Hey everyone Me: Kevin here. Welcome back to another Tesla investor event. That's what we're going to be covering. Today is, of course, a Tesla Investor Day Elon Musk's Master Plan Three is what we're covering.

Uh, that is expected to have its keynote begin in, uh, the next minute. Here, it's unlikely that it will start exactly in the next minute, but that's okay. that's entirely normal, so we'll probably have to wait maybe two, three, four minutes. Uh for for that to begin.

Uh, of course. remember a lot of high hopes and high expectations on what could be happening at Investor Day today. Uh, anything from uh I mean I Think the obvious for investor day and this is the bare minimum, right? The bare minimum that we're expecting uh is obviously. uh.

manufacturing scale. How are we going to get more gigafactories, Copy and paste it? I've been pounding the table for over a year on this idea that we could see an explosion of gigafactories really around the world. How can we de-china eyes so to speak? What are we going to do with Supply chains? Even the economists had a piece this morning talking about the potential for a graphene shortage. A lot of potential issues to pay attention to.

Let's listen to the Bell together since we're together though my own interest rates again a 10-year right at four percent right on your screen right there Tesla shows like Salesforce all in focus in overtime with Morgan and John we got the score card on the Wall Street But winners, stay late. Welcome to closing bell over time I Am there you go. Good old Closing Bell Dow actually ended positive 0.02 s p down nearly half a percent 47 Bips To the downside: NASDAQ down 66 Pips Oil actually slightly up today about 0.84 on a WTI Crude and Brent up 1.11 Let's listen to the news here. Texas And that is where we find our Phil LeBeau Phil What are the chances that we get a new car low I Don't think we'll get a defined new car, but I Do think we'll get perhaps some parameters of what to expect with a lower priced model.

Three things to look for. Three things that the street are expecting. You mentioned a lower price: Model and again I Do not think they're going to say this is model two. This is what it'll look like, but they will give us some outlines potentially on a lower price Model What's happening with the Mexican plant that we heard about from the President of Mexico yesterday? The the more specific details, how many vehicles will be built there, what type of vehicles, and ultimately this is all about Tesla Driving down costs.

They've got the hammer. I Have talked about this for some time. When you look at their margins, when you look at their supply chain, they can drive down the cost further and increase their volumes, which is ultimately what they're hoping to do. Elon Musk Will talk about deliveries.

Perhaps in a broad sense they are expecting 1.8 million vehicles to be delivered this year, up from just under 1.4 Million last year. But remember the long-term goal: John is annual deliveries topping 20 million vehicles For a point of reference: John the most vehicles ever delivered annually by any automaker I think it was pre like 2006 2007 it was Volkswagen and about 12.4 million. That's a big goal to get to 20 million. The Uh Analyst Day investor Day is just beginning.

We'll have updates throughout the hour. Looking forward. Yeah, well when they say just beginning, they mean not quite beginning. It is supposed to begin right now, but this is the preview reel right here for the investor name.

Right now, they're showing a spinning image of uh, what looks like the model 3 or model wise uh Giga casting uh Monroe live Monroe and Associates uh, I might actually be meeting them in person in April uh, which would be really awesome I'd love to meet them in person for an interview, but they did some math on how many of these castings they were showing and and really, they suggested that The casting math was basically a way of suggesting hey, look, we think Tesla's going to produce nearly 2 million vehicles in Uh 2023. the math was slightly below that and that sort of one 9 range. but it was interesting because it was sort of really just a way to reiterate and tease this idea if you multiplied one row by uh The Columns that hey, maybe we can get to that nearly two million Vehicles produced this year. But I Think the longer run vision for Tesla is most important here.

We're most importantly, waiting for information on not only the copy and paste strategy for the gigafactories. How is that margin going to improve? Do we think we can actually achieve Elon Musk's 50 cost reduction? If we can achieve that 50 cost reduction, Is the Model 2 in America Really just going to be a cheaper model three. Is there going to be a Chinese version of a Tesla vehicle? after all, the China The Chinese version could be smaller, maybe smaller battery maybe? uh, just a two-door vehicle according to Brett Whitton at ARC Invest, that seems relatively unlikely for the United States Market even though that was one of my original positions. I Kind of agree with Brett Now you know why.

you're right: Americans don't want smaller cars Americans want bigger are cars look I Was having a debate with someone on Twitter earlier and you know what? I respect them I shouldn't even call it a debate. it was just some commentary. I Made some comments this morning saying look, Teslas are too small. we need bigger Teslas Like we need a van.

Like a passenger van. a cargo van. Uh, and you know somebody quit back and like, well, you know I got a model X and we put three kids and three adults in it I'm like that's fantastic I have a seven seat model X as well and when I fill it up, guess what? I got no storage for bags. uh and their response was well, you could use the Franc and then you could use sort of the deep part that's left of the trunk and I don't want to, you were not made a normal sized piece of luggage into either of those.

You're fitting crap into those I know because we tried bringing in normal sized beer cooler to a football game. Uh, down, uh, down in Los Angeles uh and uh. and and guess what? can't fit it? You can't fit it if you have all seven seats filled up and just whether it's a stroller or it's more people, it just doesn't work. So so I would really like to see a larger car I Really doubt we're going to see any kind of vision of a, uh of a larger car here.

that's probably more of your longer term uh of the outlook for Tesla maybe maybe two three years down the road after we ramped the semi after we ramped cyber truck? Maybe then, uh, you know we'll be looking at something like that. Uh, for now, we're actually thinking about just Jeeper model 3 and then maybe a Chinese vehicle I Even really doubt we're going to see any kind of vehicle announcement A lot of this is going to be about. Hey, look how good we are at manufacturing. Look at how our competition sucks at manufacturing.

Listen, look, if you didn't pay attention to Rivian this morning, watch the video that I posted on Rivian. It was a complete disaster for Rivian. Rivian is right now spending 300 000 per 80 000 car. Let me reiterate that Rivium spends on a net basis: Three hundred thousand dollars to produce a car They sell for eighty two thousand dollars.

That is literally the opposite of what we expect to hear at Tesla Okay, now let me just go with gross margin because Rivian delivered about 8 000 vehicles in the last quarter, which is very similar to Tesla back in 2014. Tesla Back in 2014 on 8 000 Vehicles actually had a gross profit. So for every 100 of Revenue they actually brought about twenty dollars into gross profit. Olivion on their 8 000 vehicle actually spends about 250 dollars per vehicle on a gross profit basis.

