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GAFAnomics Tesla Volume 2 -  Is Tesla the disruptor we need?
What’snextforTesla? In June this year Tesla became the world’s most valuable carmaker
210$Bn >
24$Bn
Tesla’s market capitalization...
is equivalent to all these players combined
36$Bn
38$Bn
34$Bn
52$Bn
As of July 1st.
2013.
Tesla shares started to take off, as the
company posts its first profit.
2017.
Shares remain in a steady range until 2017,
when things started to wax and wane, as
Musk got vocal on Twitter (setting
ambitious production targets, revealing
plans to take the company private,...).
2018-2019.
It impacted the stock throughout 2018 and
2019 did not start any better with the
occurrence of major layoffs & departure of
significant members of the executive
team.
mid-2019.
Tesla finally restored investor trust, as it
demonstrated solid production numbers
and reached profitability.
But it’s been a bumpy rideWhat’snextforTesla?
Source : Factset data as of April 2020
What’snextforTesla? Tesla is no longer the new kid on the block
In less than two decades, Tesla has become a major player on the automotive and energy markets.
A giant of its own.
$210Bn
market capitalisation
(as of July 1st)
N°1
Seller of electric cars in
the world
$24,7Bn
Revenues in 2019
48,000
employees
1M+
cars delivered since
inception (≈40% in 2019)
52%
revenue CAGR 2016-19
Roundedfigures.Sources:Tesla,CSIMarket,Electrek;GeneralMotors
It is the best-selling electric car manufacturerThecompetitionchallenge.
With over 367,000 vehicles delivered in
2019 (+50% vs 2018), Tesla is by far the
strongest selling electric car
manufacturer, ahead of the Chinese
manufacturer BYD (219,000 vehicles).
Tesla Model 3 alone stands as the best
selling electric model in the world.
● Renault 4 %
● VW 5 %
● BMW 3 %
● Daimler 1 %
● Others (incl. Ford, FCA,…) 5 %
Source : EV-volumes, excluding Plug-in Hybrid Electric Vehicle)
2019 Global EV sales in volume.
Tesla
22 %
GM
5 %
● Nissan 5 %
● Hyundai-Kia 5 %
● Other chinese
carmakers 27 %
● BYD 9 %
● BAIC 10 %
Thecompetitionchallenge. And its technology leadership seems strong
Best powertrain technology
Tesla outperforms all incumbent EVs in terms of
range & performance. Tesla’s substantial lead is
notably linked to its platform, designed
specifically for EVs, while most competitors are
using traditional ones.
In terms of autonomy, Tesla is the
uncontested leader: at equal battery size and
car weight, no manufacturer does better than
Tesla (~20% outperformance in range vs. direct
peers, highest range per kWh battery capacity).
In terms of performance (top speed and
acceleration), Tesla is also the leader in all
categories (Sedan, SUV
& Luxury).
● Autonomy
(Model S)
● Top speed
(Model S/X)
● 0-60 mph
(Model S)
● Peak Charging
(Porsche Taycan)
● AV level 2
(Autopilot Tesla)
How did Tesla pull this off?
Tesla is a great disruption case study
NEW VALUE
PROPOSITION
NEW VALUE
DRIVERS
NEW MARKET
DYNAMICS
The impact that Tesla will have is fairly small in
and of itself. It will change people’s perception
perhaps, but it will not in and of itself change
the world. Tesla can be the catalyst for a
multi-order of magnitude shift of the entire
industry towards electric.
Elon Musk,
Tesla CEO
Like Facebook, Tesla’s most
powerful engine is its vision.
An ambitious vision shared
by all and capable of federating
all stakeholders, be it investors,
staff or customers.
Theorem #1:
A bold vision sets a
business in motion.
1
Mission Statement: Tesla
Tesla’s mission
is to accelerate
the world’s
transition to
sustainable
energy.
One vision to rule them allAboldvisionsetsabusinessinmotion.
Governments
Administrations are more
willing to provide loans to
Tesla, tax credits to consumers
and set new laws for
autonomous vehicles.
Investors
Investors are confident about
Tesla’s long-term prospects
because they value Tesla as a
Tech company.
Media
The media continually nurture
the company's aura and report
on the latest developments at
no cost. A great PR strategy.
Clients
Customers agree to pre-pay
and wait for their Tesla
knowing that they will only be
able to get it in 1 or 2 years.
Employees
Musk sells a compelling vision
to attract the best engineers
willing to work hard
to change the world.
Help the world
transition to
sustainable energy
Because it shares such an
ambitious vision, Tesla is able
to bring on board a whole
network of actors that
contributes to its success.
