← BackJune 6, 2017Tesla Shareholder Meeting0:00 / 0:00CC1×YouTubeTesla Shareholder MeetingJune 6, 2017Musk addresses shareholders on Model 3, Model Y, the Tesla Semi and production plans.Musk addresses shareholders on Model 3, Model Y, the Tesla Semi and production plans.TranscriptElon MuskRight.Well, welcome. I'm glad to see you too.I always love these, these shareholder meetings. I mean, I tell, you know, I tell people like, you know, doing the shareholder meeting and it's like, man, it always feels like a party and I love seeing you guys. And I was like. And they're like, really? That's not like normal shareholder meetings.So I'm going to go through the kind of a high level overview. I think it's been a really great year for Tesla and I think there's even better years to come. So I'm going to talk about that and then try to answer. I think there's 20 questions that we have on the list that were submitted by Twitter. There's certainly some really interesting questions that were submitted and some interesting correlations that were drawn.We couldn't get to them all. But we'll try to get to, I think the 20 that I think are most significant for the year ahead of us.So really the, one of the key things that happened this year is the beginning of the transition of Tesla to a fully integrated sustainable energy company where you have solar creating the energy, then the stationary battery pack, the power wall and power pack storing the energy and then that energy being used in an electric vehicle. Now the great thing about this is it answers all. It's a fully contained energy solution that could scale for the whole world.And I'm getting to that for a moment. But it's something where you can imagine as far in the future, well beyond human civilization, which I hope lasts a really long time, that this is something that would last for really, you know, this works. And I think there are no unanswered questions. Even the gigafactory or the gigafactories that make these products will be powered by sustainable energy. So like, I really don't think there's any hole left in the argument, you know, because when we're making electric cars, people would say that, well, they're just, they're really coal powered and there's like the long tailpipe, you know, and the type tailpipe's really over there by the power plant.We're like, yeah, but you know, we're going to have sustainable energy generation too.But then you can't still have gasoline cars. So you got to have electric cars. Sustainable energy production and then you got to store that energy because the sun don't shine at night. Real simple. One, two, three.Has been amazingly difficult to explain this.There's only three pictures there, man. I mean, come on.So with the solar roof, the solar roof we're really trying to address at the residential level one of the fundamental inhibitions of adding solar, which is aesthetics. People love their homes, they want their homes to be beautiful. And if you've got a sloped roof home, that means you have to have solar integrated into the roof itself.And so what we created here, I think is something that's going to be incredibly revolutionary, where it's beautiful. In fact, I think it looks better than a normal roof. In doing this, we were trying to find examples of roofs and it's like, man, take a look at roofs. Next time you're driving down the road, you're like, whoa, they're not good.So this is a roof that's going to be better looking than a normal roof.It's going to last practically forever.Like, I wanted to have an infinite year warranty, but then the finance department said, well, that's difficult to account for.So I said, well, okay, it's infinite. Or when your house falls down, whichever comes first, get the message across, but basically last forever. You think of like a cathedral with stained glass windows. Those stained glass windows are about the only thing, and the stone walls, the only thing that's lasted over half a millennium.So great looking, durable, affordable, when you consider the cost of a roof and the cost of electricity from the utility. And this is going to vary quite a lot by region. So it depends on what property taxes are, what the cost of financing is, and what the cost of power from the utility is. But we're confident that this is going to be something that is either actually makes you money or is close to break even for most of the country, which I think is really, really profound.Now, there's still a very important role for the traditional kind of flat panel.And so that's still going to be a very important part of our business going forward. Because whenever you've got a flat roof situation, which is most commercial installations are flat roofs and. Or if you've got a residence that's got a flat roof and it's not visible from the street, then there's no need to go with solar glass tiles because aesthetics are no longer a factor. You can't see it. So that's. I just want to emphasize that traditional solar is still going to be very important part of the business going forward.Also, if somebody's got a brand new roof that they probably don't want to replace the roof right away and it's still going to make sense to have retrofit solar. And, you know, these are the, what you're seeing Cycling through are the kind