I have been listening to the Tesla earnings call multiple times to write a follow-up article to my previous article about what I would be focused on in the earnings call, and I realized that Tesla announced an amazing update for its current vehicles that seems to have gone completely overlooked based on my searching.
A little more than 52 minutes into the earnings call, Elon Musk was discussing Model S and X sales and added this bit of information:
“I forgot to mention, we’re also expecting there’s going to be an over-the-air improvement that will improve the power of the Model S, X, and 3. That’s, by the way, coming in a few weeks. Should be in the order of 5% power improvement due to improved firmware. Drew, do you want to say anything on that?”
Drew Baglino, the Chief Technology Officer (CTO), replies:
“Yeah, we just continue to learn how to optimize the motor control in our products. And yeah, so 5% improvement for all Model 3 customers and 3% for S and X.”
So, bonus, we should be expecting in a few weeks a small speed boost for all of the Tesla cars. But then we had the following fun dialogue between Musk and Baglino:
Musk: Yeah, and there’s also the single-pedal driving that will improve the range as well.
Baglino: Very excited about that. It’s an improvement in comfort and feel.
Musk: Yeah, it’s easier to drive. And it improves the range.
Baglino: Yes. And faster Supercharging.
Elon: Faster Supercharging, yeah.
Baglino: For Standard Range and Standard Range Plus customers, which is a big deal.
I think this states just how stunning Tesla’s earnings are that it seems that these announcements were almost completely overlooked. Tesla just announced that it is boosting the power, introducing a new single-pedal driving mode, and enabling faster Supercharging for a huge percentage of Tesla Model 3 owners — and it was essentially an afterthought.
As a shareholder, the above news doesn’t do much to impact my thoughts on the earnings call. But, as a Tesla owner, this is hugely exciting.
(As a quick aside, I test drove a newer Nissan Leaf before getting my Model 3, and the single-pedal driving mode was my absolute favorite thing about that car, and something I’ve been wishing Tesla would enable as an option for the Model 3 ever since. The fact it may even improve range? Perhaps this is why I’m so excited that I got out of bed when I realized just what was said to type this up tonight! Editor’s note: The article was submitted last night, but publishing was delayed due to other content.)