So in other words, they're spending over two hundred thousand dollars per eighty two thousand dollar car on a gross profit basis. People like, oh, just wait until they get their second shift up and running. That's fine. That's fine.

Even if somehow you're able to reduce costs fifty percent on The Darden Thing: you're still still producing over one hundred thousand dollar vehicles and you're selling them at 82 000, It doesn't make sense. Like Rivian doesn't have a chance. and they're walking into a recessionary environment here. I'm sorry.

like I wish the best for them I really do. But I could not touch them with a 10-foot pole. There's a reason I I shortened them almost near the top. Okay, damn.

I wish I held on to that short for much longer than I did. It's okay. just look at the fundamentals. Uh, you could watch my Rivian video and then you'll see those fundamentals in detail.

But we honest, what we want to see here is the opposite, right? I mean just the fact that Rivian's goal is basically the bare minimum for Tesla should tell you something. Rivian's goal right now is trying to get to a 25 gross margin. Well, that's where Tesla is and I think they're setting that goal because they're like, well, if Tesla can do it, we can do it well. So far, they're not proving that they're on that path.

Uh, you could actually see. uh. Instead, they think, look at this. This just blows my mind.

How does Rivian make the argument that they can somehow improve their average selling price per vehicle? I Don't get it I I Don't I have no idea how you can improve the average selling price per vehicle if you're already at eighty two thousand dollars per vehicle. Uh, it. It just seems absolutely wild to me. But anyway, who knows.

uh it while we wait for investor day, It's just worth noting. Salesforce beat it's up like nine percent right now in after hours. You know every cloud service so far has been kicking Q4 But okay, maybe I shouldn't say every but most of them have been kicking butt. and it all started with Fordnet and the cyber security ones.

Then all of a sudden clown flare beats, then crowdstrike beats. Now you got Salesforce crushing it. The thing's up like 10.5 percent and afters, they're all kicking butt. Right now, it's actually quite wild.

Operating Margin: uh, adjusted operating margin: 29.2 percent. The estimate was 22. Holy moly. Ah, it's pretty wild.

Uh, anyway. uh, okay. so we're still waiting for the Tesla event to begin. As you can see, we're getting this sort of dizzying image here circulating.

uh, no. no indication just yet that the show is actually ready to go. Uh, anyway. uh, good old Ross Gerber is giving us a little bit of insight from El Factore.

Uh, One thing he just tweeted just minutes ago. he says factory tour complete. A year ago, it was basically empty today. A very impressive battery and EV manufacturer and growing fast.

Giga Austin is ramping? no Factory photos allowed? What? No. Factory photos allowed. That's absolutely nutty. Uh.

I'm actually surprised by that that they're not allowing Factory photos. Maybe that's uh, them potentially trying to, uh, hold together some kind of uh, uh, you know, uh, what should I say uh, like, uh, intellectual property you know they don't want, they don't want, people spying on them or whatever. they don't want the inside of the factory being revealed now I Find that really interesting because earlier today we actually saw that uh, uh, Galley from Hyper Change was uh, apparently invited to the event. but then after being invited to the event, was kicked out of the event.

What the hell? uh. Apparently he showed up and got the boot. Uh, when he was going to check in, uh, you know he says he didn't do anything, just apparently some some something came down from the top and says hey, you know what? uh sorry basically uh, that just seems nutty. Absolutely nutty.

So I'm I'm sad to hear that. but maybe maybe they didn't want YouTubers there or something like that because they thought, okay, well, maybe YouTubers are just gonna, you know, somehow figure out how to put our stuff on YouTube and we don't want that. You know I don't know. Maybe Elon Musk only wants Twitter people.

Well then maybe let me multi-stream on Twitter and I'll stream there too. but apparently they don't They're letting people keep their phones. they aren't that concerned about photos. Well, apparently at least they're letting people know.

no photos allowed per what uh Ross Gerber is saying here on Twitter Uh, however, they are allowing photos of of their display thesis. just not of the factory. Uh, so you've got here. For example, here's the Cyber truck.

You can see they've really polished this sucker up. I Love the little uh, red LED lights they're throwing under it. really trying to get with that uh, sort of Tesla style I personally love Neon Lights Big fan of that uh that they've got on the wall there. but anyway, the nose is a little shifted here.

it seems a little bit. uh, slightly modified. I think the entire body is actually slightly more narrow on this version. Pretty large.

uh um, windshield wiper here. That's been getting a little bit of criticism online, along with the fact that you've got mirrors here, which the original version uh, did not have mirrors. Some people quit back and go. oh well, legally you need mirrors.

Okay, okay, you know the idea was that this vehicle would just have cameras uh and and not mirrors. uh, whatever. Who really cares? Okay, yeah, we've got some adjustments here. Uh, to the Uh to the tires.

All right, big deal. We want to hear what Elon's got to say. That's what I'm most interested in and so, uh, let me see if I can actually pull up some of my OG photos. Uh, it's actually oh, it's uh, to the day.

oh, was it April 1st. No, maybe not to the day. Uh, so I would say about 11 months ago I went to the Uh Giga uh taxes facility. uh and I have to say it was pretty awesome.

Uh, it's pretty impressive to see what they have there. So uh, let me see if I can get us a uh, some shots here. Oh look here's here's Kevin and Ross back. uh uh.

back at the last uh Giga event. hey look there's Ross Gerber while we uh while we wait here obviously for the actual Tesla event to begin. Uh, I did lose some weight since those days which I'm very happy about I could actually ski now. All right, looking for where's our cyber truck here? It is okay, let's see what we got.

Um, so this was while we wait for the actual show to begin. How about I Uh, let's see here. Hmm I just have video? That's okay. I mean I guess I can make the video work.

Um, uh, we've got. Oh yeah, here we are. Okay, so this was the old version of the Cyber truck and actually it doesn't look terribly different from the demo they had last year. Uh, trying to see how different it is.

Yeah, you can see the hubcap is very different today, right? You've got that sort of Nice metal right here. uh, as opposed to what you had currently, which is just more of a plastic. You do have the mirrors on this particular model as well. Uh, this is, uh, this was the model from a year ago.

Uh, sort of pointing out. uh, you know where the cameras are here. Obviously, you know people love talking about panel gaps with Tesla's this? this was a year ago. uh, the uh, cyber truck? Really? So far, the only obvious difference that I'm noticing there's the light bar.