of, the first four, and we're starting off with two, which is the kind of the, the black slate and the textured slate. And then hopefully by early next year we'll be in production with the Spanish tile and the French slate versions.And there will be more over time. But the overarching goal here is to have a set of products or a set of roof products where if you were driving through a neighborhood and you looked at the roofs, you said, wow, I really like the way this, those roofs look. Roofs don't get a lot of attention, but we want something, we want to create. It's like if you can imagine the future and what it looks like, that that's something that you want.And obviously that needs to be paired with stationary storage with a battery pack. The battery packs are important for a number of reasons and they.Because the solar. Solar power peaks during the middle of the day and then it's low at dawn and dusk and it's not there at night. So you need something that is load leveling the power so it's storing it when there's high power generation, releasing it when you, when you have low power generation. And this is going to be important for grid stability as solar scales so there's more and more solar. It's more and more critically important that there be batteries to load level the grid and enable a full transition to sustainable energy.So that. Oh, and then it has a greater, a great advantage, which I think is the kind of thing where you only really notice it when the power's out. Like there are frequent power outages because a substation went down or a bird flew into wires or. In many parts of the world, power is intermittent and they have to have generators which run on very expensive diesel fuel.But even here in California, we know we're due for the big one. It's been saving up. So there's going to be earthquakes in California, there'll be hurricanes in the Southeast, there'll be ice storms in the Northeast, there's floods. There's all sorts of things that cause electricity interruption. And we're very dependent on electronic devices. So people might say, well, it's not a problem, I'll call 911. Well, how are you going to do that if your phone is dead?Okay, that's real hard. And you know, if all your devices are gone because of power outage, we're so dependent on devices these days that it's actually a significant safety and security concern. So the nice thing about having the powerwall, particularly the Powerwall 2 is that it's like having an uninterruptible power supply for your house. And like I said, it's like my insurance. It's sort of like the kind of thing that when you need it, you really need it.And so I think that's an important advantage that is sometimes overlooked.And we've got the power pack side. This is for big utility scale installations as well, as I should point out, a very important market which is commercial and industrial. So we've done some of the biggest, in fact, maybe the, I think the biggest, still the biggest battery installation in the world in Southern California. And that took over from what was a natural gas peaker. And that's an operation stonewall. We've got a huge system in Hawaii, in Kauai, which is responsible for 20% of Kauai's peak power generation.And then we've got a system in American Samoa which powers the whole island. It's totally off grid. And I think that's a great example of the potential, because in the limit, a continent is a big island. Okay, this is a big island, but it's called a continent. If you can make, if you can, if you take an island and have that completely run on solar and batteries, you can do that with a continent.So the potential there, I think is incredibly exciting.I will say now with the latest version of the phone app, integrated the powerwall and solar with the Tesla app. So now you can see on your, in terms of list of products, no longer says just vehicles, it says products. So now you can see the powerwall is on there and solar. So you can see the status of your powerwall. You can see what your. Whether your solar system is functioning well, how much energy you're producing.It'll show you how much energy you're producing, how much is being stored, how much is being consumed, and then how that relates to the car. And so you have a really well integrated system that combines solar storage and your vehicle. And I think there'll be a few other things in the future that maybe people aren't expecting as well.So you can see your energy usage during the day. So you can tell if maybe you should be turning off certain devices or reprogramming your air conditioning system. And it gives you a good idea of like where you're using power that you may not even realize that you're using.And if you are drawing energy from the grid, it'll tell you how much energy you drew from the grid and how much you powered yourself. So I think it's, and this functionality is just going to get better and better. This is what's working today. So this is not speculative. This is the current app that does this.From the standpoint of the customer experience. We're going to make a significant increase in the number of retail stores we have around the world. We think we've really barely touched the surface of what's possible on the retail side. If you just do back the envelope analysis