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Tesla is planning to let customers take advantage of its self-driving technology through a subscription plan, CEO Elon Musk announced during the company's quarterly earnings call Wednesday.
"I think we will offer Full Self-Driving as a subscription service, but it will be probably towards the end of this year," Musk said.
Full-Self Driving, the more expensive version of Tesla's Autopilot feature, helps the vehicle navigate highways, change lanes, and park with reduced driver intervention. Earlier in April, Musk announced in a tweet that, on July 1, Tesla would be increasing the price of the feature, which currently costs $7,000 for customers who purchase it upfront.
"I should say, it will still make sense to buy FSD as an option as in our view, buying FSD is an investment in the future. And we are confident that it is investment that will pay off to the consumer, Musk said Wednesday. "In my opinion, buying FSD option is something people will not regret doing."
Chief Financial Officer Zach Kirkhorn said on the call that buying the self-driving feature upfront and paying it off as part of a loan on the vehicle would be "the least expensive plan," but added that a subscription model would help the company onboard customers who don't go that route.
"We do understand that some customers who have ownership or have leased their vehicles did not purchase that option upfront. And so this will enable those customers to spread out the cost of ownership of FSD or subscription over time," Kirkhorn said.
Tesla has raised the feature's price in the past — most recently in November, when the cost increased from $6,000 to $7,000 after Tesla rolled out its problematic "Smart Summon" feature, which is included in the Full Self-Driving option.
But Musk has repeatedly set and missed aggressive goals for the rollout of Tesla's "Full Self-Driving" feature. In early 2019, Musk said he was "certain" that "the car will be able to find you in a parking lot, pick you up, take you all the way to your destination without an intervention — this year."
In 2016, Musk said a Tesla would be able to drive itself from Los Angeles to New York City by the end of 2017, and the company has faced criticism for the misleading nature of naming features that are not fully autonomous as "Autopilot" and "Full Self-Driving."
However, Tesla shares spiked as much as 9% on Thursday, adding as much as $13 billion to the company's market cap as it beat analyst expectations, despite Musk going on a profanity-laced rant against coronavirus shelter-in-place orders.
Tesla's plan to offer a subscription model for its self-driving features could help it capitalize on rising consumer interest in subscription plans across other industries. On Thursday, Apple announced that, despite missing its initial expectations for its second quarter, the company's services business saw a 16% year-over-year jump, while streaming companies like Netflix and Spotify as well as cloud businesses for Amazon, Google, and Microsoft have all skyrocketed amid coronavirus lockdowns.
Tim Levin contributed reporting to this story.
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Amazon's earnings call on Thursday started off in an unusual way, reflecting the gravity of changes it's facing amid COVID-19.
Amazon CFO Brian Olsavsky — who typically jumps right into the Q&A session — took the first 5 minutes of his call with analysts to explain the severe challenges Amazon is experiencing during the pandemic. He also thanked the warehouse and delivery workers for their work, while acknowledging the work put in by the third-party sellers to continue serving its customers.
"What we've all seen transpire in the past 2 months has been gut-wrenching and unprecedented," Olsavsky said. "But it's also been a time of heroic action by health care workers, government officials, police and emergency personnel and all essential workers in our communities. This includes frontline Amazonians, including our Whole Foods team and our partners around the world. They've provided a lifeline of groceries and other critical supplies to the doorsteps of all of us at this critical time."
Olsavsky's remarks come at a time when Amazon is dealing with public outcry over warehouse safety issues and treatment of its hourly workers. Sellers on its marketplace, meanwhile, have been expressing confusion over the constantly changing marketplace policies.
All of these issues, however, are having little impact on Amazon's top-line growth. Amazon's first-quarter revenue far exceeded street expectations, as more people shopped online during the outbreak. But the increased demand is weighing on Amazon's costs, as it needs to hire more people and spend on additional logistical measures to meet the demand.