The only obvious which Elon Musk has confirmed that the light bar will stay there. The only obvious difference that I could really see in the one today, uh, that we're seeing pictures of online is, uh, is really just the hubcaps. Actually, I'm not actually seeing terribly much of a difference. So here you go here: the crimp hubcaps and maybe that front's a little more tapered on the sides and looks like maybe you got a light on that on that mirror.

Uh, but uh, I'm not sure I see terribly much of a difference. We could go back to that in just a moment. But anyway, still waiting for the actual event to begin. Let me go back to that and just see.

Oh, the front kind of looks pretty similar there. Yeah, you know you see that right here. Looks pretty dang similar. So I'm not sure terribly many changes here from from the Cyber truck, at least between those, uh, those two models? who knows.

But anyway, darn thing looked pretty cool either way. So anyway, waiting for the event to begin here: I Was gonna eat some food while the event started, but since the event hasn't started, I I guess it's probably going to probably gonna get a little cold. Here's a here's another close-up I had of the Cyber truck last year when I was there. Uh, you can actually see the windshield wiper looks almost the same as what you just had in the Ross Gerber photo.

Uh, it might be. I Wonder if the car is a little less pointy? See the next to my head there how pointy it is and then it looks like they added some kind of light to the top of that mirror? So that mirror definitely looks different. Let's go back to that from. Ross Uh, let's still kind of got the same pointiness.

Yeah, you could definitely see that sort of light there on the mirror, right? You can see that that mirror has definitely been replaced again. we know. Uh, this has sort of more of just a plastic cup on or cover over it. There's that windshield wiper.

It's pretty pretty neat vehicle be very exciting to see that go into mass production. but anyway, still waiting for the event to begin. I Think it'll be very, very exciting. Uh, to see what happens here and uh yeah, let's see someone here says could be aerocap over the rims.

I Highly doubt that they would put a plastic cap over the rims if they really wanted to demo this vehicle. Uh, with those sweet sexy Metal rims? Uh, I Think it's a margin choice, right? Quite frankly, who cares about the rims? You know if they could make these vehicles in in better scale and cheaper with plastic rims, by all means, Do it. If somebody wants to pay more for fancy rims, fine, do I think it's necessary to have fancier rims? No. I'm I Personally I'm okay with the plastic rims.

I I don't really care? Uh, you know I don't think it makes any difference to the actual operator? Well, it certainly doesn't make any real difference to the operation of the vehicle. It's just more of a coolness. Factor those Metal rims were pretty sick last time. now.

now we're on those plastic ones. But that's all right. So uh, we'll see. Uh they got I got I got sh9t to do that? Yeah, no kidding.

uh, they need to hurry ATF up. Yep, no kidding. uh uh. let's see.

All right yo tuning in from Texas Why is the intro so long? Yeah. I think they're probably still probably trying to plug in microphones and actually get ready I would expect. Uh, they're uh, they're pretty anxious to get the event started. We're about uh, 17 minutes behind on the event right now.

Thank you so much for the 269 S E K donation. Thank you very much Tesla is life says one of our commenters here. Uh Uncle Jesse Apparently doesn't like Ross huh? but Ross The Man Man Tesla Jets Announced today Yeah. I doubt that uh, maybe one day like 20 years in the future here.

Uh, what do we got over here? Somebody here writes the frame has been shortened. Definitely a hatchback. Looks like the look at the beginning of it. Uh yeah.

yeah. okay, that's you're talking about the um, uh, the frame of the um of the Giga castings there. Yeah, absolutely, we'll We'll see you. Pretty excited.

Uh Elon tweeted a little late in five minutes. Ah, okay, let's uh, thank you for that. Let's go ahead and zoom out of the tweets that I had up here and see what we got. So you're not gonna believe this, but we're running a little late.

Presentation starts in about five minutes that was posted about two minutes ago. Uh, now. uh I Find that awesome. Thank you for the update I Appreciate it.

Uh, but uh, that means we're probably about three minutes away, uh, from the event actually beginning. Although of course the first reply here is second reply. Rather, five minutes in Elon time. Yeah, so looks like we got another little, uh, a few minutes to stand up by here.

and uh, we'll see what happens. Who would buy this besides a Tesla fan? Meaning who is the new market share that we're trying to appeal to? Honest question. Well, I mean the person who would buy the Cyber truck is is a similar person to who? By the Ford Lightning right? The Ford Lightning pickup truck. A pickup truck buyer wants to buy this.

A pickup truck buyer does not want a model X They don't want a model three. They want a pickup truck. so uh, a pickup pickup trucks are the most common selling vehicle. Uh, really? in in North America You don't really see pickups that much in in the European market.

Uh, generally you see Vans there like Sprinter vans cargo vans. but uh, pickup trucks by far are a massive Market opportunity for Tesla Uh, you're looking at independent contractors. You're looking at real estate agents. You're looking at entrepreneurs people who gotta haul stuff around.

Every kind of contractors got to pick up in America very few Sprinter vans. I Personally prefer the Sprinter vans, but the you know I I don't know I'm a little different on that. Uh, but pickups are very, very practical. especially if you can lock the hatch in the back which obviously you can.

rivian has the electronic sort of hatch. uh, cover. Uh, who knows if that was sort of inspired by Tesla or vice versa or whatever that already exists I've seen it. I've operated it.

It's pretty cool. Uh, it's just a very functional vehicle. A pickup truck. You know you want to throw a a for sale sign in there.

As a real estate agent, you can do it. You want to throw your toolbox in there. As a plumber or electrician, you could do it. Wanna haul some plywood? Want to haul some drywall? You could do it.

Uh, there's some nice benefits to that. So I'm a big fan of uh of that of the pickup truck. All right. So let's see here.

Uh, Okay, so we should be within within a couple two three minutes here of starting. Uh, obviously production running a little bit late here. Classic Elon joke. It'll begin at 4 20, 4, 20 Eastern Yeah I don't know they are in Central Time over there right? So you're looking at about 320, but hey, it could be a nice Eastern 420 joke.

Uh, let's see they'd have about 35 seconds to pull that out. Looking forward to more details about the Cyber truck float like a boat? Yeah I Doubt you I Doubt we're going to see that. Uh, there is no demand issue with Tesla So what are you referring to? Oh some oh y'all are talking to each other here in the comments. Uh, all right.

Uh, let's see here CRM Mooning? yeah I I will say the uh software Services those those stocks have sold off so apparently substantially more than they really should have. A lot. a lot of Beats uh for the Um for software businesses. so we'll see here.