From investors to customers,
different actors create a
dynamic and generate a halo
of enthusiasm around the
products and brand. A
virtuous circle for the
company.
Aboldvisionsetsabusinessinmotion. Creating a community of believers
Tesla is a community-driven company. Just like Apple it sparks fascination for its products and its brand to create a
community of early adopters. Tesla encourages its customers to interact with each other and with the brand to spread
the word of its world-changing mission.
Tesla’s advertising
budget/car.
Crowdsource
marketing.
Long term
dream strategy.
$0
Tesla leverages its community
of users to create marketing
campaigns. In 2017, it set up a
contest of Tesla videos on
youtube, gather millions of
views. Tesla net promoter is
way higher than competition,
as 90% recommend the
product.
Tesla doesn’t pay advertising
anywhere in the world. They
crowdsource advertising to
their customers. Average
advertising budget per car
stands at $240 in the
industry.
Tesla always have at least one
“crazy” product (e.g
cybertruck) in the pipe to raise
customer expectations and
make them dream, while
building a more strategic
product for the short term.
Produce first
Selling before producing: crowdfunding on steroids
More than just fans, Tesla believers help finance car production. The company launches pre-order campaigns to collect
funds, adapting the crowdfunding strategy to the car manufacturing industry.
Traditional model
Sell After
Aboldvisionsetsabusinessinmotion.
Sell First
Tesla’s model
Produce After
325K
Number of pre-orders for
the Model 3 in the week
following its unveiling.
$325M have been
deposited.
Amounting to
$14Bn
of implied sales
250K
Number of pre-orders for
Cybertruck in the week
following its unveiling.
Amounting to
$12,5Bn
of implied sales
Sources:Tesla,FABERNOVELCalculation
Aboldvisionsetsabusinessinmotion. Attracting the dream team
Tesla sells its inspiring vision to attract the best talents, be it corporate superstars poached from competitors or
flourishing talents looking for a challenge.
Poaching Some industry high profiles.Attracting the brightest minds.
Tesla ranks 5th
most attractive
employer in the US according to
LinkedIn. No other automaker
makes the top 50.
5th
SpaceX and Tesla were designed
with this vision of motivating a
critical mass of talented people to
work on inspiring things.
Peter Thiel
CEO, Palantir
Paypal Co-founder (with E. Musk)
Sources:LinkedIn,Fortune,BusinessInsider
Franz von Holzhausen
Sr. Design Exec
Ex Director of Design
@Mazda
George Blankenship
Ex VP Design and Store Development
Ex VP Real Estate (Apple Store)
@Apple
Gilbert Passin
VP Manufacturing
Ex VP Manufacturing
@Toyota
Theorem #2:
A disruptive integration strategy
to challenge the status quo.
2
Rooted in Tesla’s philosophy
is a strong belief that new
technologies can challenge the
status quo and achieve things
everyone believed impossible.
Adisruptor’smindsettochallengethestatusquo. The anti-disruption theory: a master plan to move from luxury
to mainstream
In an era where “disruption” is on everyone’s lips, Tesla is using an old development method: start from an
expensive product and move down the cost curve to mass market.
75,000 $
35,000 $
109,000 $
Use cash flow,
R&D to build
Use cash flow,
R&D to buildRoadster
Model S Model X
Model 3
2008-2012
2012 2015
2017
Most of key components are built in its
Fremont factory (seats, high-voltage cables,
displays, fuses, and other smaller systems).
A large part of Tesla’s suppliers are based in
the US or San Francisco Bay Area.
Integrating production to match its ambitionsAdisruptor’smindsettochallengethestatusquo.
Sources:Wired,GregReichow(exVPofproduction)
But why integrate?
Sharing information faster
Launching a new product presents a team
with thousands of small decisions. Integration
makes sharing integration faster
E.g. Tesla had the engineering team walk into the
factory gathering feedbacks from workers.
Accelerating learning cycles
Integrating enables faster cycles of learning
and improvement.
E.g. Tesla made over 50 changes per week to the
same car model.
Bringing frontier tech to market
When you build something yourself, you are able
to build tech that is not available on the market.
E.g. Tesla’s ludicrous mode (full acceleration) is a
result of its internal research in safety fuses.
Integrated Production
All teams (design, assembly, engineering) work
in the same factory in constant interaction,
and using the same data flow across
departments.
Rethinking Organization
Tesla launched the first vertically integrated car company
since Ford’s River Rouge plant in the 1920s.
