Retour sur la confcall du 29.04.2020 (Q1 2020 Results - Earnings Call) avec quelques passages que je trouve dignes d'intérêt et que j'ai regroupés ci-dessous par thème (source : Seeking Alpha) :
<à propos des résultats historiques de Q1 2020>
This is the first time we have achieved positive GAAP net income in a seasonally weak first quarter. (Even with all the challenges,) we achieved a 20% automotive gross margin, excluding regulatory credits while ramping two major products. After the Model 3 ramp from three years ago, our new products get run faster and become profitable sooner.
NB : une profitabilité de 20% est un très bon signe pour l'avenir de la société et pour le cours du titre TSLA ! À rapprocher du taux de rentabilité moyen de 4,6% des 16 premiers constructeurs automobiles au Q1 2019 (source : E&Y).
<à propos du démarrage de production du Model Y>
In Q1, we produced more Model Ys in the first quarter than Model 3s in Fremont in the first two quarters. Thus far, the Model Y ramp has been even faster than the Giga Shanghai ramp in Q1. Most surprisingly, Model Y was profitable already in its first quarter of production, something we haven't achieved with any product in the past. We successfully launched, ramped and demonstrated profitability of the Model Y significantly ahead of schedule. This is our second large- scale product launch since Model 3 in 2017 and it's evidence to the progress we've made on cost control and ramp efficiency.
NB : le fait que le Model Y soit déjà profitable est un autre signe très positif, même si l'on sait que ce sont d'abord les versions haut de gamme qui ont été produites, les versions standard viendront plus tard, notamment en Europe où il faudra attendre le démarrage de Giga Berlin.
<à propos des données collectées et remontées dans le réseau neuronal du FSD>
We are collecting data from over 1 million intersections every month at this point. This number will grow exponentially as more people get the update and as more people start driving again. Soon, we will be collecting data from over 1 billion intersections per month.
NB : les data représentent l'autre énorme avantage compétitif de Tesla. Et cet avantage grandit de façon exponentielle. Elon Musk fait ici le parallèle avec les moteurs de recherche comme Google qui se nourrissent des interactions des internautes pour devenir plus intelligents et prédictifs.
<à propos de la conduite autonome et de l'option FSD bientôt disponible par abonnement>
I feel extremely confident that it would be possible to do a drive from your home to your office most of the time with no interventions by the end of the year. I think we will offer Full Self-Driving as a subscription service, but it will be probably towards the end of this year. I should say, it will still make sense to buy FSD as an option as in our view, buying FSD is an investment in the future.
NB : accéder au FSD quelques dizaines de $/€ par mois serait une bonne solution pour ceux qui n'ont pas acquis l'option au moment de l'achat du véhicule, ou qui préfèrent étaler son paiement dans le temps. On peut facilement imaginer des "bundles" du FSD avec d'autres services disponibles sur abonnement comme le pack de connectivité premium déjà disponible.
<à propos de l'autonomie EPA réévaluée à 400 miles pour le Model S>
As soon as the EPA reopens for testing, we will redo the test, and we're actually confident that we will achieve a 400-mile-or-greater range with the Model S. But to be clear, the Model S, for the past two months -- the true range of the Model S for the past two months has been 400 miles.
NB : les 400 miles sont symboliques et, même en EPA, une autonomie de 644 km est un véritable tour de force !
<à propos des innovations Tesla en engineering et manufacturing>
For Model Y, we introduced a revolutionary two-piece -- we're underway casting that we are going to be making a single-piece casting later this year, meaning like essentially the rear third of the body is cast as a single piece, which is no casting of the size or complexity has never been done before. So, we're really pushing the envelope on vehicle structural engineering and manufacturing. For Model Y, we also introduced a revolutionary new heat pump, which allows the car to have a higher range. It is especially excellent at low-temperature driving.