Okay, looks like we potentially just also got a release of Chat GPT 3.5 turbo at one tenth of the price of the previous generation for Dave Sacks here introducing Chat GPT and Whisper apis. Developers can now integrate Chat GPT and Whisper models into their apps and products throughout our API Well, that's very cool. Snapchat Integra I I Think it'd be very cool to integrate uh, the chat API I Mean there's plenty of things you can integrate this into that's fascinating. Uh I'm gonna have to check that out.

Developer: Focus Turn it down Retention: Oh, all right. Well, very cool. Yeah, Chat GPT is going to be a little bit of a uh uh, You know, an interesting, you're going to run through an interesting Evolution I Wonder if we'll get any sort of quips or comments from uh from Elon Musk about AI Uh, who knows? Maybe in the direction of Tesla we'll see. But uh uh.

Cyber Truck will be waterproof enough to briefly or serve briefly as a boat so it can cross rivers, lakes and he would sees that. Aren't you choppy? Yeah, yeah, we'll see. we'll see. Uh anyway.

Uh, we're now looking at, uh, probably being late to being late. That's okay, you know we. the investor Dave is getting started here now. I Actually originally scheduled my live stream for 1, uh, 10 p.m expecting them to be about 10 minutes late, but now it looks like we're knocking on the door of about uh, 20 25 minutes late.

So seven minutes ago Elon Musk did state that the presentation is expected to start in about five minutes. so he did say about so that could be any second now. Uh, we'll see. Obviously, we'll be listening to it together and I'll be adding commentary as necessary.

I Brought myself some food I Brought myself some coffee ready to go. Looks like they might put two of these frames together back to back for some sort of eight door M-shaped hideous. effective. Robo Taxi Where'd you get that idea? Uh, that's a door hideous Robo Taxi.

Well, that's interesting. It's that's an idea. I think any tour the before on each side. That's interesting.

Uh, interesting. Uh yeah, you know. Uh. Rocky uh sorry.

you're buried in a medical bills. That's absolutely terrible. Sorry about that. uh.

Rocky's asking about the courses. Uh, look. one of the things that you can do is you can use PayPal to to go monthly if if you wanted to. PayPal offers essentially built in sort of buy now pay later when you go to the checkout window and you could pay over like three or four installments.

That's a great way to check out on the programs. The price will go up tomorrow for the flash sale. and I know people always make fun of me like Kevin how come it seems like I see a like a flash sale every so often or whatever it's like, the price is higher like you're the sooner you buy in, the better off. Uh, you are.

Uh, and we offer a price guarantee on that. So if for some reason that wasn't true in the future, uh, you're you're you have a price guarantee price match guarantee. Uh, but uh. We've pretty much been consistently straight up on the pricing.

and that's really because we keep adding more value and uh, you get lifetime access to all of it. So even if I add a whole segment a whole new segment in either the real estate courses or the stocks courses or whatever, you get that totally for free when we add new segments. So it's a I think it's a fantastic value. It's a great way to get organized perspective on really building your wealth whether that's the real estate stocks.

Okay, any minute now here. Elon Any minute now we should be getting a stop waiting again. Uh Salesforce Still rocketing up about 14.7 right now. I Would be careful eating in on the YOLO in after Hours After Hours.

You got to be a little careful solely because after hours you tend to get a lot more uh, illiquidity, and uh, retail retail trading can can definitely pump a stock and then you could actually see that quite evaporate during the next day's trading. No guarantees of course. I mean hey, if if tomorrow's net up up, you know, maybe not. but I've seen too many earnings where you get this like really green after hours right after earnings and all of a sudden you get the big sell-off the next day.

Uh, which is quite disappointing. But anyway, all right, we are waiting for Elon and Tesla I'm not going to start singing I'm sorry, but Uh, yeah, I'm getting dizzy with these these castings over here I I Honestly, I don't I don't see how you could put two of those together. but all right. okay.

Uncle Jesse says Kev's courses really helped me and thanks Uncle Jesse Really appreciate you saying that. Uh, who else just reported earnings? Let's listen to this for a moment while we wait. Wrong Holiday Quarter I Beat on both the top and bottom line and the stock is up about six percent on the news for earnings per share. It reported 37 cents adjusted versus 30 cents that were expected.

and for Revenue it reported 1.5 billion versus 1.48 billion expected. What's notable here is that American Eagle is really breaking from what we've heard from other retailers. It said that it was able to hold the line on promotions in the Holiday Quarter, and that translated to better margins for the company, something that frankly, we're just not hearing a lot of from retailers, so that may explain investors re reaction today that they're they're relieved to hear that news. It also put up a pretty decent outlook for the quarter, especially in this environment.

For the first quarter, it said it expects Revenue in the range of uh, musk just tweeted dot dot a DOT I I don't know I think he's getting a little anxious here. Well, so am I Okay, I've been streaming for 28 minutes waiting for you step bro. You stuck I'm actually gonna reply with that step row. you stuck you in the washing machine.

you get stuck in the dishwasher again stuff bro. um Anyway, yeah well. well standby. no worries, no worries I mean what else are we doing I Got you know I was supposed to be in Salt Lake today I wasn't even supposed to be covering this at all I'm a little pissed with uh with what happened, but you know, uh, you gotta get over it I gotta get what else am I supposed to oh here? Okay I see uh, see something going on here from the Morgan Stanley client experience.

Oops here we go I See people at desks Good afternoon everyone oh hi good afternoon Yes hi my name is Zach Kirkhorn I lead oh it's here at Tesla and Welcome to our investor day. For those of you here in the audience at our Global Headquarters in Austin Texas We welcome you, thank you for being here and thank you for traveling in for those joining us. Virtually thank you for being a part of the day today. Yeah, sure.

So as we reflect back on the history of the company, there's been distinct phases of product advancement Technology Innovation and Rapid volume growth, the most recent of which has been the global expansion and localization of the Model Y program. And so today we want to talk about the future. We don't want to talk about this quarter or next quarter We want to go further out into the future. And we've divided today's presentation into three parts.

The first of which we're going to go macro, what does it take to convert Earth to sustainable energy generation and use 20 gigafactors? The second, we want to talk about Tesla's contribution to that Global need. We're going to go function by function through the company and you'll meet our entire leadership team and we're going to get into the details of what those teams are doing as part of the broader goal. And then in the third part, we're going to bring it back up and talk about what this all means for the company as a whole. foreign.

