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4680 cells kinda does imply a structural pack. Remember, the steel case of the 4680 prototype is 3x thicker than a 2170 cell (which I think has an AL case). This would be a unnecessary weight penalty, duplicating structure. Paging @mongo

I think we won't know for sure until Semi is released. If Semi has a structural pack, well it's pretty much settled. Alternatively, if the Semi pack is not structural, then I'd wait to see a teardown of it's 4680 cells to see if they have the thick (heavy) casings. This seems most unlikely to me, since Tesla would have to further complicate the 4680 ramp with another R&D effort. I'd rather they just use 2170s in Semi if they don't try to build it with a structural pack.


Not going to happen while Panasonic is cranking 2170s out at Giga Nevada. 10+ years down the road, who knows? But not anytime soon.


Plaid already uses rear castings; it's in the video by @Ingineer Tesla Plaid - Initial Exploration | Ingineerix on Youtube

EDIT: There's an even better view of the web structure of the casting, via by Sandy Munro's video:

Rear Cradle and Electric Drive Module | Tesla Model S Plaid Teardown (timestamp 10:19)


Tesla uses 2 rear castings on the Plaid S (left+right sides), like the 1st ed. Fremont Model Y rather than a single gigacasting. I speculated at the time that Fremont would reuse the casting machines for the Refreshed Model S, after the Model Y switched over to the 'gigacasting'.

Cheers!
Ok, a lot of different topics to unpack. Starting zoomed out to try to reduce cognitive dissonance due to term ambiguity.
Discussion may fit better in:
Investor Engineering Discussions

This term can apply to so many different applications that it is near meaningless. So much so that it may be easier to define it by what it is not.
A pack that cannot support itself by its edges in the final application (meaning it relies on vehicle chassis for mid pack support) is not a structural pack. (There is now a Type 0).

Variants on a Theme:
1: A pack that can support itself
2: A pack that also supports loads (floor, seats)
3: A pack that also provides a large amount of the vehicle structure

For simplicity, I'm grouping floor and seat loads together. However, the current Y 4680 pack arguably does not support the seats. If you look closely, you'll see the same type of cross car beam and under sheet as the 2170 design. Basically, the seats are supported by a separate structure from the pack lid itself (though the two sub assemblies are spot welded together at the edge flange).
Ultimately, these support/ load paths could be integrated fully into the lid/ pack for more savings. If that cross beam is welded/fastened to the middle of the pack lid, I'd consider it part of the pack.
The current 4680 pack is likely capable of Type 3; however, the combination of low risk implementation and support for 2170 packs mean that the vehicle is not relying of the pack for strength, so the pack is overbuilt/ underutilized currently.

Current 4680 cells have 3x thicker can walls as part of the risk mitigated path toward optimized structure. That does not mean 4680 cannot be made with thinner/ lighter walls in both structural and non-structural form factors. However, due to the larger diameter of the 4680 vs 2170, the cell wall must be 2.2 times thicker to maintain the same hoop and longituinal stress due to internal pressurization. Whether the 2170 walls were critically sized is unknown to me. Both are steel, though some prismtic vendors use deep drawn aluminum.

Tesla will only be building 4680 (or larger?) cell lines. Tesla partners are also adding 4680 lines. The majority of new, non-LFP, high volume products will be designed around the 4680 form factor, but not all benefit from Type 3 structural packs and so could possibly use lighter gauge cans. However, the mass savings may not be worth the added complexity.

A passenger car has a distributed weight/ load profile and minimal pass through loading (towing) in a low profile form factor. A semi has major point loads with high load pass through on a large profile form factor.
While cars can run on a single layer of cells, semi needs multiple stacked together. Semi needs to pass 12,000 pounds of load (static) to the front axle, multiples of a Y max weight. It also needs to handle a wrecker pulling a fully loaded (80k lbs) tractor by the front tow hooks.
My thinking is that semi will not rely on the packs for stucture and will instead use a rail, or possibly truss, frame. The pack will be made of multiple self supporting (Type 1) sub-packs slotted in from the sides. This allows replacement of sub packs, isolation, commonality, and maintains vent paths.
It also means the tractor is a stable rolling chassis before the pack is added.