Integrating production to match its ambitionsAdisruptor’smindsettochallengethestatusquo.
Thanks to its 4 Gigafactories (Nevada, New York,
Shanghai, and soon Berlin) Tesla has the highest
degree of vertical integration, reducing
dependency on suppliers.
35% decrease in battery cells cost
$5Bn
Cost of one gigafactory
95x
The size of
a football field
Sources: The Verge, Tesla, Electrek
Driving down costs
driving technology advantage
100
$/KwH
Key battery cost milestone
achieved by Tesla, when market
average is 160$/kwH.
Source: Electrek, rare earth advisory
Thebatterychallenge. So far, Tesla’s strategy has paid off: better battery packs at lower costs
Today: reduced battery design cost.
Tesla has a first mover advantage on the cost of
batteries in $ per KWH Tesla should be around
100-110$ (market average at 160). This is getting
close to the $100/kWh milestone that many
industry observers consider to be the “magic
number” that will bring EVs to cost parity with
ICE vehicles without subsidies and break
through the mass market.
100$ per KWH
Key battery cost milestone
achieved by Tesla
Tesla cost for Li-ion battery packs vs industry average.
Source:Industry,Tesla,REA
Adisruptor’smindsettochallengethestatusquo.
Traditional management is being disrupted by applying principles from the Hacker culture.
Hacking
PRODUCTION TIMING
Elon Musk is famous for
setting very ambitious goals
and deadlines, in order to
drive and pressure its
production teams.
Cars are often introduced
when the prototypes are not
ready, in order to drive
customer adoption before car
production.
Hacking
MEETINGS
Tesla cultures favors action
over meetings & sharing
times. In a famous email in
2019, Musk define the
company dogma on
meetings:
1. No large meetings.
2. If you're not adding value
to a meeting, leave.
3. No frequent meetings.
Hacking
HIERARCHY
The anti-handbook
handbook: every employee
must maximize its
performance level even if it
implies bypassing your direct
boss and pushing key matters
to the top.
Innovation is more rewarded
than obedience.
Management, the hacker way
3
Theorem #3:
A “software company”
model.
Applying the secret recipe of
Silicon Valley startups, Tesla is
including software in all its
products, making them
incredibly more efficient and
unlocking new
market-defining features.
Behavinglikeasoftwarecompany. The car
Beyond driving the car, software controls all aspects of the Tesla cars’ operation and experience. When most
automakers outsource their software (e.g volkswagen makes 10% of software in-house) Tesla makes 100% of software
in-house.
Building the whole car around software
From the powertrain to the
warning chimes in the
car…the level of
integration that the
software has into the rest
of the Model S is really
impressive. Tesla is
a benchmark for what
we do here.
TJ Giuli
Former Head of Software
at Ford
Operating System
Wheel
Engine
Sensors
Usage-specific
software
Sensors
Wheel
● Attract premium buyers
● improve car profitability with options
● 3-5 year lead compared to incumbents
Behavinglikeasoftwarecompany. The factory
The Factory Software team is
responsible for building infrastructure
solutions that allow the company to
redefine manufacturing and
production (e.g engineer process
automation, virtualized testing)
Tesla heavily relies on machine
automation and acquired market
leader Grohmann and startup Perbix
to integrate the needed skills.
Building the whole factory around automation
One goal: Efficiency
Tesla’s original goal is to make
factories more efficient by a factor of
10 to 100
Tesla... [focuses] heavily on
designing the machine that
makes the machine - turning
the factory itself into a
product.
The Gigafactory is essentially
designed like a very high
density, multi-layered
integrated circuit.
Like an advanced CPU.
Behavinglikeasoftwarecompany. The company
Like pure software companies, Tesla had no IT & industrial legacy
Product 1 Product 2 Product 3 EV
IT Legacy + Industrial Legacy
Innovation
dilemma
Technical
debt
Execution
culture
Roadster Model S/X Model 3 Model Y
Agile Software + No Industrial Legacy
Disruptive
innovation
Technical
surplus
Innovation
culture
The battle for the car OS will be key
2013: "Autopilot is a good thing
to have in planes, and we
should have it in cars”.
Themobilitychallenge.
R&D ratio at 5% of revenues.
They are efficient as they
can use their entire fleets to
improve Autopilot overtime.
With autopilot: 1 accident
every 4.9 million kilometres
vs 766.400km US average
In 2019 Tesla only reported 19
miles with autonomous cars
in California. But Tesla also
reported 1 billion kilometres
driven with autopilot
engaged (Nov. 2018).
