right healing for money in Austin in June and then as shortly as possible other cities in America and I expect us to be operating having activity with our internal fleet in several cities by the end-of-the year. And then it's probably next year when people are able to add or subtract their car from the fleet. So kind of like Airbnb where you can sort of out or subtract your house or your guest room and added to the Airbnb inventory or don't added to the Airbnb inventory. If you're traveling for a month you can or whatever the case maybe you can let other people use your house. Anyway, so like that's probably next year because we want to just make sure we've ironed out any kinks. And a lot of it is not like we're not splitting the atom here, it's just a bunch of work that needs to be done to make sure the whole thing works efficiently that people can into the car, it comes to the right spot, does exactly the right thing, all the payment systems work, the billing works. Yeah. Okay. Okay. But then like so my follow-up question would be, I have a Tesla, I have FSD and I have to keep my eyes on the road all-the-time. It's super boring because I don't really need to intervene anymore. Yeah. And but the really annoying thing is that I can't just check my emails. And so are you working also on introducing like a kind of like free unsupervised where I could be eyes of and I would be able to check my emails and we just need to with a five second notice, have to go back and keep an eye on what's happening or is that something you're working on as well because it feels so close with certain that I wonder if it's something we could expect for this year. It's very sensitive question I ask for myself, to be honest. Yes. We just need -- we need to be very confident that the probability of injury is low before we allow people to check -- just check their email and text messages. In fact, right now we're in this situation where you may have encountered yourself where people actually go to manual driving to check their text messages so the computer doesn't yell at them and then put it back on autonomous mode once they have check the text messages, which is obviously less safe, significantly significantly less safe, significantly less safe than just letting people check their text once in a while without the computer yelling at them. Yeah. But we just want to be cautious about that at the advent of that. We're in this sort of neither here nor there. But just for I mean I think it's not for many months longer. But yeah, we're in this perverse situation where people will turn the car off autopilot so the computer doesn't yell at them, check their text messages while steering the car with their knee and not looking out the window. And like Elon said, right? If you have any problems with the system and when people are not looking, that is a dangerous thing. And that's what we are trying to avoid. It's -- the capability is getting there, but it's not fully there. That's why he was using the term of tipping a toe in-the-water, then getting comfortable anyway it's not far off. But we wouldn't want to prove to ourselves to prove to ourselves and obviously prove to regulators that the car is unequivocally safer in autonomous mode than not. And that's, we're not far off. So this is Like low-single digit months. Just to the safety aspect, we did publish our vehicle safety report today and in Q4 was one crash for every 5.9 million miles driven compared to a crash every 700,000 miles without. Yes. We're getting to the point where it's an order of going to be 8.5 times sequent. So it's just about there. Yeah, it's amazing. Great. All right. And our last question will be coming from Dan Levi at Barclays. Dan, feel free-to unmute yourself. Great. Good evening. Thank you for taking the questions. Yuan, you've talked about the need for proliferation of sustainable transport in the past as part of sort of broader push to sustainable energy. Okay, I know we've heard a lot about President Trump's plans to reverse the EV mandate and I think there's a view that given regulation is a driver of EV uptake, this could slow EV uptake in the US. So what would be your view on the right policy in the US given your comments in the past of the need to push for sustainable transport you know, at this point I think that sustainable transport is inevitable. I'm highly confident that all transport will be autonomous electric including aircraft and that it's it can't be stopped any more than one could have stopped the advent of the external combustion engine steam engine or one could have stopped the advent of the internal combustion engine like even if you've been the biggest horse advocate on earth like horses of the way these newfangled car automobiles, you can't stop the of automobile. It's going to happen. You can't stop the advent of electric cars if it's going to happen. The only thing holding back electric cars was range and that is a solve problem great. And then as a follow-up, you know, in the past, Elon, you had made a comment that you'd be willing to sell cars effectively no margin to get the cars out there. And there's a comment in the release today of the rate of acceleration of efforts does impact volume growth. So perhaps you could just talk about with your efforts on FSD, how we should think about your desire to put more vehicles out in the market to take advantage of your tech advances? So I'm not sure the question. We have a lot of cars. I mean, we've got millions of cars out there. So is there a question then that how do we how do we marry our future growth aspects with FSD? And go-ahead and meet yourself Dan? Yeah, more so just how much more aggressively you would be willing to sell your cars versus, you know, in light of your of your improvements on FSD. Well, right now the constraint we're trying to solve is battery production as opposed to demand. So -- and now Q1, we've got this massive factory retooling for the new Model Y for example, that obviously has a short-term impact on output. But the problem we're wrestling with, in fact, we're talking about the executive team and I were talking about just before this call was how we've got to figure out how to increase total gigawatt-hours of battery production this year-one way or another. That's the constraint on our output. Great. All right. And with that, I think we are all done for today. So thanks everyone so much for all your questions. We look-forward to talking to you next quarter. Thank you very much and goodbye