and say in the US there's about 330 million people, how many stores per person should we have or how many, you know, how many people per store?It seems like probably over time we'd want at least one store for every half million people. So that's 660 stores right there.In China it would be thousands of stores, or throughout the world it would be several thousand stores. So that's, you know, our plan is to keep expanding the retail store footprint to be able to cover anyone who could want to buy our product.Service has gotten better and better. So we now have fast lanes in service. So the wait times for service have gone down dramatically. So obviously very important for the Model 3. We're also adding a lot more service centers in anticipation of Model 3 production. And this year we will double the number of Tesla superchargers in the world. So double year over year and I think next year probably at least 50% increase, maybe double again next year.This gives you just a sense for how many superchargers there are in the world.It's worth noting this is actually the only high speed charging network in the world. There isn't, isn't even a second one. I asked our head of, head of our supercharger program, okay, well, what's the second best high speed charging network in the world? He said, well, there's this one place in the Netherlands, but it's, I think it's only like 60 or 70 kilowatts, but there's only one of it. Okay. Like, well, it usually doesn't work.Okay, all right, all right. Anyway, we're just going to keep growing it as fast as we can to make sure people can go wherever they want, whenever they want with convenience. Keep upgrading the capability of the supercharger system so it can charge things faster. We're going to start adding amenities to the supercharger stations. So the really big stations, we'll start adding amenities and just make it so that you, when you do a long distance trip in a Tesla, you love the experience.That's the overarching goal.And then autopilot it's definitely been a tough, tough slog transitioning from the mobileye Vision chip to Tesla's internal vision system. But I think we're almost there in terms of exceeding the ability of the Hardware 1 car. So the Hardware 2 cars have all of the hardware necessary for full autonomy. So eight cameras, 12 of the most advanced ultrasonic sonar sensors, a radar, a very good GPS and an IMU, and everything necessary to go full autonomy.It's really about upgrading the software over time. So I think with the next release of software, which is maybe as soon as next week, we will finally exceed the experience of the hardware one cars and then it's going to advance very rapidly from there. And our goal remains being able to drive autonomously from a parking lot in California to a parking lot in New York without touching a control at any point along the way.So the gigafactory is going quite well.That's the latest picture of the status. Obviously the ultimate footprint will be quite a bit bigger than what you see even there.And it's, we believe it'll be, within a few years, have a capacity, a capacity equal to all other lithium ion battery factories in the world combined in one building. Out of everything in the U.S. china, Europe and Korea. Everywhere else, this one factory will output more than all of them combined. So it's really, the sheer scale of this is difficult to appreciate unless you're there in person. It is just staggeringly enormous.That allows us to achieve high economies of scale, so that with very high production rates, we're maximizing economies of scale to get the lowest cost per kilowatt hour in the world, but at the same time have the most advanced batteries. So the combination of the best technology at the lowest cost, I think is just a very, obviously a great position to be in. And I think it's a fundamental part of Tesla's strategy. There's just no one else who's attempting anything, as far as we know, even attempting anything on the scale.And so I think that puts us in a very, very strong competitive position to sustain the growth of the company for several years to come. And then over time there will be several gigafactories. I think eventually, you know, 10 or 12, maybe 20, I don't know, a lot.So it's like a giant machine. So we'll keep refining this and productizing it and then building gigafactories around the world.Important thing that we're making progress on is factory safety. So far this year, Tesla is 32% below the auto automotive industry entry rate and that that trend is better and better with each passing month. So I think we're on track to be less than half the entry rate of the automotive industry and by far better than any other US factory, which I think is something that's extremely.And then we've got some future products. So the semi truck we're going to unveil at the end of September and I think that's very exciting. A lot of people don't think you can do a heavy duty long range truck that's electric, but we are confident that this can be done. So we'll be showing off a working prototype not too long from now, the end of September. And we've shown it to a number of the organizations that buy heavy duty trucking and they all love it.They just want to know how many can they buy and how soon.And we're involving