Medium & Long distance
Tesla has very few alliances.
They can't share budgets but
less bureaucracy for strategic
decisions.
2009: Google self driving
car project began with
Toyota prius cars.
Estimation: $3.5 billion spent
by Waymo.
Waymo has the best
disengagement rate: once
every 17.730km.
Over 20 million miles on
real-world roads (1,5 million in
California in 2019 and 10 billion
miles driven in simulation.
Medium & Long distance
2015: Uber just announced its
own self-driving project.
More than $1.5 billion raised,
including funds from softbank
and Toyota.
Uber ATG is running behind
schedule following a fatal
accident.
In 2018 Uber declared more
than a million miles driven
with its autonomous cars.
Micromobility & Medium
General Motors bought the
startup Cruise in 2016.
More than $7.25 billion raised
in partnerships with Softbank
and Honda.
Second lowest disengagement
rate (once every 8.086km, 321%
better in one year).
In 2019 Cruise reported
310.000 miles on real world
roads in California. Cruises
deploys the equivalent of
30.000 virtual vehicules.
Micromobility & Medium
How does Tesla compare with the rest of the pack?
Themobilitychallenge. Because software will determine the Tesla’s long-term future
The apple of cars? Or a mere carmaker running on Waymo?
Tesla & Apple have lots of similarities
● Community & brand.
● disruptive software differentiated product.
● integrated production & ecosystem.
● Shift from product to service business model.
Tomorrow
Tesla cars will be running on Tesla OS and available on demand on the
Tesla Network. Just like Apple, controlling product, service and
distribution?
Alphabet is best positioned to become the leading mobility platform in
the next 10 years:
● Most advanced autonomous driving technology (Waymo)
● Leading mobility platform with over a billion users on Gmaps
& a great mapping technology.
● OS controlling 80% of smartphone market.
Tomorrow
Tesla might merely be just a provider on Google’s mobility platform?
Google
Network
Ford car
Bus
BikeTesla
Tesla
network
Cybertruk
Supercharger
Tesla model S
Tesla sure disrupted the auto industry.
But is this the disruption we need ?4
Thebatterychallenge. How sexy is Tesla really for the environment?
Tesla’s electric cars are surely a first step forward
A necessity to improve our
energy mix and car lifecycle
40,000km
Based on EU energy mix, emissions
associated with the production of a battery
implies that the most economical ICE
vehicles have a lead of some 40,000
kilometres before their emissions reach
those of the production of an electric car
alone.
In countries relying on coal as primary
energy source, equilibrium can never be
reached.
Source: 2019 Tesla Impact Report
But improvements must not hide the pollution shift
The battery's production has a heavy ecological impact. An EV is therefore born with a heavy ecological debt.
from one extractivism to another
Lithium
⅓+ of lithium production come from South American
brine, depleting water supply for local communities.
Cobalt
More than half of the world's production comes from
Congolese mines with rudimentary safety
conditions and which often exploit children.
Permanent magnet
These magnets require rare-earth elements extracted
and processed in China, resulting in significant toxic
discharges.
From car use to car production
These figues highlight the critical issue of battery
recycling and increasing car lifecycle
Whatever its fuel, maybe the car is the problem
Cars are a sub-optimized
asset
And cars have a poor energy efficiency
● The average number of
people per car is 1.5 in the
US, while average capacity is
around 5.*
● In France average passenger
per car dropped to 1.2 today*
Beyond ICE, most negative externalities reside in the car itself
* figures in US: US Department of Energy, Transportation Data Book 2016
* figures in France: Ademe
And our cars keep getting bigger, heavier, faster
Weight
+62 %
Max speed
+43 %
Power
+192 %
Height
+21 %
Increased weight is mainly
justified by improvements
in security that led to a drop
in death rates
183km/h average max
speed, when highways are
capped at 130 call for
sobriety
Nearly x3 for horse power to
compensate for increased
weight and improve speed &
acceleration
SUV vehicles doped
automakers margins over the
last decade, yet resulting in
poorer energy efficiency
* figures in France from 1960 to 2017, Aurélien Bigot, Argus, The Conversation
Other externalities include extensive land use
Cars are both inefficient energetically and spatially
While they are extremely flexible for
the user, cars are not an efficient way
of optimizing urban space compared
to other means of transportation.
Cars have long
contributed to urban
sprawl, as we have built
our cities around them.
Source: Urbanisme Circulaire, Sylvain Grisot, KiM Netherlands Institute for Transport Policy Analysis.
Is this the future
of mobility?
