joining us uh to take a look at defense and aerospace stocks. Tony Bankrooft, uh Gabelli Funds portfolio manager. He's also a former lieutenant colonel uh in the US Marines.Aren't you still a lieutenant colonel. Can Can I still I want to call you that. I am.>> It's great to have you on. It's a special day today, too, isn't it. >> Sure is.250th birthday of the United States Marine Corps. >> That's a good reason to have to have you on here. Um >> and tomorrow's Veterans Day tomorrow.It's kind of a >> easy to ...

In addition to the shareholder votes, the company also spoke about its product roadmap, including: 1) Optimus - management reiterated that it plans to start production of V3 next year, with the potential for V4 in 2027 and V5 in 2028; 2) FSD - Tesla hopes to allow for texting while using FSD in 1-2 months; 3) Robotaxi - the company commented that it remains on track to remove the safety observer by the end of the year in Austin; 4) Vehicles- Tesla spoke to its outlook to ramp production over time, including ...

Core Viewpoint - The company is optimistic about its future, with a focus on achieving significant financial metrics and advancements in robotics and AI technology [1][2][3]. Financial Metrics - Shareholders approved a pay package for the CEO, with 75% voting in favor, allowing the company to focus on achieving an $8.5 trillion market cap in ten years and $400 billion in EBITDA during that period [2][3]. - The CEO aims to create an incremental $7 trillion in market cap, with a personal stake of $1 trillion, primarily through stock rather than cash [6][7]. Robotics and AI Development - The CEO made ambitious promises regarding humanoid robots performing surgeries and establishing bases on the Moon and Mars, although there are significant technical challenges ahead [3][4]. - The company is designing its own chips specifically for autonomy in robots and cars, which poses competition to established chip manufacturers like TSMC and Nvidia [5][6]. Business Strategy - The core business remains focused on producing cars, which is essential for the proliferation of physical AI, as the company does not plan to license self-driving technology to other automakers [9][10]. - There is a proposal for the company to invest in X A.I., which is linked to the CEO's side projects, indicating a potential strategic direction for integrating AI technologies across platforms [11][12][13]. Competitive Landscape - The company faces formidable competition from Chinese startups in humanoid robotics, which are advancing rapidly in technology and investment [15].

Tesla shareholders have approved Elon Musk’s record-setting compensation package, a plan that could ultimately be worth up to $1 trillion in stock if Tesla achieves a series of aggressive targets over roughly the next decade. The vote took place at Tesla’s annual meeting in Austin on Thursday, November 6, 2025, and passed with support reported at “over 75%.” The award is structured entirely in equity and pays out only if performance conditions are met. The package’s gross headline value is about $1 trilli ...

BREAKING: New @Tesla_Semi design– More efficient– Increased payload– Designed for autonomyDeliveries start next year https://t.co/3WJgstFNbL ...

@robotaxi Cybercab is purpose built for autonomyProduction starting in April https://t.co/0ciETWRmac ...

Well, turning back to Tesla, what does this vote mean for the stock and are these goals achievable for Musk. Let's bring in William Blair, analyst Jed Dorshimer. He has a market perform rating on the stock.And Jed, it's great to have you here. Uh, >> thank you. >> Your expectations for this shareholder meeting uh and what it and what this pay package could mean for not only Musk but for investors because they're pretty lofty goals to say the least.>> Yeah. I mean I think from just to hit the elephant right ...

Core Insights - The shareholder meeting's outcome regarding Elon Musk's pay package is critical for Tesla's stock performance, with potential negative implications if the package does not pass [2][4][10] - The focus has shifted from Tesla's traditional auto and energy business to autonomy, including robo-taxis and humanoid robots, which Musk believes requires him to maintain control [2][5] - The ambitious goal of increasing Tesla's market cap by $7 trillion raises questions about the feasibility of such growth and the necessity for inorganic growth strategies [5][6] Company Perspective - The current pay package for Musk is tied to significant performance incentives, which have previously faced legal scrutiny, indicating a complex relationship between executive compensation and company performance [3][10] - The debate around Musk's compensation reflects broader concerns about governance in large companies and whether such high pay is justified based on value creation [9][11] - The situation may set a precedent for how key executives are compensated in the future, particularly in companies where a single individual plays a crucial role in driving value [11]

Hanging out with the future of autonomyCybercab https://t.co/po0ZPyVILb ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2025 were approximately $1.6 billion, with a gross profit of $24 million, which included $125 million of depreciation and $24 million of stock-based compensation expense [8][10] - Adjusted EBITDA losses for Q3 were $602 million, with a quarter-over-quarter increase in overall operating expenses driven by elevated R&D investments and SG&A growth [8][10] - The company ended the quarter with approximately $7.1 billion in cash, cash equivalents, and short-term investments, showing improvements in working capital [10][11] Business Line Data and Key Metrics Changes - In the automotive segment, the company produced 10,720 vehicles and delivered 13,201 vehicles, generating $1.1 billion in automotive revenue, although automotive gross profit was negative $130 million due to low fixed cost absorption [9][10] - The software and services segment reported $416 million in revenue and $154 million in gross profit, with significant contributions from a joint venture with Volkswagen Group [10] Market Data and Key Metrics Changes - The average new vehicle purchase price in the U.S. is now just over $50,000, with the most popular configuration being a five-seat SUV or crossover, which aligns with the target market for the upcoming R2 model [4][17] - The company is optimistic about capturing market share with R2, which is designed to be a cost-effective option in the midsize SUV segment, starting at $45,000 [17][58] Company Strategy and Development Direction - The company is focused on launching the R2 model and developing its technology roadmap, including autonomy and vertically integrated hardware and software [3][6] - A significant investment in Georgia is expected to create 7,500 jobs and provide billions in economic benefits, supporting the expansion of U.S. manufacturing and technology [6][11] - The company aims to differentiate its autonomous capabilities through an end-to-end AI-centric approach, leveraging data from its growing fleet of vehicles [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged near-term uncertainties from trade, tariff, and regulatory policies but remains focused on long-term growth and value creation [8] - The company reaffirmed its 2025 delivery guidance range of 41,500-43,500 units and expects to achieve positive gross profit and unit economics for R2 by the end of 2026 [11][12] Other Important Information - The company is not planning to offer an extended range electric vehicle (eRev) and remains committed to a fully electric future [35] - The relationship with Volkswagen Group remains strong, with ongoing collaboration on multiple programs [27][28] Q&A Session Summary Question: Demand environment in the U.S. post-consumer tax credit removal - Management expected a pull forward of demand into September due to the end of the IRA program, resulting in softer demand in October, but remains confident in the long-term demand for R2 [16][17] Question: COGS per vehicle and future cost expectations - COGS for Q3 was approximately $96,300 per vehicle, with expectations for improvement as R2 ramps up production and scales [21][22] Question: Update on the Volkswagen relationship - The relationship is strong, with ongoing collaboration and product development, including the Volkswagen ID.1 [27][28] Question: Tariff impacts and battery sourcing strategy for R2 - The company expects a reduced tariff impact moving forward and plans to source battery cells domestically in Arizona [42][44] Question: Free cash flow and working capital outlook - Working capital is expected to consume cash in Q4, with a normalization anticipated as production ramps up in 2026 [63][64] Question: R2 pricing strategy and market entry - The company plans to launch R2 with a well-appointed dual-motor variant, with additional trims to follow as production scales [70][71]