them in, thank you.And we're getting them closely involved in the design process. So the biggest customers of the heavy duty Tesla semi are helping ensure that it is specified to their needs. So it's not a mystery. They already know that it's going to meet their needs because they help decide what they've told us what those needs are. So it's going to really just be a question of scaling volume to make as many as we can. And then Model Y, I'm really excited about Model Y.It's, you know, there's been some criticism like we should sort of do it derived from the Model 3 platform. But I think actually we made a mistake in trying to derive the Model X from the Model S platform.It would have been better to just design, design an SUV the way an SUV should be designed. Design a sedan the way a sedan should be designed. Otherwise you're just trying to shoehorn something and that doesn't make sense.Also there are a number of, I think really major manufacturing improvements that can be done that allow us to build the car in a way that a car has never been built before.The capital expenditures I think would be substantially less. I'm confident that we could drop the capex by a factor of two between Model three and Model Y, which I think is a really big deal, and accelerate its readiness despite the new technologies.So we're aiming for that, you know, to hit the roads in 2019 approximately and probably the demand for the Model Y will exceed the demand for the Model 3.So there's a few other things I haven't mentioned here.I just like really recommend showing up for the semi truck unveiling. Maybe there's a little more than we're saying here.Maybe could be, who knows?Model 3 configurators. So expect that a configurator to go live towards the end of next month when we deliver the first production Model three. So, yeah, we definitely on track to deliver the first production Model three next month. That's going to be real exciting. And then we'll have the configurator go live right at that point. Now, I should say that the. We've kept the initial configurations for Model 3 very simple.This is critical to achieving a rapid production ramp. Big mistake we made with the X, which is primarily my responsibility. Way too much complexity right at the beginning. That was. That was very foolish. So, you know, when you think of it like going back to the launch of the Model S, Model S only had one configuration at start of production, and now it had one configuration because that's all we could do. Not because we were really clever.And then Model X, hubris extraordinaire, we. We actually.I mean, it is like a Faberge egg of clause. I think it's really an amazing product, but it's. It has way too many cool things in it that. That should have really been rolled in with version two, Version three. That would have been the sensible way to do it. We got. We got overconfident and created something great that probably will never be made again and perhaps should not be, but it is an amazing car. And as we keep refining the software in the Model X, it's just going to get better and better.So initially, the Model 3 configurators, it's kind of going to be like what color do you want and what size wheels do you want? That's basically going to be the configurator. And then we'll show what other versions are coming later. As soon as we get configuration one right, with a timeline associated with each configuration. For example, we were going to start off with dual motor, but that's like, wait a second. We just doubled the probability of something going wrong if we get two motors because they're two different motor architectures.One motor is optimized for highway travel and one's optimized for stop and go traffic, which is great for maximizing your mileage in city and maximizing your mileage on freeway and having incredible acceleration. But it's too much complexity right off the bat. So it'll just be single motor to begin with. And then we'll have the dual motor config, if you're lucky, to end of this year, more likely early Next. So I wouldn't worry too much about the configurator because you only have to decide, like, what color do you want and what size wheels.That's basically it for initial production in terms of how many factories are in the works.We're really giving serious consideration to three factory locations right now. But we're going to try to hold our powder dry, keep the powder dry until we're confident of, of the locations and the timing.But like I said, ultimately, probably there's at least 10 of these worldwide and maybe, maybe as much as 20.How long of a wait will it be for customers wanting model 3 and haven't placed a 1k deposit? This will be a long wait.There's a lot of people that have ordered the car.I'm guessing if you put a deposit down on Model 3 now, it's probably, well, it's going to be over a year, end of next year before you get it. Something like that.On the other hand, there are more and more deposits every week, so if you want it, then definitely put down the deposit.The line isn't getting shorter.We're doing our best to do this ramp, but we've got to do the ramp right. We've got to make sure the quality is good, the safety is good, and it's crazy hard to make cars. I'll tell you. There's like 10,000 unique items and it