As long as Tesla has a source for 18650, they might as well keep using them. Roadster 2 will be the highest performance vehicle, so no reason to narrow the gap between S and it by eeking out more performance for the sake of performance. Once Panasonic's tooling is worn, or they want to replace the line for efficiency's sake (DBE), then Tesla would likely switch to a 4680 based pack. Or possibly 2170 and transition more 3/Y production to 4680.

As an aside, the original internally braced S/X pack was a significant portion of the vehicle's structure.
 
Dude the S and X are among the greatest vehicles ever made, and are currently FARRRR better than they’ve ever been. Every suggestion youve made on this subject has been horribly, disastrously misguided.

I would sell all my Tesla stock if they ditched the S/X or redesigned them to have even LESS differentiation from the inferior 3/Y designs.
Abandoning the S and X would allow breathing room to other high end
EVs to survive and adopt Tesla’s master plan 1 .

Some people like large luxury vehicles, anyhow what does Elon drive?
 
I am getting $8.30 GAAP with a P/E of 98.

View attachment 831872

EDIT:
I see that MarketWatch has the correct P/E:
View attachment 831877
It's interesting to see the share price vs. P/E ratio over time.

EDIT: Of course it depends on how up to date the EPS data is - investors early in a new Q would still see "old" earnings, which would give outdated P/E numbers.

I wonder what the "accepted" P/E ratio for TSLA will be going forward. Will it creep back up towards 100?

Screenshot 2022-07-23 093550.png
 
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We already know that they significantly reduced the robot count with the giga castings:


View attachment 831596

And it is a similar story with the 4680 battery line with DBE. Austin and Berlin should ultimately be able to build a LOT of cars per unit of factory space.
Viewed with this crisp perspective, it's a wonder if they don't use castings on Model S & X even if they have to cast a couple years worth of production at a time for efficiency sake, if indeed changing molds really is such an issue.
 
Abandoning the S and X would allow breathing room to other high end
EVs to survive and adopt Tesla’s master plan 1 .

Some people like large luxury vehicles, anyhow what does Elon drive?
No, it wouldn’t. All it would do is put more ICE vehicles on the road for longer and slow BEV adoption.
 
It's interesting to see the share price vs. P/E ratio over time.

EDIT: Of course it depends on how up to date the EPS data is - investors early in a new Q would still see "old" earnings, which would give outdated P/E numbers.

I wonder what the "accepted" P/E ratio for TSLA will be going forward. Will it creep back up towards 100?

View attachment 831890

I think the trend will continue, meaning Tesla's PE will slowly continue to fall quarter over quarter, even despite record breaking revenues.

I think Wall Street wants Tesla's PE to be lower and they'll do whatever it takes to get it there. I know this isn't a popular opinion, but it's what I see happening from here on out.
 
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This is what I have been wondering. I get why they are now but you would think Tesla would be able to make a 6/7 seater Mid Size SUV for a more reasonable amount of money. We have a Telluride we would love to replace with an EV (ideally a Tesla) but not spending $130,000 to do. This vehicle size/segment is becoming hugely popular and they would be able to sell a ton of them if they could get it below $80,000.
I also have a Telluride, will be looking into the EV9 when it's released. A 3-row BEV CUV in the $50-60k range is pretty appealing.
 
Weekend OT

in a document dating from around 1995, shared with the BBC by Melissa Aronczyk, Harrison wrote that the "GCC has successfully turned the tide on press coverage of global climate change science, effectively countering the eco-catastrophe message and asserting the lack of scientific consensus on global warming."
 
I think the trend will continue, meaning Tesla's PE will slowly continue to fall quarter over quarter, even despite record breaking revenues.

I think the Wall Street wants Tesla's PE to be lower and they'll do whatever it takes to get it there. I know this isn't a popular opinion, but it's what I see happening from here on out.
I tend to agree. Looking at my forecast for Q3 and Q4 EPS even a P/E of 90 would result in a near AH share price. I would be fine with that.
 
It's interesting to see the share price vs. P/E ratio over time.