● Personal car
● Minimum 3,800 kg
● Faster, larger,
Yet… still better than an F-150!
Cars have shaped our cities, it’s time to rethink the model
We need to design cities around a new mobility framework
The era of omnipresent cars, associated with
a lifestyle based on the ownership of a
vehicle as an element of social status, is
faltering.
Car-free living program,
microtransit, polycentric-city
framework….
A growing number of real estate
developers, local authorities and
communities are getting rid of
personal cars in their projects
through new regulation,
human-centric design and new
mobility partnership.

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GAFAnomics Tesla Volume 2 - Is Tesla the disruptor we need?

  • 2. What’snextforTesla? In June this year Tesla became the world’s most valuable carmaker 210$Bn > 24$Bn Tesla’s market capitalization... is equivalent to all these players combined 36$Bn 38$Bn 34$Bn 52$Bn As of July 1st.
  • 3. 2013. Tesla shares started to take off, as the company posts its first profit. 2017. Shares remain in a steady range until 2017, when things started to wax and wane, as Musk got vocal on Twitter (setting ambitious production targets, revealing plans to take the company private,...). 2018-2019. It impacted the stock throughout 2018 and 2019 did not start any better with the occurrence of major layoffs & departure of significant members of the executive team. mid-2019. Tesla finally restored investor trust, as it demonstrated solid production numbers and reached profitability. But it’s been a bumpy rideWhat’snextforTesla? Source : Factset data as of April 2020
  • 4. What’snextforTesla? Tesla is no longer the new kid on the block In less than two decades, Tesla has become a major player on the automotive and energy markets. A giant of its own. $210Bn market capitalisation (as of July 1st) N°1 Seller of electric cars in the world $24,7Bn Revenues in 2019 48,000 employees 1M+ cars delivered since inception (≈40% in 2019) 52% revenue CAGR 2016-19 Roundedfigures.Sources:Tesla,CSIMarket,Electrek;GeneralMotors
  • 5. It is the best-selling electric car manufacturerThecompetitionchallenge. With over 367,000 vehicles delivered in 2019 (+50% vs 2018), Tesla is by far the strongest selling electric car manufacturer, ahead of the Chinese manufacturer BYD (219,000 vehicles). Tesla Model 3 alone stands as the best selling electric model in the world. ● Renault 4 % ● VW 5 % ● BMW 3 % ● Daimler 1 % ● Others (incl. Ford, FCA,…) 5 % Source : EV-volumes, excluding Plug-in Hybrid Electric Vehicle) 2019 Global EV sales in volume. Tesla 22 % GM 5 % ● Nissan 5 % ● Hyundai-Kia 5 % ● Other chinese carmakers 27 % ● BYD 9 % ● BAIC 10 %
  • 6. Thecompetitionchallenge. And its technology leadership seems strong Best powertrain technology Tesla outperforms all incumbent EVs in terms of range & performance. Tesla’s substantial lead is notably linked to its platform, designed specifically for EVs, while most competitors are using traditional ones. In terms of autonomy, Tesla is the uncontested leader: at equal battery size and car weight, no manufacturer does better than Tesla (~20% outperformance in range vs. direct peers, highest range per kWh battery capacity). In terms of performance (top speed and acceleration), Tesla is also the leader in all categories (Sedan, SUV & Luxury). ● Autonomy (Model S) ● Top speed (Model S/X) ● 0-60 mph (Model S) ● Peak Charging (Porsche Taycan) ● AV level 2 (Autopilot Tesla)
  • 7. How did Tesla pull this off?
  • 8. Tesla is a great disruption case study NEW VALUE PROPOSITION NEW VALUE DRIVERS NEW MARKET DYNAMICS The impact that Tesla will have is fairly small in and of itself. It will change people’s perception perhaps, but it will not in and of itself change the world. Tesla can be the catalyst for a multi-order of magnitude shift of the entire industry towards electric. Elon Musk, Tesla CEO
  • 9. Like Facebook, Tesla’s most powerful engine is its vision. An ambitious vision shared by all and capable of federating all stakeholders, be it investors, staff or customers. Theorem #1: A bold vision sets a business in motion. 1
  • 10. Mission Statement: Tesla Tesla’s mission is to accelerate the world’s transition to sustainable energy.