So before we get started, statements made in this presentation are forward-looking statements that are subject to risks and uncertainties. Good. Lord Please don't read that whole thing in our written materials. So with that, let's get started.

Thank God Part One: Elon Musk and Drew Baglino. All right, Master Plan Part three. So as uh Zach was mentioning the the thing that I think is we wanted to convey. Probably more importantly than anything else that we talk about here is that there is a clear path to a sustainable energy.

Earth It's not. Um, it doesn't require destroying uh, natural habitats. Uh, it doesn't uh, require oh us to be austere and stop using electricity and sort of be in the cold or anything. Um, the the story and I think that this holds together quite well and will be actually publishing uh detailed white paper with all of our assumptions and calculations is that there is that there is a clear path to a fully sustainable Earth Uh with abundance.

In fact, you could support a civilization much bigger than Earth than much more than the the eight billion humans. Uh, could actually be uh, supported sustainably on Earth and I'm I'm just often shocked and surprised by how few people realize this. Um, most of the smart people I know, actually don't see a this clear path. They think that um, there's there's not a path to a sustainable energy future.

or at least there's not one that is sustainable at our current population. Um, or that would have to resort to Extreme Measures None of this is true. So we're going to walk through the calculations for how to create a sustainable energy civilization. Kids today.

our energy economy. It's let's be honest, it's sturdy and it's wasteful. Over 80 percent of global energy primary energy comes from fossil fuels and only one-third of that Global energy actually ends up delivering useful work or heat. This is the problem statement, but we're here to talk about the solution.

Yeah, it's like if for some of this I'm going to elaborate because there's there's a very wide range of technical expertise uh out there from people who are like, you know, whatever level 9 Wizards in the subject to people who do not do engineering at all. So uh, if you have a gasoline car your your you're converting less than a third. Often maybe only 25 percent of the energy in the gasoline is converted into motion. the rest is turning to waste heat that does no, doesn't do any good at all.

And there's a lot of energy required even to get the oil out of the ground, to refine the oil, and to transport the gasoline to the gas station. So when you when you look at all that for a typical gasoline car is is actually going to be using less than 20 percent fully considered of the Uh energy from the oil actually goes into motion. So this is a when when I see people. when we see people doing calculations for what does it take to create a sustainable energy Earth They assume that the same energy amount is required for an elect for an electric electrified civilization versus a combustion civilization.

This is not true that because uh, most of the energy of combustion is waste Heat and even to get the fuel to combust in the first place and get it to the end use, there's a lot loss along the way. I Mean this is the primary energy consumption. 165 petawatt hours a year. Petawatt hour is a trillion a trillion kilowatt hours.

So it's a large amount of energy. But the nice thing about electrified economy it, uh, there's a better way we're going to talk about it is that through end use efficiency, and through efficiency along every step of the way, actually, the total energy use it halves. so this is one of the most enabling aspects of electrifying everything. Uh, is that the sustainable energy economy is that much easier to accomplish? It's actually half the problem statement of the fossil fuel economy.

Yeah, and we're being conservative here, so it could be better than half. But uh, we're trying to have assumptions that are reasonable. Not overly optimistic, in fact, slightly pessimistic. So it's really better than half.

But just say, for it's it's easier to make the argument that we need half as much energy with an electric economy versus a combustion economy. Yep, Um, so how the Master Plan works, You want to talk? Yeah, Um, so the the thing that is needed in at very large scale, but it's not currently present is a vast amount of battery energy storage. Uh, Our Rough calculations are that this is about 240 terawatt hours or 240 000 gigawatt hours. Um, this is a lot of batteries, but it is actually a very achievable amount.

Uh, we'll go into details on that. So that's a combination of electric vehicles and stationary storage. So if you've got solar or wind, you've got to store the energy. When the wind is not blowing, the sun is not shining.

Um, and so we're assuming sort of an 81 ratio of Uh stored energy to power. So 30 terawatt hours of power, 30 kilowatts of power? Um, our actual uh capital expenditure calculation for manufacturing investment is more like uh Six Trillion. But we, you know we submitted higher to make it 10 trillion. And this is across mining, refining, You know, battery factories, recycling, vehicle factories, all the things that we're going to talk about needing to invest in to build quick.

Note: You would need 61.5 million megapacks to meet that demand. It's just under 100 trillion. So if this was spread out, say over 10 years, it would be one percent of the global economy. Over 20 years, it would be half a percent.

Very difficult economy. So this is, uh, yeah, not a big number relative to the global economy. Um, as Drew Management: do you need about half as much energy with an electric economy versus a combustion economy. And in terms of winning solar, how much land would be used, it's less than 0.2 percent of the land area of Earth Um, Like generally, people don't realize quite how much energy is reaching us from the Sun Um, it's roughly a gigawatt per square kilometer.

Um, and you know sun doesn't shine all the time, but it's uh, if you multiply that by say uh or to get the continuous power four or five, uh, then that that gives you the land area of solar and you can put wind and solar often in the same place. So a lot of places that currently have wind, you could have solar there and you double your energy. You can also put wind offshore. It doesn't even need to be on land, so wind is even more flexible.

It puts dollar offshore too. Yeah, so Earth is 70 water? Um, Anyway, the point is that um, with a pretty really remarkably small amount of of Earth's land area, we can go fully sustainable. Um, yeah. and and from Uh to the resources and raw materials exist to support this transition.

Uh, we'll go through that in detail, but we do not see any insurmountable resource challenges at all. In fact, in the end, we should be um, mining less or to accomplish this economy than we currently do with the fossil fuel economy. And we're going to talk through that. Yeah, just to emphasize that again, the electrified economy will require less mining than the current economy does.

Yes, us a lot more. Okay, Um, so this is the plan and now we'll get into a little more of the details of the plan. Basically five areas of work: Um, First, Herbal power the existing grid, second switch to the to electric vehicles, third switch homes, businesses, and Industry heating to heat pumps. Uh, fourth, High Temp Heat delivery and storage for high temp industrial and chemical processes, and a little bit of green hydrogen in there for chemical processes that need hydrogen and finally, sustainable, sustainably fuel planes and boats.