EDIT: Of course it depends on how up to date the EPS data is - investors early in a new Q would still see "old" earnings, which would give outdated P/E numbers.

I wonder what the "accepted" P/E ratio for TSLA will be going forward. Will it creep back up towards 100?

View attachment 831890
Can you please include the time when Tesla got their first PE? This is a very strong chart to show how valuation works.
 
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Potentially. 150 PE after 4Q earnings would be a share price around $2000-2500 depending on how earnings works out.

That would be awesome, but I think our PE will be more like 80-90 after Q4 2022, lower than today, for a share price just barely over the ATH of $1250 or so in January (about $450 post split). And then from there on out the PE continues to fall slowly every quarter while the share price goes up inversely.

Again, I hope you are right though! :D
 
I wonder what the "accepted" P/E ratio for TSLA will be going forward. Will it creep back up towards 100?
This is the large question for valuation and will likely be market dependent. We are in the midst of PE compression across the board and at some point the market has to figure out where it wants to be. Tesla has been more forward looking in +1 PE where a 100-125x multiple has been consistent for a couple years (currently around 50x now)... I have my doubts we get back to that forward looking multiple ever as when these events happen, these compressions tend to be sticky especially in high growth companies. But getting back to 75x +1 seems reasonable and would setup for a ~100x TTM multiple.

What that points to is with a ~$18 2023 PE and ~$13 2022 PE is about a 1300 share price around the end of the year. I would say those EPS numbers are fairly conservative too. Simply moving to 3.5 and 4.5 for Q3/Q4 pretty much gets there even assuming it stops at 4.5 in 23.. and personally, I'm thinking that is in the bag as long as no major shutdowns happen.

Now I don't think it will stay there long term (meaning 3-5 years) as these tend to drift towards more reasonable multiples over time. So TTM 125x to 100x over a year, then a move to 75 x over 18 months then a move to 30x over ~3 years is a likely path as Tesla matures.
 
How do large organizations manage the value fluctuation risk?
THAT is the classic and appropriate use of - gasp! - derivatives. In these cases, a company will buy forward or sell forward one of the currencies in question: either its home unit or the overseas one. The duration will be the time for the transaction to be effected. So if a US-based company is buying an engineered product from Europe, to be delivered (or, more specifically, to be paid for) in 12 months, the way you ==>hedge!<== against the uncertainty of what the $/Euro exchange rate will be at that time is to buy forward Euros, or conceivably sell forward $s, also for that 12-month period. The corresponding action occurs if one expects to be selling one’s own product in a non-home currency location.
Very straightforward, very efficient, very safe, very inexpensive, very responsible. The Medicis did it, the Hanseatic League did it, the Lombards did it, and I have a vague recollection the Akkadians and Sumerians did it but I was a kid then and not paying close attention.
 
I also have a Telluride, will be looking into the EV9 when it's released. A 3-row BEV CUV in the $50-60k range is pretty appealing.
Interesting. I will definitely have to look into this when it comes out. Would prefer a tesla but not spending $130,000+. Unfortunately the fast public charging network sucks in NY currently. But if necessary I could always take my model Y on road trips.
 
New paint job in Hollister, California. FSD edge case for sure.

Apparently meant to slow traffic (traffic calming) for the crosswalk instead of using speed bumps.

kcu084hk86d91.jpg
Are there issues with the Hollister Line Painter's local union perhaps? Helen Keller could have done better. (Is it OK to say that?? It's a statement of fact, after all)
 
1658588779030.png

I just saw a Barron's segment with Jack Hough where he stated that he expects by the end of this decade, 4 companies will be delivering free cash flow of over $100B annually:
  1. Aramco (Saudi oil company)
  2. Apple
  3. Microsoft
  4. Amazon
My forecast has Tesla achieving annual free cash flow of over $100B in 2028.

I don't blame Mr. Hough for leaving out Tesla. Tesla has a short track record when it comes to its financial success . . .only 3 years. Unless you follow Tesla to the level many of us do on this site, it is difficult to believe that this success is sustainable throughout the decade.

Today, Tesla does not get the respect it deserves but I think this will change by the time we get to the back half of 2023 when Tesla's profits and free cash flow are too huge to ignore.