  • 11. One vision to rule them allAboldvisionsetsabusinessinmotion. Governments Administrations are more willing to provide loans to Tesla, tax credits to consumers and set new laws for autonomous vehicles. Investors Investors are confident about Tesla’s long-term prospects because they value Tesla as a Tech company. Media The media continually nurture the company's aura and report on the latest developments at no cost. A great PR strategy. Clients Customers agree to pre-pay and wait for their Tesla knowing that they will only be able to get it in 1 or 2 years. Employees Musk sells a compelling vision to attract the best engineers willing to work hard to change the world. Help the world transition to sustainable energy Because it shares such an ambitious vision, Tesla is able to bring on board a whole network of actors that contributes to its success. From investors to customers, different actors create a dynamic and generate a halo of enthusiasm around the products and brand. A virtuous circle for the company.
  • 12. Aboldvisionsetsabusinessinmotion. Creating a community of believers Tesla is a community-driven company. Just like Apple it sparks fascination for its products and its brand to create a community of early adopters. Tesla encourages its customers to interact with each other and with the brand to spread the word of its world-changing mission. Tesla’s advertising budget/car. Crowdsource marketing. Long term dream strategy. $0 Tesla leverages its community of users to create marketing campaigns. In 2017, it set up a contest of Tesla videos on youtube, gather millions of views. Tesla net promoter is way higher than competition, as 90% recommend the product. Tesla doesn’t pay advertising anywhere in the world. They crowdsource advertising to their customers. Average advertising budget per car stands at $240 in the industry. Tesla always have at least one “crazy” product (e.g cybertruck) in the pipe to raise customer expectations and make them dream, while building a more strategic product for the short term.
  • 13. Produce first Selling before producing: crowdfunding on steroids More than just fans, Tesla believers help finance car production. The company launches pre-order campaigns to collect funds, adapting the crowdfunding strategy to the car manufacturing industry. Traditional model Sell After Aboldvisionsetsabusinessinmotion. Sell First Tesla’s model Produce After 325K Number of pre-orders for the Model 3 in the week following its unveiling. $325M have been deposited. Amounting to $14Bn of implied sales 250K Number of pre-orders for Cybertruck in the week following its unveiling. Amounting to $12,5Bn of implied sales Sources:Tesla,FABERNOVELCalculation
  • 14. Aboldvisionsetsabusinessinmotion. Attracting the dream team Tesla sells its inspiring vision to attract the best talents, be it corporate superstars poached from competitors or flourishing talents looking for a challenge. Poaching Some industry high profiles.Attracting the brightest minds. Tesla ranks 5th most attractive employer in the US according to LinkedIn. No other automaker makes the top 50. 5th SpaceX and Tesla were designed with this vision of motivating a critical mass of talented people to work on inspiring things. Peter Thiel CEO, Palantir Paypal Co-founder (with E. Musk) Sources:LinkedIn,Fortune,BusinessInsider Franz von Holzhausen Sr. Design Exec Ex Director of Design @Mazda George Blankenship Ex VP Design and Store Development Ex VP Real Estate (Apple Store) @Apple Gilbert Passin VP Manufacturing Ex VP Manufacturing @Toyota
  • 15. Theorem #2: A disruptive integration strategy to challenge the status quo. 2 Rooted in Tesla’s philosophy is a strong belief that new technologies can challenge the status quo and achieve things everyone believed impossible.
  • 16. Adisruptor’smindsettochallengethestatusquo. The anti-disruption theory: a master plan to move from luxury to mainstream In an era where “disruption” is on everyone’s lips, Tesla is using an old development method: start from an expensive product and move down the cost curve to mass market. 75,000 $ 35,000 $ 109,000 $ Use cash flow, R&D to build Use cash flow, R&D to buildRoadster Model S Model X Model 3 2008-2012 2012 2015 2017
  • 17. Most of key components are built in its Fremont factory (seats, high-voltage cables, displays, fuses, and other smaller systems). A large part of Tesla’s suppliers are based in the US or San Francisco Bay Area. Integrating production to match its ambitionsAdisruptor’smindsettochallengethestatusquo. Sources:Wired,GregReichow(exVPofproduction) But why integrate? Sharing information faster Launching a new product presents a team with thousands of small decisions. Integration makes sharing integration faster E.g. Tesla had the engineering team walk into the factory gathering feedbacks from workers. Accelerating learning cycles Integrating enables faster cycles of learning and improvement. E.g. Tesla made over 50 changes per week to the same car model. Bringing frontier tech to market When you build something yourself, you are able to build tech that is not available on the market. E.g. Tesla’s ludicrous mode (full acceleration) is a result of its internal research in safety fuses. Integrated Production All teams (design, assembly, engineering) work in the same factory in constant interaction, and using the same data flow across departments. Rethinking Organization Tesla launched the first vertically integrated car company since Ford’s River Rouge plant in the 1920s.