These are the five areas and we're going to go into detail on all of them. Yeah, I mean my personal opinion is that as we improve the energy density of batteries, you'll see old Transportation Uh, go fully electric. Um, with the exception of rockets, that's awkward. Um, but uh, but you can make the for the fuel with Uh CO2 and water.

so you can make methane with CO2 and water. So in fact, that with just electricity. Yes, exactly So uh. So in fact, on Mars if we hopefully get there at some point.

um, the atmosphere is CO2 and there's water ice throughout Mars So you can take the CO2 and H2O and turn that into CH4 which is methane and oxygen. So ultimately, even Rockets can be electrified. So first, uh, repowering the existing grid with Renewables and this is going to be a consistent theme. You'll see our estimates for the number of terawatt hours, terawatts, and trillions of investment at the bottom of the page.

You know this is already actively occurring in front of US. 60 of the generation added to the US grid was solar in 2022 and actually on a year on year basis. Solar deployment is growing 50 year on year. Uh, as of 2022..

So this is a this is a serious uh uh uh upswing and if we continue this trend, this is going to be behind us before we even know it. Yeah, um, second switching to electric vehicles again 21 Uh. reduction in fossil fuel use by doing this alone. Obviously Tesla is heavily engaged in this activity as along with many others.

Overall EV production grew 59 year on year in 2022 and Evie's hit an amazing 10 market share. I mean it's an awesome Milestone I I'm I'm super excited to see that and I Gotta yeah I mean this is, uh, obviously happening very rapidly. um and I mean I think really really old cause will go to a fully electric and autonomous Um. and so writing a non-autonomous gasoline car is going to be analogous riding a horse and using a flip phone.

Uh, that's basically going to be the situation. And we actually took a somewhat conservative assumption here in terms of how many batteries are required because the more the fleet is autonomous, the the fewer the smaller the fleet needs to be just from a utility basis. So we're not accounting for all of those benefits. really much of those benefits at all in this number.

Um, and what does this Fleet look like? You know, just rough view from our perspective. Of course we could be wrong, but you know. Uh, you can see this sort of breakdown of the fleet by millions of vehicles. Um, you know our goal is to do 20 million electric vehicles a year.

Yeah, fewer Vehicles will be needed. at least passenger vehicles. Uh, with autonomy. So um, debate as to what that number is.

But it's it's a number less than the number of vehicles needed today. There's roughly two billion cars and trucks uh in operation in the world today. Yeah, so what we show here is actually I think only 1.4 million or so. So we're we're represent 1.4 billion I mean or so so a smaller Fleet And you know the numbers are here in this presentation are around 85 million Vehicles a year produced.

Just to give you look at those two covered up cars on the right up online and you know, encourage people's thoughts. Yeah, so yeah. so we're basically heading rapidly towards an electric or autonomous future. Exciting, Yeah, um, and one of the reasons why EVS are so enabling is this end use efficiency Point Um, Tesla Model 3.

It's four times more efficient from the well to wheel than a Toyota Corolla And that's all about the efficiency of getting the electricity to the into the car in a sustainable, uh, energy economy. And then how efficient the cars uh in transferring that stored energy to motion on the road when compared to the engine in the Toyota Corolla and all the you know, extraction, refining transmission distribution of the gasoline into the Toyota Corolla. And just for this is a fun reference, Model 3 can drive over a mile on the energy it takes to boil a pot of water for pasta and then it can drive another mile on the energy it took to cook the pasta. And that pasta is one pound and all three is like four thousand pounds just to give you a sense of just like what? Like, it really doesn't use a lot of energy to move a model three that four thousand pound object down the road.

Also, heat is a lot more energy than motion. Yeah, yeah, so you don't even think about it. Yeah, it's just interesting how efficient these cars are. Um, next switching to heat pumps in homes, businesses and Industry Um, you know right now, heat pumps me 10 of building heating needs, install rates growing 10 year on year.

it really needs to accelerate. Heat pumps can serve, you know, heat applications up to 200 C in in businesses and Industry And from an investment perspective, as you can see on this page, it's actually the lowest hanging fruit in terms of displacing fossil fuels. Um, you might be saying what exactly is a heat pump? So um, heat pumps don't move heat, don't create heat. They move Heat Uh, when you think about like the natural gas furnished in your house like it's it is generating heat itself.

But what the heat pump is doing is actually moving heat from outside of your house into your house. They're just an air conditioner or a refrigerator in. Reverse So we're surrounded by heat pumps. There's like, you know they're all over this.

Factory They're in your house. Um and all this really is is about bringing them to displace all the fossil fuel Heating and all the homes business in in the industry that we can and from an end use efficiency perspective is a three three times reduction in the total energy required to heat these buildings. So a real obvious thing to do. Yeah, Heat pumps.

They're in our cars. Yeah now as default and at some point we might make a heat pump for our home. So yeah, maybe. maybe.

Um, Next a little bit more detail on electrifying, uh high temp? uh, sort of industrial chemical processes. So over 50 of industrial heat is greater than 400 C We're you know, cement, steel, fertilizers, chemicals Plastics Metals refining all need like 1500 C So we need a solution here. Um, ultimately, it's purpose-built equipment that enables electrification. you know? Carbon Graphite is stable up to 200 2800 C There's other options in the 1500 C range like silicon, carbide, other other materials.

So the idea here is you crate and store heat when Renewable Power is available. If this is sustainable energy economy, you know renewable energy is intermittent peak of the day. you've got more generation than you need. You make a bunch of heat then and then you transfer that heat into the industrial process 24 hours a day using the stored heat you created when the Sun or the wind was blowing.

That's the concept here and then on the hydrogen side, we also need green Hydrogen to decarbonize metals and chemical refining processes. This is things like ammonia making steel. You know there's roughly 120 million tons of hydrogen Source from fossil fuel today to do these things. And Hydrogen can also directly replace coal, which is currently used in a ton of steel production through a process called directly Reducing Iron.

You can replace blast furnaces with a hydrogen reducing direct reduced iron furnace. And this is the way to illuminate fossil fuels from these aspects of the economy and the CO2 associated with them. Yeah, so I mean, um, some of this, uh, there's like room to disagree, but some amount of hydrogen is needed for industrial processes. My personal opinion is that hydrogen will not be used uh, meaningfully in transport.

but um, and shouldn't be If you're going to use a chemical fuel you should use CH4 not H2 but which not unless it is needed for industrial processes and can be produced just by splitting water. Essentially, I mean something that's been done for decades and decades. This is not, you know, rocket technology? Yeah, Um. And lastly, a small part of the pie, but a necessary part of the pie is sustainably fueling planes and boats.

