TAKE TWO! TESLA EARNINGS CALL TAKEAWAYS

EV Channels Review

Rob Maurer provides a detailed reaction to Tesla's earnings call, highlighting key takeaways for investors and enthusiasts. The discussion touches upon the FSD subscription's current impact on upfront sales, noting it's unlikely to significantly affect Q3 revenue. Tesla Energy is poised for substantial growth, with ambitious targets for Powerwall production aiming for one million units next year, and the Megapack is sold out through the end of 2023. Battery production, particularly the 4680 cells, is a focus, with a goal of a 100 GWh internal production run rate by the end of next year, though a shift in language from total production to run rate is noted. Supply chain challenges, including semiconductors and airbag modules, continue to impact production, necessitating workarounds like software adjustments for different microcontrollers. The Cybertruck and Semi production ramp-up is expected to be gradual, likely not in Q4. Supercharging will open to other EVs via an adapter and app, with a focus on managing charging times rather than direct profit. A "next generation" Model Y is planned for Berlin and Texas, with a backup plan using 2170 cells and structural packs if 4680s and structural packs aren't ready. Financially, Tesla significantly beat earnings expectations, with strong year-over-year growth in net income and EPS, even with reduced regulatory credit revenue.