  • 18. Integrating production to match its ambitionsAdisruptor’smindsettochallengethestatusquo. Thanks to its 4 Gigafactories (Nevada, New York, Shanghai, and soon Berlin) Tesla has the highest degree of vertical integration, reducing dependency on suppliers. 35% decrease in battery cells cost $5Bn Cost of one gigafactory 95x The size of a football field Sources: The Verge, Tesla, Electrek Driving down costs driving technology advantage 100 $/KwH Key battery cost milestone achieved by Tesla, when market average is 160$/kwH. Source: Electrek, rare earth advisory
  • 19. Thebatterychallenge. So far, Tesla’s strategy has paid off: better battery packs at lower costs Today: reduced battery design cost. Tesla has a first mover advantage on the cost of batteries in $ per KWH Tesla should be around 100-110$ (market average at 160). This is getting close to the $100/kWh milestone that many industry observers consider to be the “magic number” that will bring EVs to cost parity with ICE vehicles without subsidies and break through the mass market. 100$ per KWH Key battery cost milestone achieved by Tesla Tesla cost for Li-ion battery packs vs industry average. Source:Industry,Tesla,REA
  • 20. Adisruptor’smindsettochallengethestatusquo. Traditional management is being disrupted by applying principles from the Hacker culture. Hacking PRODUCTION TIMING Elon Musk is famous for setting very ambitious goals and deadlines, in order to drive and pressure its production teams. Cars are often introduced when the prototypes are not ready, in order to drive customer adoption before car production. Hacking MEETINGS Tesla cultures favors action over meetings & sharing times. In a famous email in 2019, Musk define the company dogma on meetings: 1. No large meetings. 2. If you're not adding value to a meeting, leave. 3. No frequent meetings. Hacking HIERARCHY The anti-handbook handbook: every employee must maximize its performance level even if it implies bypassing your direct boss and pushing key matters to the top. Innovation is more rewarded than obedience. Management, the hacker way
  • 21. 3 Theorem #3: A “software company” model. Applying the secret recipe of Silicon Valley startups, Tesla is including software in all its products, making them incredibly more efficient and unlocking new market-defining features.
  • 22. Behavinglikeasoftwarecompany. The car Beyond driving the car, software controls all aspects of the Tesla cars’ operation and experience. When most automakers outsource their software (e.g volkswagen makes 10% of software in-house) Tesla makes 100% of software in-house. Building the whole car around software From the powertrain to the warning chimes in the car…the level of integration that the software has into the rest of the Model S is really impressive. Tesla is a benchmark for what we do here. TJ Giuli Former Head of Software at Ford Operating System Wheel Engine Sensors Usage-specific software Sensors Wheel ● Attract premium buyers ● improve car profitability with options ● 3-5 year lead compared to incumbents
  • 23. Behavinglikeasoftwarecompany. The factory The Factory Software team is responsible for building infrastructure solutions that allow the company to redefine manufacturing and production (e.g engineer process automation, virtualized testing) Tesla heavily relies on machine automation and acquired market leader Grohmann and startup Perbix to integrate the needed skills. Building the whole factory around automation One goal: Efficiency Tesla’s original goal is to make factories more efficient by a factor of 10 to 100 Tesla... [focuses] heavily on designing the machine that makes the machine - turning the factory itself into a product. The Gigafactory is essentially designed like a very high density, multi-layered integrated circuit. Like an advanced CPU.
  • 24. Behavinglikeasoftwarecompany. The company Like pure software companies, Tesla had no IT & industrial legacy Product 1 Product 2 Product 3 EV IT Legacy + Industrial Legacy Innovation dilemma Technical debt Execution culture Roadster Model S/X Model 3 Model Y Agile Software + No Industrial Legacy Disruptive innovation Technical surplus Innovation culture
  • 25. The battle for the car OS will be key 2013: "Autopilot is a good thing to have in planes, and we should have it in cars”. Themobilitychallenge. R&D ratio at 5% of revenues. They are efficient as they can use their entire fleets to improve Autopilot overtime. With autopilot: 1 accident every 4.9 million kilometres vs 766.400km US average In 2019 Tesla only reported 19 miles with autonomous cars in California. But Tesla also reported 1 billion kilometres driven with autopilot engaged (Nov. 2018). Medium & Long distance Tesla has very few alliances. They can't share budgets but less bureaucracy for strategic decisions. 2009: Google self driving car project began with Toyota prius cars. Estimation: $3.5 billion spent by Waymo. Waymo has the best disengagement rate: once every 17.730km. Over 20 million miles on real-world roads (1,5 million in California in 2019 and 10 billion miles driven in simulation. Medium & Long distance 2015: Uber just announced its own self-driving project. More than $1.5 billion raised, including funds from softbank and Toyota. Uber ATG is running behind schedule following a fatal accident. In 2018 Uber declared more than a million miles driven with its autonomous cars. Micromobility & Medium General Motors bought the startup Cruise in 2016. More than $7.25 billion raised in partnerships with Softbank and Honda. Second lowest disengagement rate (once every 8.086km, 321% better in one year). In 2019 Cruise reported 310.000 miles on real world roads in California. Cruises deploys the equivalent of 30.000 virtual vehicules. Micromobility & Medium How does Tesla compare with the rest of the pack?
