The most important takeaway from the earnings and the earnings call for you, please. Well, thank you for having me. For me, the most important was actually that we're moving on into this next phase of Tesla's growth and all the markers that we have laid out there are still there and are moving ahead in the same timeline and with the same bigger than anticipated. So as a retail investor, I mean, I acknowledge that the market and your typical audience probably doesn't have the same large time horizon than we have. But for us, it is really, as a retail investor, just another buying opportunity. Also, do remember we were at these prices at the beginning of the month, right when we got the delivery and production numbers. The share price was about at the same level when your channel broke the news that the Robotaxi Day Robotaxi event was going to be delayed by two months, we were already a little bit higher.

That's why we saw first fluctuations in
the stock price. Well, now it is confirmed for October
10th, so it is a mere two months. Your colleague Greg is completely
right. It is not a long delay and
there are technical reasons for it. But I also think, you know, Tesla wants
to be ready, wants to be sure to show whatever is necessary to convince the
market, the retail investors about autonomy and that being the crucial part
to Tesla's future. Can you confirm?
Well, sell to us a little bit more confirmed to us how you understand full
self-driving, the focus on AI to eventually become some robotaxi fleet
where suddenly we go to ride hailing app out of Teslas.
How does that big come to bear in a good use efficient business strategy way for
you? Well, I have my own model and I'm very
happy to share it with us. But we don't have Tesla's model yet,
right?

That is what is going to be the quintessence of October 10th. So what I'm going to bring forward is my interpretation from former speeches of Elon and the test team. So this may not be the current version, but for me it seems very clear there's going to be a three-fold business model. One, Tesla's own fleet, meaning cars that are either already in Tesla's possession, people handing back their leases or whatever else, you know, inventory, cars, whatever else they have in their own fleet that are gonna operate autonomously and that are going to be strategically put in cities at spots where they will have the best yield off of a robotaxi business could be airports, could be shopping malls, whatever. I mean, that's probably to be to be tried out and found out how it's going to operate. So that is one part of it. The second part is that owners like me can participate and can enroll their

cars.
Instead of standing here in front of my house,
it can just, you know, travel around the day and pick up clients and bring them
to the places that want to be brought to,
and that's going to be a revenue-sharing model.
And then the third one is going to be the purpose-built
ROBOTAXIS. So those are the ones which. Alexandra,
right. Which is why the date of unveiling and
seeing it was important. Just real quick, I want to think about
the sell side for a second. One of Tesla's biggest bulls is
basically moving to the sidelines after earnings.
I'm talking about New Street's Ferrari. He's downgraded Tesla to neutral and is
writing that the stock is at the target price.
They had trading at 50 times their 2026 estimates.
They see limited and unreliable valuation upside, etc.
Right now we have you on the program. As a retail or individual shareholder,
how closely do you follow this kind of

fundamental analysis that the sell side
make and characters like Pierre? Well, I follow Pierre a lot.
He's French. I've lived a lot in France, so I love
him. I love his accent.
I love the way he's doing that. I think on this point he's wrong.
And actually I liked how he formulated his post because he was not saying that
he downgraded Tesla, but that new street did it.
So there was something bizarre about it. But but let's put that aside.
He doesn't see in the next 12 months major developments that could bring the
stock higher. That's why they are putting it to
neutral. I completely disagree.
I think we're having an October on on October 10th, robotaxi day.
We'll also have in October, obviously, Q3 numbers and then we're going to move
into 2025 with a lot of announcement. Actually three of them we will have the
the model two, how cold it loved

cheaper version of a Tesla be presented
in early 2025. We'll have production of Optimus at the
end of 2025. So there is a lot of things happening
and he actually referred to. Energy being at, it's already 20%.
Part of the profit of about 17% only. There is much more margin in energy.
I mean, if you want to give me a minute to talk about energy revenues and
profits, because they are not like a car immediately consumed at the moment of
sales, they're actually over time because when you sell energy,
you actually get into revenues and get into profits in instalments.
And so there is a lot of waiting revenues and waiting profits already
there. And there is much more to come.
And I'm very surprised that Pierre didn't take care of that.
Alex I'm really glad, Alexandra, that you bring up the other parts of just the
cause, the optimist side of things, the

energy side of things.
There's also the dojo side of things, and many trying to understand the logic
there. Just take a listen to what he said last
night. We are going to double down on Dojo,
and we do see a path to being competitive
with somebody else with that job. And I think we kind of have no choice
because the demand for everybody is so high.
Nvidia shares down, as is most of the market today.
But some are saying, look, because maybe this is a lack of demand that's going to
come from Tesla going forward. Was this some surprise ultimately that
they're really going to be ramping up Dojo because they are worried about the
supply side? I'm so pleased you bring this up,
Karolina. Thank you so much. Well, it is actually funny because over
the last five, six years, Dojo was always one of those topics in the
earnings call. So shall I do it?
Shall I not?

I do not.
It was really going. It was a dance.
And I've actually done about six months ago a whole timeline of non-committal.
We would like to do it, but boring. Not sure.
Don't bet on it. Dojo is really not.
Not so clear yet. This is the first time that Elon clearly
said we actually have no choice. We're going to double down on it.
We're going to do it. And this is a fabulous news because,
Alexandra, supercomputers are so far ahead and will make will make the whole
Tesla infrastructure, the whole digestion of videos and output so much
more profitable rather than purchasing the NVIDIA chips.
Alexandra, we're running out of time. We have a lot to get to.
So I want to ask, would you vote in favor of Tesla investing in IPO?
The poll and the exchange last night. I love that you're you did the.
Yes. Thank you very much.
I appreciate all of that was so close to

69%, which is always a fun number, isn't it? Yes, I would actually vote for it, but not unconditionally. You know how I like doing the analysis of things this morning. We just had news that open. I will probably produce another $5 billion loss this year. I think these companies need to be thoroughly analyzed in principle. I love it. I completely understand why it was a segregated entity from the start in on re-explain that yesterday. Those engineers don't want to be in a mega-cap company. They want to have all the upside of a small startup, so it needed to be set up that way. But also I fully understand that Tesla needs Grok needs all this input. And on Tesla has at the moment $30 billion of cash line. So investing 5 billion into x, I could be a good idea.

Tesla Profit Slumps as Musk Ties Fortunes to Robotaxis

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