Amazon CEO Jeff Bezos, who does not participate in the quarterly earnings conference calls, also gave an unusually long statement in the company's first-quarter earnings press release, saying the epidemic is causing a lot of uncertainties. For one, Amazon plans to spend all of the $4 billion it's projected to make in second-quarter profits on COVID-19-related expenses, he said.
"These aren't normal circumstances," Bezos said in the statement.
Here is Olsavsky's full statement provided by financial research firm Sentieo:
"Before we move on to the Q&A, I'd like to lead off with a few comments. What we've all seen transpire in the past 2 months has been gut-wrenching and unprecedented. But it's also been a time of heroic action by health care workers, government officials, police and emergency personnel and all essential workers in our communities. This includes frontline Amazonians, including our Whole Foods team and our partners around the world. They've provided a lifeline of groceries and other critical supplies to the doorsteps of all of us at this critical time.
I'd like to give you some insight into what we have seen in Amazon and how we are responding to this crisis. Beginning in early March, we experienced a major surge in customer demand, particularly for household staples and other essential products across categories such as health and personal care, groceries and even home office supplies. At the same time, we saw lower demand for discretionary items such as apparel, shoes and wireless products. This large demand spiked, creating major challenges in our operations network and with our seller community and our suppliers.
While we generally have experience in getting ready for spikes in demand for known events like the holiday season and Prime Day, we also generally spend months ramping up for these periods. The COVID crisis allowed for no such preparation. We took quick action to react to the higher order levels while continuing to provide for the safety of our workforce. We established rigorous safety and cleaning protocols, including maintaining 6-foot social distancing, procuring 100 million masks, tens of millions [indiscernible] in wipes and other cleaning supplies. We began requiring temperature checks across our operations network. In our Whole Food stores, we added plexiglass barriers between cashiers and customers and reserve special hours for senior customers to shop. We temporarily raised wages and overtime premiums, we funded a new Amazon relief fund, and we allowed employees to take unpaid time off at their discretion. To deal with the unprecedented demand, we hired an additional 175,000 new employees, many of whom were displaced from other jobs in the economy. We took steps to dampen demand for nonessential products, including reducing our marketing spend.
Our network pivoted to shipping priority of products within 1 to 4 days and extending promises on nonpriority items. Our independent third-party sellers, most of whom are small and medium-sized businesses, worked tremendously hard to serve our customers, and we are grateful for their efforts. Third-party sellers continue to see strong growth in our stores as more than half of our units sold are from third party sellers.
We increased grocery delivery capacity by more than [ 60% ] and expanded in-store pickup at Whole Food stores from over -- from 80 stores to more than 150 stores. And other Amazon team shifted their focus to directly helping customers in the overall effort to fight the COVID virus.
AWS has created DataLake to assist health care workers, researchers, scientists and our public health officials who are working to understand and fight the coronavirus. Many of our AWS products are helping in the government response to crisis and are there for customers who are seeing their own demand spikes. Companies enabling videoconferencing, remote learning and online health services, for example.
Amazon Flex is supporting food banks by donating delivery services of groceries to serve 6 million meals in Los Angeles, Miami, Nashville, Orlando, San Francisco, Seattle and Washington, D.C. with plans to ramp this up to 25 cities across the U.S. And Alexa is helping customers access important CDC guidance and help them evaluate their own COVID-19 risk levels.
How is all this impacting our business? While customer demand remains high, the incremental revenue we are seeing on many of the lower ASP essential products is basically coming at cost. We've invested more than $600 million in COVID-related costs in Q1 and expect these costs could grow to $4 billion or more in Q2. These include productivity headwinds in our facilities as we provide for social distancing and allow for the ramp-up of new employees; investments in personal protective equipment for employees; enhanced cleaning of our facilities; higher wages for our hourly teams and hundreds of millions of dollars to develop COVID-19 testing capabilities.