  • 26. Themobilitychallenge. Because software will determine the Tesla’s long-term future The apple of cars? Or a mere carmaker running on Waymo? Tesla & Apple have lots of similarities ● Community & brand. ● disruptive software differentiated product. ● integrated production & ecosystem. ● Shift from product to service business model. Tomorrow Tesla cars will be running on Tesla OS and available on demand on the Tesla Network. Just like Apple, controlling product, service and distribution? Alphabet is best positioned to become the leading mobility platform in the next 10 years: ● Most advanced autonomous driving technology (Waymo) ● Leading mobility platform with over a billion users on Gmaps & a great mapping technology. ● OS controlling 80% of smartphone market. Tomorrow Tesla might merely be just a provider on Google’s mobility platform? Google Network Ford car Bus BikeTesla Tesla network Cybertruk Supercharger Tesla model S
  • 27. Tesla sure disrupted the auto industry. But is this the disruption we need ?4
  • 28. Thebatterychallenge. How sexy is Tesla really for the environment?
  • 29. Tesla’s electric cars are surely a first step forward A necessity to improve our energy mix and car lifecycle 40,000km Based on EU energy mix, emissions associated with the production of a battery implies that the most economical ICE vehicles have a lead of some 40,000 kilometres before their emissions reach those of the production of an electric car alone. In countries relying on coal as primary energy source, equilibrium can never be reached. Source: 2019 Tesla Impact Report
  • 30. But improvements must not hide the pollution shift The battery's production has a heavy ecological impact. An EV is therefore born with a heavy ecological debt. from one extractivism to another Lithium ⅓+ of lithium production come from South American brine, depleting water supply for local communities. Cobalt More than half of the world's production comes from Congolese mines with rudimentary safety conditions and which often exploit children. Permanent magnet These magnets require rare-earth elements extracted and processed in China, resulting in significant toxic discharges. From car use to car production These figues highlight the critical issue of battery recycling and increasing car lifecycle
  • 31. Whatever its fuel, maybe the car is the problem Cars are a sub-optimized asset And cars have a poor energy efficiency ● The average number of people per car is 1.5 in the US, while average capacity is around 5.* ● In France average passenger per car dropped to 1.2 today* Beyond ICE, most negative externalities reside in the car itself * figures in US: US Department of Energy, Transportation Data Book 2016 * figures in France: Ademe
  • 32. And our cars keep getting bigger, heavier, faster Weight +62 % Max speed +43 % Power +192 % Height +21 % Increased weight is mainly justified by improvements in security that led to a drop in death rates 183km/h average max speed, when highways are capped at 130 call for sobriety Nearly x3 for horse power to compensate for increased weight and improve speed & acceleration SUV vehicles doped automakers margins over the last decade, yet resulting in poorer energy efficiency * figures in France from 1960 to 2017, Aurélien Bigot, Argus, The Conversation
  • 33. Other externalities include extensive land use Cars are both inefficient energetically and spatially While they are extremely flexible for the user, cars are not an efficient way of optimizing urban space compared to other means of transportation. Cars have long contributed to urban sprawl, as we have built our cities around them. Source: Urbanisme Circulaire, Sylvain Grisot, KiM Netherlands Institute for Transport Policy Analysis.
  • 34. Is this the future of mobility? ● Personal car ● Minimum 3,800 kg ● Faster, larger, Yet… still better than an F-150!
  • 35. Cars have shaped our cities, it’s time to rethink the model We need to design cities around a new mobility framework The era of omnipresent cars, associated with a lifestyle based on the ownership of a vehicle as an element of social status, is faltering. Car-free living program, microtransit, polycentric-city framework…. A growing number of real estate developers, local authorities and communities are getting rid of personal cars in their projects through new regulation, human-centric design and new mobility partnership.