Um, shipping accounts for three percent of global CO2 It's ripe for electrification, even with a Lithium iron phosphate. Long-haul ships can be fully battery powered, so that's a great opportunity to Electrify Energy density is a little bit harder for planes, but short Haul is doable today with some improvements. We'll get Long Haul underway, but even even in the meantime, we can leverage sustainable Aviation fuels, produce and storage using access renewable electricity. There's a lot of work going on in this space and it's it's it's yeah, yeah, I mean it to to really get uh, long-range aircraft and um, long-range shipping to use uh, lithium-ion? Uh, you need to redesign the ship and not just Um or the plane and the plane.

Uh, to take advantage of the fact that it is a new Uh source of energy. It's a different architecture so it just like with an electric car you wouldn't just you know, take a gasoline car and stick a battery in it that's not very suboptimal. Some are doing that's much, uh, more efficient to have the battery be the structure of the car. um and uh, you know, make it as make it Mass efficient and optimized for a battery for Batteries To say if that's done with the aircraft, uh, you can get long-range aircraft uh at around with with sales at around 450 Watt hours per kilogram which you can buy it right now.

actually it's expensive but I think uh that price will come down and when we stack up all of these efforts uh, we end up with the numbers we shared at the beginning of the presentation. 30 terawatts, 240 terawatt hours, 10 trillion dollars, and you're you may be saying like I need some context? Is this feasible? Spoiler alert: It's entirely feasible. All right. Um, just looking at it from a growth rate growth rate perspective.

How much do we need to grow the deployment of these? Technologies We're talking about only a 3X growth rate in solar and wind deployment. Um, Solar is already growing at a Breakneck Pace As is when this Gap is going to be closed really quickly. When we look at the electric vehicles, they have to grow 11x. Well, they grew 60 year on year.

Last year, that growth rate is also going to close. Pretty pretty darn that Gap is going to close pretty quickly as well. And lastly, storage. Um, you know Tesla's energy storage business has grown at 65 Kagger since 2016..

the global you know energy storage business is is accelerating Pace as well. I mean all these gaps are going to close. especially as as this momentum of the transition to sustainable energy accelerates. And of course our goal on this page is 20 million EVS per year and one terawatt hour of stationary storage per year.

Uh, basically, as soon as we can, um, and then what? You know, What about this investment? How do I have a reference point on this investment? You know Elon mentioned it's 10 of you know. Uh, one year's world GDP Another way of thinking about it is how does it compare to what we're investing? Like what we invested last year in the fossil fuel infrastructure. Um, and and it's 60 of that investment. So actually building this sustainable energy uh economy is is less than extending the fossil fuel economy from a year-over-year investment basis.

So very doable. Um, when we look towards does this fit on the planet? absolutely less than 0.2 percent of land as a reference point. Um, the total uh, land area intensively farmed today is 12 and a half percent of all land. So I mean you drive around, you see some Farms but you don't see them everywhere.

This is. this is an order of magnitude more than order of magnitude difference between farming and what we're talking about for sustainable energy land. Yeah, and it doesn't need to displace uh, farmland, or you know, forests or um, Jungle or any any kind of, uh, ecological preserve. Um, it can be used in a very sparsely populated desert regions.

Uh Barren areas. Yeah, areas that are just not really fit for development or otherwise used. So yeah, I mean point two percent can fit into a lot of places. Yeah, it's it's this.

essentially, uh, no meaningful, uh, ecological impact. In fact, um, transition to a sustainable energy economy economy would result in a substantial reduction in current ecological impact. It's a great way to put it. Yeah, Um, and what about on the mineral extraction side.

So this is a cartoon? That sort of gives you a sense for all the ore and the like extracted uh, minerals that are coming out of the Earth every year. It's about 68 gigatons. Um, so each truck has a good ton. What does this look like when we're in a sustainable energy economy? looks like that, um, disappears.

We replace it with the materials required to fulfill the sustainable energy economy actually reduces I'm bored. We don't need to continue to explore. you know, bring our Mining and refining for the sort of new specific materials for the sustainable energy economy. We do.

But the investment in Mass flows are all very achievable. Just looking at what is already happening on the planet like this is nothing out of scale of what has been done and is already being done. Okay, um, and then we calculate it on a sort of, you know, element by element basis. The resources are there to support the transition.

You know this is cumulative demand to move in a sustainable energy economy Direction until 2050 relative to USGS resources. Today, you know we're not breaking the Resource Bank for any of these materials per year. What really happens as we move forward. history teaches.

The more we look, the more we find. What people think happens is, oh, there's this many resources. Next year there's going to be less because we're going to extract them. What actually happens is as we, uh, extract resources, we we find more and you can see on the right what has actually occurred with the key materials to the Sustainable Energy economy.

Since 2000, as the sustainable Energy Economy has been growing and Tesla's been growing and all the industries around us have been growing, the actual resource availability has increased, not decreased. Yeah, this still seems to be quite a bit of confusion about the about lithium. Lithium is extremely common. It's one of the most common elements on Earth Um, there is there's no country that has Monopoly on lithium or even close to it.

Um, there's there's enough lithium. Uh, or in the United States to Electrify all of Earth If the United States was the only place producing the commodity, people are punching the air right now including course member Steve Electrified Earth Um, it's very common. Um, you hear that limiting factor uh is the refining of the lithium into battery grade lithium hydroxide or lithium carbonate. That's the actual limiting factor.

And the same is true for these other materials. And and this is again, these are not like crazy Technologies It's just the Investments need to be made and the Investments. They're not gigantic, they just need to happen right? Um, Nickels? Maybe the the of them all that took this one to to solve. But as we showed with the graph, there maybe need like 30 of the walls no nickel reserves.

So and the nickel reserves have actually grown. Yes, thousands. Uh, there is more. Yeah, exactly.

So box Mist by the way, and you only need nickel for uh, basically aircraft, long-range boats, um and very long range cars or trucks. Uh, But the the vast majority of the heavy lifting uh for electrification will be uh, iron-based uh cells. And the Earth is iron is actually literally the most common element on earth. the Earth Earth's crust.

Uh, it looks trivia point if you say look, what is Earth made of by mass? It is most. It is made of iron more than anything else and second, oxygen and then uh, everything else after that. So basically we're a muddy rust bowl is what Earth is. Um, so an iron cathode is sort of.

You're definitely not going to run out of iron. There's so much iron is insane. Um, so that's it. Yeah, So yeah.

and ultimately you know this resource. uh, extraction. We go through this effort. we build these batteries.

