Tesla Owners Get Antsy Waiting for FSD V12.4, Start to Unsubscribe to Receive Latest Update (2024)

Elon Musk mentioned in May that FSD V12.4 was in the final touches stage and would probably start rolling out in mid-May. However, May is now gone and we haven’t heard an update on the FSD V12.4 timeline.

The biggest features for V12.4 include no-nag, an updated strike-out system, automatic parking spot seeking, and a reduction in interventions.

Software Branches

FSD V12.4 was released to employees with update 2024.9.5, which means it’s behind the Spring Update – 2024.14. This means that cars on the Spring Update can’t receive 2024.9.5 – if it eventually goes out to consumers.

Additionally, Tesla has been working on bug fixes for 2024.14 and just announced update 2024.20, which brings Adaptive Headlight support to the United States and Canada.

Employee Rollout

At this point, only employees have received the 2024.9.5 update. User darwizzy333 on Reddit, an employee who received the update on the Early Access Program, originally said that it was unusable, suggesting that it was the cause for the delay. He initially also provided a screenshot of his vehicle running FSD V12.4 but has since taken it down.

After giving specific reasons why FSD 12.4 was unusable a few days ago, today he stated that his cameras were the cause for the issues. After calibrating his cameras, he says that V12.4 is incredible and that his usual commute is now down to zero interventions.

This gives us some hope that Tesla may still release FSD 12.4 to public users, however, it’s not clear what could be causing the delay. Employees are still testing FSD 12.4, so Tesla is either still working on a revision or still plans to release V12.4.

Owners Unsubscribing

Unfortunately, Tesla owners who bought or subscribed to FSD are stuck on the update they’re on until Tesla releases FSD 12.4 or updates V12.4 to be based on a newer software branch. Once you subscribe to FSD, Tesla would like to send you the latest FSD updates, which we call the “FSD track.” The problem is that the latest FSD updates are usually several releases behind Tesla’s main updates. With Tesla’s redesign and beautiful new parked visualization in update 2024.14, owners are having a hard time waiting for the latest features.

Tesla even officially announced update 2024.20 yesterday, which means that users on update 2024.3.25 are now three major updates behind. Some users are now unsubscribing from FSD, not because they don’t enjoy it, but just so they can receive the newer 2024.14 update.

Once an owner unsubscribes from FSD, Tesla no longer has a reason to hold them back on an update and will push the latest update they’re eligible for — currently 2024.14. However, this requires your FSD subscription to expire, which could take several weeks depending on when you renewed. Unfortunately, owners who bought FSD don’t have much of an option.

Yesterday on X, Elon Musk posted that the two key resolutions for the upcoming Shareholder Meeting were both passing by wide margins – and would subsequently go on to pass at today’s Shareholder Meeting.

Musk Compensation Package and Tesla’s Move to Texas

The two key resolutions, one on Elon Musk’s performance-based compensation package, and the other on Tesla’s re-incorporation to Texas, both passed in the preliminary stages. Each required a minimum number of ‘Yes’ votes to pass at the Shareholder Meeting.

The performance-based compensation package only required a simple majority – a certain number of Yes votes, with abstentions not counting as Nos. On the other hand, the move to Texas required a full majority, with abstentions counting as Nos.

Elon Musk declared his victory on X in these two key votes, and Tesla’s share prices moved favorably in post-market, and then again in pre-market trading. This is a positive indicator for Tesla and Elon Musk. On X, Elon recently agreed that given he has received a controlling stake in Tesla, he would work towards making Tesla the most valuable company on Earth.

Yes

— Elon Musk (@elonmusk) June 13, 2024

Other Resolutions

The first five proposals are Tesla corporate proposals, while the remainder are shareholder proposals, and are covered in the table below. For more details, you can read Tesla’s Proxy Package. The proposals are ordered below in the order of presentation.

Shareholder Meeting Event

You can view Tesla’s shareholder meeting below:

Starts at 3:30pm CT https://t.co/M4j55lEht1

— Tesla (@Tesla) June 13, 2024

Tesla is on the verge of its Robotaxi announcement event on 8/8, and major investors like Ark Invest are examining and refreshing their bull case scenarios.

Robotaxi as a Focus

Ark Invest sees Robotaxi as a focus of Tesla’s ongoing business and sees Tesla’s autonomous ride-hailing revenue to net nearly $1 trillion in 2029. In comparison, they estimate Tesla’s vehicle sales to account for $0.4 trillion in revenue. With this bull case, Ark Invest also sees Tesla’s share price soaring to $3,100 by 2029. Ark Invest’s bear case sees the share price moving to $2,000 and robotaxi netting $0.63 billion in revenue.

Ark Invest gives Tesla a 58% chance of launching its robotaxi service in 2025, and a 38% chance in 2026. It’s clear that Tesla’s future lies in operating a fleet of autonomous vehicles and the question is just when it will happen. Given FSD’s massive improvements between FSD V11 and FSD V12, there is a possibility of Tesla meeting these estimates, although a lot depends on how fast improvements will continue to come. While FSD V12 is impressive, it’s still a long way from a true autonomous vehicle.

Rate of Improvement

Ark’s case is focused on the fact that FSD’s rapid improvement will continue, and a lot of that may be determined with the next few releases, including FSD 12.4.1, v12.5, and v12.6. When comparing Tesla to autonomous vehicles, Tesla has a drastic lead in miles driven, in fact, it’s so large that you can barely even see Tesla’s competitors. Tesla is at 1.3 billion miles driven with FSD, while the closest competitors are just reaching 15 million autonomous miles driven. While there’s a drastic difference in capabilities between Tesla’s FSD and autonomous vehicles such as Google’s Waymo, Tesla has the ability to gather data 86 times quicker.

Training data is key to building autonomous vehicles, and Tesla is currently the king of vehicle-related data.

Services Company

We previously wrote about whether Tesla’s future will be as a car company or a services company – and major investors such as Ark Invest and Morgan Stanley see Tesla’s AI services as a major driver of business in the future, and the focus of future revenue and profits.

Robotaxi, as both a service and as a physical product, has the opportunity to shake up markets in a unique way, providing quick, clean, and safe transportation between local destinations in urban areas, which could quickly outcompete traditional services like taxis, and tech competitors like Uber or Lyft. The market for robotaxi is untapped and massive, but Tesla isn’t the only one chasing the goal.