Summary of Tesla’s Q2 2022 earnings call

Tesla hosted its Q2 2022 earnings call on July 20th.

The highlights:

• Total revenue grew 42% YoY in Q2 to $16.9 billion, operating margin of 14.6%.
• Q2 was a unique quarter for Tesla due to a prolonged shutdown of its Shanghai factory. However, in June, it achieved production records in both Fremont and Shanghai.
• Expecting to exceed 1k vehicles per week via Gigafactory Texas in the next few months.
• Regarding Autopilot – Tesla deployed its FSD beta (Full Self-Driving) to over 100,000 owners. It enables Tesla vehicles to drive autonomously to a destination entered in the car’s navigation system, but the driver needs to remain vigilant and ready to take control at all time.
• According to Musk, it has driven more autonomous miles than any other company to date—more than 35 million miles—using FSD beta.
• FSD beta is on track to be released to US customers before the end of this year.
• Regarding safety – Tesla introduced a feature – seat belt enhancement – that uses the vehicle’s onboard cameras to detect when a crash is imminent to automatically tighten seatbelts. Relevant for all cars that have at least AP3 hardware.

• Tesla continues to focus on Cybertruck production readiness – expecting to be in production in the middle of next year.
• “We’re neither here nor there on cryptocurrency” – Musk.

Bottom Line: Not a word on insurance.