will move as fast as the slowest item. And then even beyond the stuff that's internal Tesla, you say like, okay, who's the least lucky supplier we have out there? Or what supplier cares the least?Or whatever the case may be. And then you look at our supply chain and it's like, wow, our supply chain is like covering Earth. So, like, what are the odds that there's going to be some portions, your events somewhere on Earth? Like, pretty high. So one of the things I want to do with Model Y is also just simplify the supply chain so that we're not inheriting force majeure risk from Earth. Because Earth is big and something bad happens on Earth at any given point in time.So we must stop inheriting force majeure risk from all of Earth. You can solve this by buffering parts, but if the parts aren't made to begin with, you can't buffer them.So, yeah, other plans place to offer battery upgrades. Yeah, so we do offer that already. I wouldn't recommend doing a battery upgrade until the existing battery that you have has a fair bit of life on it. And there are some limitations because there can Be a pretty big weight difference between the lightest battery pack and the heaviest. So we can't go from lightest to heaviest. But we definitely can upgrade battery packs really in every car.And we will offer that and make that easier with each passing year. If somebody's got a new battery pack, it's not going to make financial sense to upgrade just the battery pack, but better to sell the car that you've got and then buy a different one, either new or used.And I should mention we're going to really give more prominence to use Teslas on our website, but we're not going to call them pre owned. That is like a bogus name. That's so BS it was used. Okay? Everyone knows that.Who are we filling here?So the used Tesla section of the website is going to get a lot more attention and particularly if the car is four years old and it's got a lot of mileage, you could buy a Model s, a Model 3. It's like, well, okay, maybe somebody wants to buy a model s for 35, $40,000 and they can have that today. And then when the Model 3 comes in, they can switch out to the Model 3 if they want. Model S is still going to be the, you know, because more expensive car, bigger, there's more room for bells and whistles.It's, you know, it's still going to be our premium car.But anyway, so used Tesla is going to get a lot more attention on our website and yeah, so.In terms of what changes are being made to address safety.So this is something we're driving really hard on every week, meeting with the safety team every week to say what can we do to make it better? And like I said, I think we're well on our way to having an entry rate that is half that of the rest of the auto industry and way better than any other car company.A key change that was actually already made late last year was having three shifts instead of two. So a lot of the injuries would happen when somebody had like a 10, 11 hour day. You just get tired and then that's when you tend to get injured. So having three shifts made a huge difference to injury rate.And then redesigning a lot of processes to be a lot more ergonomic and improving the fixtures and tooling. There's a lot of detailed work that needs to go into avoiding repetitive stress injuries.But I'm really proud of what the safety team's doing and I think we're making huge progress towards being the, the, the safest automotive company in the world.Well, I already talked about the semi, so I mean, timing wise, I'm, I'm guessing that we, we probably reach scale production on the semi in about two years, maybe 18 months, but probably about two years.And already answered this. There will be, there will be continued improvements to the speed of supercharging. Yeah.Okay.Somewhat randomly, AAA of Southern California hugely increased Tesla insurance premiums. There is a simple solution. Change your insurance provider.From the study we did, the average rate for insuring a Model S or Model x is about 5% lower than other premium vehicles. And if you actually pick the right insurance provider, it can be 20 or 30% lower.It's really hard to. For their, for death or serious injury in an S or an X you really have, it's like hard to do that. Okay.Literally had one person go down like a 300 foot cliff slash ravine and they walked out of the car. So the, and then with automatic emergency braking, which is getting better and better as the software improves, that actually helps a great deal with pedestrians and cyclists. And then because the Model S and the X have such a long crumple zone that's two to three times longer than conventional automotive car that's got a big engine steel block in there, it means you actually are helping even the car that you hit.The combined crumple zone of both cars is substantially greater than if two gasoline cars hit. So it's not just you're helping safety with the safety is not just good for people in the car. It actually helps if you do have a collision with another car. And then the hood is designed to be like a sort of trampoline. Now it's not the, well, the funnest trampoline.But again, there's no big engine block that you're going to hit. So. So you can sort of, if you do hit a pedestrian, it's not a good time. But essentially the