In Q1, we also had another $400 million of costs related to increased reserves for [ doubtful ] accounts. On the flip side, we did see a drop in travel, entertainment and meeting costs as well as lower market has weighted and dampen our demand for nonessential items.
While we can't have great certainty about what the next few quarters will look like, I'm humbled by the efforts of my fellow Amazonians in delivering essential goods and services to so many people. We take this responsibility seriously, and we're proud of the work our teams are doing to help customers through this difficult time.
With that, let's open up for questions."
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Amazon's popular Kindle e-readers are lightweight and easy to carry around, but they are also prone to damage if you're not careful. Whether you're reading a best-selling novel by the pool or you tend to throw your tech around, putting a Kindle into a protective case is the obvious solution. But, the number of cases available, in a variety of styles and price points, can feel seemingly endless.
After researching all the popular cases for Kindles — from both Amazon and third-party makers — we narrowed down our recommendations to three great options. All cases are folio-style in that they have a hard-shell backing, with the front opening like a book cover, They don't add additional significant weight and provide a Kindle with protection, and even include useful features like auto on/off. We also have two honorable mentions that are worth considering.
For this guide we focused on cases for the current 10th-generation of Kindles: Kindle, Kindle Paperwhite, and Kindle Oasis. Whatever case you decide on, make sure it is compatible with your particular Kindle, as Kindle shapes and sizes vary from model to model, and year to year (most of these recommended cases will not fit models from previous generations, despite sharing the same name). In each of our recommendations, we note which Kindle the case is available for; in some instances, we may only recommend a case for a specific Kindle.
This case from Amazon comes with a hard shell and a fabric cover that's available in a variety of colors (varies by Kindle). While it would've been nice to choose from even more colors, its thin and lightweight design makes it easy to add to the Kindle without adding too much bulk in a bag or purse. For most people, the fabric Kindle case is the best, thanks to quality construction.
A magnetic closure and soft interior ensure the cover stays closed and the screen is protected at all times — great for when the case jostles around in a bag. We wish it had a kickstand on the back of the case, especially for the price. It is still be easy to hold during use, which is how most Kindle owners use it anyway.
The case also has an auto-on/off feature when the cover is open or closed. However, some users who bought the version for the regular Kindle noted a quicker battery drain than usual, and suggest it may have something to do with the magnetic closure. If you encounter this, definitely get in touch with Amazon.
The Paperwhite version is also "water-safe." Because the Kindle Paperwhite itself is waterproof, the thinking here is that users are more likely to carry the Paperwhite to places like the pool or beach, and need a case to complement. Note that the fabric case for the Oasis or regular Kindle is not (irony is that the Oasis, like the Paperwhite, is also waterproof); if you own one of these Kindles and would like a water-resistant case, go with a leather product.
While it is one of the most expensive options in this list, it offers outstanding value and quality for the price.
Pros: Great design, lightweight, magnetic closure, soft interior keeps screen safe
Cons: Few colors, one of the pricier options on our list, no kickstand for easy viewing
With a seemingly endless supply of colors and designs — ranging from pastels to graphics — the Ayotu cases also have similar qualities like the Amazon Kindle Fabric Case. There's a magnetic closure that prevents the folio cover from opening, and it wakes-up the Kindle when the cover is opened.
But what makes the Ayotu cases our pick for outdoor use are the extra protective qualities. The cover is constructed of multiple layers of hard and soft materials that help resist water and drops. The hard backing also protects the Kindle on all sides. The microfiber lining on the inside helps prevent scratches on the screen.
Due to the construction, the Ayotu cases are bulkier than others. But if extra protection is what you need, the Ayotu offerings are good options.
Pros: Plenty of colors and designs, auto wake/sleep, rugged build
Cons: Some designs will not suit everyone's taste, a little bulky
CoBak's cases are made from quality artificial leather that comes in a variety of colors, ranging from rose gold, black, and blue, to graphic designs featuring butterflies, swans, and even Van Gogh's "Starry Night." The interior is made from a soft lining to reduce the chances of your Kindle being scratched when not in use.
