Tesla to Mars #52 — The Vote, the Milestones & the Robotaxi/FSD Split
Update: 2025-10-02
Description
Demian, Florian & Kees trade books, compare notes on community and owners clubs, and then dive deep on why the November shareholder meeting really matters—Elon’s compensation/voting rights, Master Plan Part 4’s operational milestones, and how Robotaxi economics interplay with FSD subscriptions. Big-picture strategy, but also the nuts and bolts of getting to serious EBITDA.
In this episode
- Community & Owners Clubs — Why Tesla’s community (and even inside jokes) shapes the culture and feedback loop.
- Shareholder Meeting: What’s at Stake — Elon’s role for the next decade, voting alignment with shareholders, and the 7.5-year lock-up mechanics in the package.
- Master Plan 4, Operational Milestones — 20M vehicles delivered, 10M active FSD subs, 1M Robotaxis, 1M Optimus, and a path toward $400B adjusted EBITDA.
- Energy vs AI Margins — Why Energy might be a “given” input while AI-driven lines capture more of the margin.
- Robotaxi vs FSD Subscriptions — Private ownership, commercial ops, licensing, and where each model likely dominates.
- Sequencing → EBITDA — Which milestone unlocks the next, and what has to be true for the first $50B step.
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