spring effect of having a hood that doesn't impact a big steel engine block really makes a big difference to the lives of a pedestrian if one is hitting. So yeah, well, we offer a package deal.Well, I guess effectively when you consider the installation cost of the roof, the powerwall and the home connector, technically it's not a charger, it's a connector. If that's done at the same time, then you could save 2 to $3,000 on installation costs of all things combined. So just by doing it at the same time, you automatically get a reduction in costs because it's fundamentally more efficient than if one team visits.Then if three teams Visit and then. Yeah, but we haven't currently considered a package deal, but maybe it's something to do in the future.So no decision on this, but like I said, actually it will cost less if you do it at the same time in terms of new directors. So we've been interviewing a number of independent directors to add to the Tesla board. I think we're quite close to making decision and I think we'll add at least two, maybe three new directors and I think from a broad range of backgrounds and industries. So I expect we'll probably make that announcement in the next month or two at most.But I think there are really some amazing people that will be joining the board.Audio system insight.Yeah, I actually was just talking about that with the team today. I think there's quite a bit of room to improve the audio codec in the SX and obviously the three because it is a Tesla system. So we can just reprogram it to make it better with software and I feel pretty confident that just with an over the update we can actually make the audio system sound quite a bit better.But it's, I think it's a good system and yeah, it's going to get better.Yeah, we're going to have a huge increase in the number of service centers around the world. And for any places that are not covered by a service center, we have our mobile repair expansion. The Tesla Rangers will cover essentially anywhere on Earth for Model 3 rollout in states that don't allow direct sales. As you may be aware, we get a lot of pushback from the dealer groups and I mean, they say that their mode of sales is superior.I'm like, okay, well then why would you want a legal block if people love it so much?It doesn't make sense.So. But the answer is actually you can order a Tesla in any state in the country. So there's no limitation on ordering a car and we can service anywhere in the country. So actually all you need to do is go on the website, order the car and that's it. We can't do sales in stores in every state, but we actually sell in every state and there are Teslas in every state in the United States. So all you need to do is just like order it.Like you're ordering something from Amazon or Apple or whatever, just go on the website and order it and it shows up. It's like that.And then we'll take, we take care of, take care of servers.Really some of these questions, by the way, I'm seeing as you're Seeing them.What do I do for relaxing? Well, may not shock you, but sports is not like the thing that I do a lot of. Do you listen to music? Particularly in the car. And in terms of the music selection, I mean, there's going to be some exciting announcements in terms of how the music selection, I think it's very hard to find good playlists or good matching algorithms.We have something that works okay right now, but I think it could work really, really great.Yeah, but there'll be a few announcements on that later this year. I think that's going to be. This is going to be like the music you want to listen to.Yeah, I think. I think. Well, at least I want to listen to it more than any.We'll see. I do watch movies. I do love movies, and I used to watch a lot of them less these days because of work. I mean, I don't spend a ton of time on those questions because, like, I don't know if it's super relevant to Tesla, you know, as a company, but I went and saw the Wonder Woman movie with my kids this weekend. That was great.Usually it's work more, though. It's usually work more.So, yeah, hang out with my kids, see friends, normal stuff.Sometimes go crazy on Twitter, you know, sort of. There was a little red wine. His record player. Some ambian magic. Magic happens.Are you expecting a new plant to be built for the Model Y? Yeah, we are. I think the. The existing gigafactory will probably supply the battery. In fact, will supply the battery pack and drive trains and motor and power electronics for the model. Yeah. But the Model Y vehicle plant will be in a new plant, essentially a new gigafactory that we're going to figure out the exact location of. But there's just no room at Fremont.We are bursting at the seams. Like, honestly, like, if I ask you, like, what's their number one complaint? It's parking is like, okay, we like, practically had a riot the other day for parking. And I'm like, sorry, guys. The. Yeah, what happens? We had a bunch of contractors come on site to install equipment for the Model 3, and we hadn't counted on the fact that there'd be 500 extra people that showed up to install massive amounts of equipment.So then, okay, parking lot was full. So therefore it's like conservation of mass here or conservation of volume. 