And, since the case is water-resistant, it can handle occasional rain or splash from the pool when outside; CoBak claims its cases are waterproof, but unless it's the Kindle Oasis or Paperwhite, it will not waterproof the actual device.
Some users said they wished the case had better protection around the corners of the Kindle, so be aware of that.
Pros: Nice faux-leather, variety of colors and designs, anti-scratch interior
Cons: Limited corner protection
Amazon Kindle Leather Case: From Amazon, this is another option for those who like a case with a leather finish. It feels higher-end than other leather Kindle cases, and it is designed to be lightweight and thin enough to not add too much bulk to the Kindle. We aren't a fan of the rather large magnetic clasp on the side — it's unattractive, but some may like it for easier opening. We also wish more colors were available. Amazon says it's made from genuine leather, but we aren't sure if it's synthetic or animal-based. Ultimately, it's the high-price that stopped us from making it a must-have.
Fintie Slimshell: We like that this case comes in a variety of designs, and it's something to consider if you want to show-off some flair. The cover is made with synthetic leather on the outside and soft fiber on the inside. It's slim, but we don't like the bulky magnetic closure that sticks out. If you can overlook that, it's a good option if you want more design options than what Ayotu and CoBak offer.
The big news with Amazon's quarterly earnings is not how much money the company has reaped thanks to the COVID-19 epidemic that has made the company an essential source of supplies for millions of homebound citizens: $41.8 billion in net product sales this quarter compared to $34.3 billion in the year-ago quarter.
It is how big an expense COVID-19 has been for Amazon — and how big it will continue to be. It's a glass-half-empty, glass-half-full kind of scenario.
CEO Jeff Bezos put it this way in the company's first-quarter earnings press release on Thursday. "If you're a shareowner in Amazon, you may want to take a seat, because we're not thinking small. Under normal circumstances, in this coming Q2, we'd expect to make some $4 billion or more in operating profit. But these aren't normal circumstances. Instead, we expect to spend the entirety of that $4 billion, and perhaps a bit more, on COVID-related expenses."
Bezos listed among those current-quarter expenses a boatload of initiatives to keep employees safe such as enhanced cleaning of facilities and "less efficient process paths that better allow for effective social distancing" which means each warehouse may use less workers and will therefore not be able to fill orders at their typical high-intensity levels.
Bezos also says it is offering higher wages for hourly teams, increasing pay by $2 an hour and increasing overtime pay from time and a half to double time.
And the $4 billion includes "hundreds of millions to develop our own COVID-19 testing capabilities," he said.
Amazon CFO Brian Olsavsky told CNBC the development of this test is expected to cost Amazon $1 billion over the full-year 2020. Amazon is paying for a dedicated team of researchers, engineers and program managers, procurement specialists, as well as building a lab. The company has already begun a pilot test on front-line employees, he said.
Many of these worker protection items that Bezos is touting have been the subject of complaints by warehouse workers on the front lines of the epidemic. On Friday, a coalition of workers from Amazon, Walmart, FedEx, Target, Instacart, and Whole Foods is set to go on strike to protest working conditions during the coronavirus pandemic.
Warehouse workers still don't trust that the company is telling them about every COVID-19 infection that occurs among employees, as Business Insider reported. Meanwhile, there are new infections confirmed among the workforce weekly, and the tally could be as high as 600 among warehouse workers, according to a list of confirmed infections kept by an Amazon insider.
Of course, not all of that $4 billion in operating profit has been spent on worker protections.
Amazon says it has also hired an additional 175,000 employees in March and April as part of that money. Those additional workers give the company manpower to keep up with sky-high demand, and to replace warehouse workers who quit or are terminated.
Amazon also listed a number of other COVID-19 related expenses beyond its workers including pausing loan payments and other fees for its third-party sellers; doing pro-bono grocery deliveries, donating laptops to students; and donating $15 million to Seattle relief charities.
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