NB : ce qui est extraordinaire avec Tesla c'est qu'ils innovent sur tous les fronts et pas uniquement là où on les attend traditionnellement (batteries, logiciels, moteurs électriques, etc.). Ils innovent aussi sur le terrain fétiche des géants automobiles centenaires, la production industrielle. Les progrès réalisés par Tesla depuis le Model 3 il y a 3 ans sont spectaculaires, cf. les vidéos de Munro & Associates du démontage complet du Model Y, dont l'étude complète (Tesla Y Teardown and Benchmarking Study) est disponible pour la modique somme de 89.000 $.
<à propos des investissements et de la croissance de Tesla>
While many other companies are cutting back on investment, we are doing the opposite. We're absolutely pedal to the metal on new products and expanding the company. And we're really looking forward to being in sometime next year, a truly global manufacturer with major factories in North America, China and Europe and a capacity of well over 1 million units a year. It is important to note that Tesla remains an extremely agile and dynamic company, and this is aided by the substantial work we've done over the last year to improve our cost efficiency and productivity. And we have the ability to quickly adjust our spending and planning as required.
NB : Tesla prévoit de dépasser les 500k véhicules dès 2020, puis 1M en 2021, c'est un autre signe excellent pour les investisseurs à long terme. Cette forte progression est en phase avec l'ambition d'Elon Musk de construire une "machine that builds the machine".
<à propos de la baisse du tarif en Chine le 01.05.2020 pour bénéficier (à nouveau) des aides gouvernementales>
So we are making rapid progress on lowering the production costs in China. And we're actually excited to announce on this call that we will be reducing the price of the standard range Model 3 basically tomorrow, China time. And there will be a price below the subsidy limit. The cost of vehicles produced in Shanghai in Q1 is already lower than the cost to produce the Model 3 in Fremont, and there's still significant opportunity left to take costs out.
NB : le tarif du Model 3 Standard est dorénavant fixé en Chine à 271.555 ¥, soit moins de 35.000 €, prime gouvernementale déduite.
<à propos de l'événement "Battery Day" à venir avant fin mai 2020>
We don't want to preempt Battery Day. We want to leave the exciting news for that day, but there will be a lot of exciting news to tell. And depending upon what we're allowed to do, it will either be in California or Texas.
NB : Elon Musk s'étrangle à moitié (en pouffant de rire) lorsqu'il évoque le Texas. Serait-ce un indice de la localisation de la future Giga- (ou Tera-) factory dédiée au Cybertruck, ou bien du lieu de production des nouvelles cellules de batterie "maison" basées sur les technologies Maxwell acquises par Tesla dont le bouclage final a eu lieu le 01.05.2020 ?
<à propos du confinement imposé par le gouvernement fédéral et l'état de Californie en raison du Covid-19>
So the extension of the shelter in place or, frankly, I would call it, forcibly imprisoning people in their homes against all their constitutional rights, that in my opinion, and breaking people's freedoms in ways that are horrible and wrong is not why people came to America or built this country, what the fuck? Excuse me. But outrage -- it’s an outrage.
So -- but it will cause great harm, not just to Tesla, but to many companies. And while Tesla will weather the storm, there are many small companies that will not. And all peoples -- everything people have worked for their whole life is going to get -- is being destroyed in real time. And we're going to have many suppliers -- or have many suppliers that are having super hard times, especially the small ones, and it's causing a lot of strife to a lot of people.
So this is the time to think about the future and also to ask, is it right to infringe upon people's rights, as what is happening right now. I think the people are going to be very angry about this and are very angry, because somebody should really -- if somebody wants to stay in their house, that's great. They should be allowed to stay in the house, and they should not be compelled to leave. But to say that they cannot leave their house, and they will be arrested if they do, this is fascist. This is not democratic. This is not freedom. Give people back their goddamn freedom.
NB : Elon Musk parle avec ses tripes ici, ses mots sont très durs, on sent l'homme touché au coeur. Sa réaction, notamment le terme "fasciste", lui vaudra une jolie chute de -10,30 % en bourse le lendemain, et probablement une nouvelle plainte et/ou condamnation de la SEC, car Elon Musk s'est encore épanché sur Twitter...