500 people who can't park.Anyways, it's crazy how much parking lot is a pain in the butt.So we're bursting the seams at Fremont. So there's just no way we could do Model Y at Fremont. So it's going to have to be somewhere else.And I think Fremont is going to be really focused on obviously SNX and then ramping up Model 3. I think we'll even have to transfer some of the things we do at Fremont to the Gigafactory just to allow for Model 3 expansion.So how do I allocate my time across different companies? Yeah, so I think it's very important to appreciate that tweet frequency does not. There's no correlation with what I actually do for a work basis.It's like I might tweet a lot about like the boring company, which is basically a hobby. It's like not, I would, you know, wouldn't even call that a real company at this point. It's got like three people, some interns and some part time people. We're making pretty good progress for all that. But like that's just kind of like a fun, fun thing to do where there's like no pressure, everything's going to fail. So it's like, okay, can only go up from there.So low expectations are great.But the boring company is maybe 2% of my time.Neuralink is 3 to 5% of my time. OpenAI is maybe a couple percent and then 90% plus is divided between SpaceX and Tesla. So depending upon and it's probably slightly more Tesla.Tesla's like a drama magnet. So it's like have to deal with Tesla drama.So but on average it's probably about half of my time is between SpaceX and Tesla. And there's a lot to be gained, you know, knowing how rockets are done and how cars are done.In rockets you have to deal with work on very advanced materials, make things super light and being able to translate some of that to automotive I think has been very, very helpful. So it does do some good there. But I just want to emphasize very clearly, 90% plus my time is divided between SpaceX and Tesla. And remaining less than 10% is everything else.Like.So in terms of how will we have experts to install solar roofs around the U.S.that's actually where a huge amount of the value of the SolarCity acquisition comes in. Because they've installed solar on roofs almost throughout the country and there are thousands of different roof types and every jurisdiction is different, every county, every city.It's a really thorny, complicated, unsexy problem. But the solar city installation team has solved that. And so we're going to be training the solar installation team to do the Solar roofs, the solar glass tiles, and the prices will come down as we're able to achieve economies of scale and optimize the installation process. I think it's very important that we be able to kit the entire roof before and then put that in a van and install on site very quickly so that the amount of work that's required on site is minimal.It should just be like Lego, like just kitted. Exactly.And you go and you do like a crazy efficient roofing installation. So. But economies of scale and making that installation process efficient are key to having the prices come down.Okay, Okay, so most millennials living in apartments rather than homes. What are we can we do to make it easier to own and charge a Tesla without a garage? So we're establishing supercharging locations a lot more in city supercharging locations. And there'll be a little lower power, but in between a high power supercharger, which is optimized for long distance trips, but more power than would typically be found in a home garage.So wherever the car is being parked at the apartment or work or somewhere in between, we're going to make sure that there's a place to charge your car, even if you live in an apartment. One of the key things for apartments is to manage the power. If you've got a lot of cars parked in a garage and you have to design the system to handle a hypothetical case where all cars are drawing maximum power at the same time, then you need a crazy amount of power.So it's important to have a system that load levels the power so that they don't have to build a new substation just to supply the apartment building.And so that's one of the things that's process of being implemented. But no question we need to solve this problem for apartments, not just homes.From Jerry Hoffa, Is there an electric plane in Tesla's future?Well, we got a lot of fish to fry.There are no plans right now to have an electric plane. We have a long way to go to handle terrestrial transport. And it's not inconceivable that we're doing an electric plane, but I do think that we're not quite there in terms of the energy density of batteries for an electric plane. I think the kind of minimum that you'd want is about 400 watt hours per kilogram. And even that would require some pretty substantial innovation in the airframe.And the way that you build an airplane in order to have decent range with a at 400 watt hours per kg at 500, it starts to become quite compelling. But I don't know, I think we're maybe four, maybe four or five years away from having 500 watt hours per kilogram, something like that. Maybe half a decade. Yeah. In volume production.Of course.Now, I'm not saying we're going to add a nuclear fusion reactor. I'm just saying it fits.So.All right, thanks, everyone, for coming. It's great to see you. I look forward to seeing you next year. Thank you.