Um, and then we recycle these batteries. So ultimately, okay, we're We're doing this to build this sustainable energy economy. But the maintenance amount of of ore that we require is is really an order of magnitude or more less. Because let's move on.

So in the end, a sustainable energy economy is within our reach and we should accelerate it. Great I Mean now what's testing? This is really the the main message of today, Um, today to be not just about tells the investors who own stock but uh really? anyone who is an investor on Earth um oh oh it's what investor day is investor and Earth come on man. a message of Hope and optimism optimism that is based on on actual physics and and real calculations. Not it's not wishful thinking.

uh oath can and will move to a sustainable energy economy and will do so in your lifetime. Thank you good Lord Yes thank you I Just want to welcome up uh Lars and France to the stage. All right Hi I'm Franz I have um lead design at Tesla and I'm Lars I've been doing vehicles with France for almost 13 years now, so I joined Tesla in 2008 to vertically integrate design into the company. It didn't exist before.

It was pretty small team I was tasked with designing most beautiful, innovative and well-engineered vehicles on the planet. No small task. In 2008, there was not a lot going on in the EV sector. then.

since then we focused on constant Improvement in cost efficiency Innovation Things that you'll continue to hear about today while continuing to design the most desirable cars. Today we produce cars differently than we did 10 years ago, but the end result is always an exciting, futuristic, and desirable set of vehicles. Back then we only had a handful of designers and Engineers like myself, but we had a great vision to radically change transportation. So back in 2008 we were designing.

Model S We didn't have a factory. in fact, we had a really small engineering team and a tiny design team people. but that allowed design to lead all the conversations it let us innovate. Forward Thinking Ideas like how do you fit seven people into a sedan into the doors or putting a huge touch screen into the center of the the vehicle.

something that had never been done before. And then we won Motor Trend Car of the Year Yes and we want more to China Car of the Year in 2013. our first? our first, you know? Great award. first car.

Um, pretty good. Pretty good start. Kind of a home run I think um but that that whole process resulted in a linear process that you see on the screen We designed first, then we engineered and then we figured out how to manufacture it. Yeah, I mean I think that's really important.

When we were designing the car together, we didn't even know where we were going to build it and so we came up with even no. Lars Winner. That's true. Uh, we didn't So once we got Fremont we were very fortunate and we figured out the manufacturing.

Solutions Sort of like we were flying a plane and putting the wings and building the engine at the same time. so we knew we had to do better. Yeah, we knew he had to be better in order to scale and as part of the master plan that you've read, model 3 needed to be a smaller, more efficient, and more affordable version of Model S but it had to be equally great. It adds up all the things that people loved in their Model S or model X and but be much more affordable.

And so we we approached the process a little bit differently than the first time around. Now we had teams that we all worked together so we were able to combine design engineering and Manufacturing process all at the same time. But somewhere along the way we changed the manufacturing process to be fully automated and so we leaned into this whole new way of manufacturing a car. But we had already engineered it so things didn't quite go as well as planned.

It was an amazing product, but it landed Us in production. Hell, many of us who lived through that carry those Battle Scars It was a great idea, but it wasn't the right timing. Like Franz said, automating something that we designed to be built manually is super hard and we have many, many failed examples of that at the Fremont Factory that we ripped out, but some of them eventually still work. This is one I actually worked on with small team Engineers It's sorry I'm laughing my ass off at my own tweet here I wrote Breaking The boring company is writing investor Day for Tesla I'm sorry I'm laughing at myself I'm sorry I'm sorry.

So we kind of self-imposed constraints on the design when we were doing it to be built manually and we really didn't think about it. But despite all that, Model 3 is a best-selling EV ever. Yeah, and model Y which is derived from Model 3 is about to pass that. Thank you.

But we knew we had to improve the process further. And with Cyber Truck we designed a vehicle around a vision that actually started with the manufacturing process and in this case the materials dictated the design. Forming full heart stainless steel isn't rocket science, but it sure isn't easy and it limited the way we could do it. Yeah, absolutely.

It really forced us to think about designing something. um, in in a way that you couldn't normally stamp panels, you couldn't form them in a traditional way. So you ended up with very linear bending processes that are just not in automotive kind of language of manufacturing today. But it actually created a very efficient and process and one of the most dynamic designs ever.

I Believe it's definitely something that's going to change the road landscape. Hopefully you guys saw it down there and you experienced it. It's definitely real. Those are real trucks.

We're on our way to build them. But what that stainless steel opportunity did for us, it has let us rethink the factory footprint. We don't. Stamp Those That's a huge part of it We don't.

even paint them. so our footprint got smaller and we started to think about innovative ways to take those constraints and make great products. But that constraint didn't really change the end result of the truck. It's a super Dynamic truck and it has all the functionality you would expect out of any of the other competitive charts.

And the best thing about it? it's coming this year. This came late. After all that we would design, engineer, manufacture, and plan for automation happening together. It gives us the opportunity to question requirements.

This is something that is fundamentally only available at Tesla the places I used to work and the top manufacturing companies in the world. They don't sit together. Yeah, we have one team. Nowhere I know has all these teams together thinking about these processes from the very beginning.

In fact, all of those engineering teams manufacturing design automation. They're all in one work. They all report to one person. You can't point fingers at each other so we have to solve them together.

Which is the best way to innovate. Dude Mikey says I will take a Tesla dildo at this point just to unveil something. What's interesting is these shops are dictated by the the organizational structures that exist and they're dictated by the boundaries that exist in the factories that are laid out. If something goes wrong in final assembly, you block the whole line and you end up with buffering in between.

This is at the tail end of its manufacturing optimization. Henry Ford First invented this assembly line in 1922. It's been a hundred years and it's really hard to make a change after a hundred years. And when you watch it happen, it's actually really silly to a guy like me.

You take all these stamp panels, you put them together, then you put them in a framing station, You build a body that looks something like a car. You put the doors on and then you paint them. Oh my. God Once you get the color, you take the doors off and then you start putting the interior inside the car.

It comes in through the openings that already exist. I Wish it went in like this big piece like this, but there's actually people coming in and out of the car. There's awkward, you know, movements. Then we lift the car up, we put stuff from underneath it, we put it down, then we put the seats in the car, and finally we close it all out with glass.

and we bring those doors that went away for a trip and we put them back in the car. Most of the time, we're doing this with a big giant car and moving it and doing really nothing to it at all. What's funny though in this kind of whole process is that just recently Toyota