Ed Ludlow

The thing that Tesla's done in the shareholder deck in a lot more detail than it's done before is talk about how these future products are currently contributing to top and bottom line.

Tesla has always done the plus and minus columns of revenue and profit.

But actually they started giving a bit more data.

So for example, as of the fourth quarter, there were 1.1 million FSC paid subscribers, active subscribers, okay?

And in the profit column, they are saying that our profit has been boosted by those revenues, by those software revenue sales.

And so like extrapolate out to XAI, you can just envisage a world like I drive every day using FSD to work.

And in the cockpit of the car, I use the grok voice assistant to communicate.

Like, how do they monetize that?

You'd expect them to talk about that kind of stuff on the call, I think.

We did an episode of Wall Street Week last month on RoboTaxi, right?

And the opening line was, you know, five years ago, Elon Musk promised that there would be RoboTaxis all over public roads by the end of that year.

And here we are at the beginning of 2026.

And in a very limited 10 vehicle pilot, Tesla has just removed the

safety monitor from those vehicles that are in Austin, Texas for RoboTaxi.

Waymo, by comparison, has many hundreds, more than that, on public roads, charging a fare, no human in operation.

The thing is that your last guest alluded to this.

Tim, you were pressing him on why he had the conviction in this thesis.

But for lots of people, it's the idea that

Elon Musk makes many projections and gives many timelines.

And even though he misses those dates, he often gets there in the end.