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[Gali @Gfilche]

$TSLA Q2 2026 Earnings Call Notes (Gali Style) 🤓📝

Elon Opening remarks: Great quarter, record Q2 deliveries, Model Y best-selling car of any kind in the world (I think), In locations with FSD approval we’re seeing a very high take rate. People buying cars just for FSD

FSD is a significant demand driver. As approval ramps to other countries, I think we’ll see a similar acceleration in demand

Energy business growing “incredibly fast”, will be crucial for artificial intelligence/data centers

Investing a lot, massive CAPEX year, preparing for the future. Things were investing in will yield incredible return. Best CAPEX returns we’ve ever seen

Cybercab has started production. Optimus starting production very soon. Tesla Semi has started production. Megapack production starting soon. Ramping battery cell production. Also preparing to do a massive solar panel/cell production, all the way from Silicon refinement to deploying the cell

We’re working on the most ambitious advanced technology buildout in history

Robtoaxi goals are very ambitious. But we are being super cautious about causing any accidents or harm to anyone. Although there are 40,000 automotive deaths each year in the US, they generate almost no press. But if Tesla injures one person it’s worldwide headlines news, regulators could clamp down actives. We’re going as fast as possible to scale Robotaxi, while ensuring we don’t harm anyone, or even run over a pet.

We’re providing live updates on X (Robotaxi account) as we scale to new cities. Expanding in Florida and Texas. Will continue to scale very rapidly. More than 10% per week in terms of miles driven

Optimus. Will be biggest product ever. But very complex to solve. One of the hardest things to do is make an autonomous humanoid robot that you simply ask it do to a task. It can watch a video and do it, without any programming. Many challenges with dexterity, and surviving lots of wear and tear. Hardest production ramp we’ve ever done at Tesla. Everything is new, and needs new supply chains. Optimus will follow normal S curve of manufacturing, but initial portion of S curve will be very flat and long. You’ve seen lot of robot demos online, but they are preprogrammed or controlled. Optimus will be the first robot to do these tasks by itself. It will have human hand level dexterity. Human hand is an incredible thing. Optimus will have human, then superhuman level dexterity.

Terafab. Expect to announce a location soon. And will provide more details then. Will leave that info for the launch announcement. It will be big, and deserves its own spotlight, not squeezed into an earnings call. Have to solve memory logic and packaging to scale. Have placed equipment orders for development fab in Austin. Dev fab is pretty cool. Will have a very fast iterative cycle to try out new chip designs. Building will be first of its kind on earth. Will try high risk and high payoff bets on AI chips.

Digital Optimus. Basically driving a computer screen like you drive a car. For the car its pixels in, controls out. Digital Optimus will be the same. Will be a self driving computer essentially. Digital Optimus is important for physical Optimus. Because physical Optimus will need to know how to work computers. This is in partnership with SpaceX’s Grok. Grok will tell Optimus what to do, provides it a series of tasks, then optimus does them.

Megapod. Building out design with AI computers. Digital Optimus in a box. We have 7GW of power at superchargers and growing. We can place Megapods at many of these and have distributed power for AI. Could be quite a big deal.

So much happening, hard to squeeze into an earnings call. It’s going to be one of the best years ever for Tesla. Next year will be even better.

CFO Remarks:

Q2 continued Q1 trends of resurgence in demand. Exited Q2 with largest automotive backlog since 2023. Production growth limited by supply chain, electrical components.

Sales data is showing, FSD is one of the main reasons people are buying cars. 55% of deliveries in NA had FSD subscriptions at the time of vehicle delivery.

Nearly 1.5M paid subscriptions (about 45% subscriptions, 55% lifetime purchases).

Automotive margins (excluding credits) declined. Came from warranty changes and tariff relief. Excluding those, margins would be almost flat.

Energy business is lumpy. Tied to customer timelines. It was the 2nd largest quarter for energy. Energy gross margins declined from 29% to 20%. Because of warranty true up ($240M), also tariffs benefits from Q1 did not repeat. ASPs for industrial storage going down because of competition. Long term the energy business will stay at 20-25% gross margins.

Service margins hit 14.1%, all time high. Operating expenses ramped, because of R&D with Semi, Optimus, Cybercab and other AI initiatives. Also costs related bringing AI compute online. We are in a big investment cycle. R&D will continue to grow in 2026 and beyond.

Net income was positively impacted by $1B in SpaceX equity gains.

Free cash flow was negative for the quarter, as guided. Because of CAPEX doubling sequentially. It will increase further in the 2nd half of 2026. CAPEX for this year will be above $25B. It will grow for the next few years as we keep investing in Robotaxi, Optimus, Terafab, Solar, etc …

SAY Q&A

Ashok answering …

Robotaxi questions were many, so providing a comprehensive view.

Robotaxi going very well. Impeccable safety record. Over 380,000 miles unsupervised. 0 notable incidents. Want to emphasize 0 incidents so far. Everyone said we needed LIDAR, but we are showing that is not true. This record is a huge validation of Tesla’s AI push.

Scaling. We started just one year ago in Austin. Had safety monitors back then. We’ve grown at compounding rate week over week with unsupervised miles.

Robotaxi fleet is already running versions of V15 FSD software. We planned 7 major improvement tracks in FSDv15, we’re making progress on all of them. Car is riduclously safe and capable. All tech improvements are working, and expect the payoff to be huge. And we will sustain the same growth rate through the rest of this year and beyond.

Cybercab. It’s phenomal product. Anyone who rides in it falls in love with the experience. Exponential growth will continue for foreseeable future. Cybercab will be awesome.

Data for Optimus training. (I got distracted, Elon replied to one of my tweets while listening lol)

AI strategy for Optimus is the same thing as FSD. Pixels in, controls out. Optimus will be easy. Can ask it to do anything, and it will just do it. V15 software works on Optimus as well.

ANALYST QUESTIONS (worried they might be boring, uh oh)

Big pause, still on mute … lol classic.

Are suppliers helping to ramp Optimus? Elon answering: Suppliers have been great. Making big investments in support of Optimus and Robotaxi. Samsung and TSMC in particular are building Fabs. Putting in $10Bs to build AI compute for Optimus and Robotaxi. Panasonic investing Billions in increasing battery cell production. Also like to thank Micron for memory allocation. They had to make tough decisions there, and gave Tesla significant allocation at good terms.

Lars coming in… for Robotaxi regulation. Getting support from NHTSA. State to state regulators not ideal, especially New Jersey. Tesla going to let the performance speak for itself (safety data is my guess).

Elon answering … Robotaxi will be vertically integrated, like other business. Won’t have demand challenges because economics will be so good. Demand will be bigger than supply. Really just going through the march of 9s of reliability. It’s the only thing constraining growth in Robotaxi.

Analyst asking about Tesla / SpaceX combining … (uh oh) lol.

Elon answering … Many collabs between Tesla and Space. Especially Terafab. Going to be a gigantic project. Can talk about combining companies on earnings calls, needs an appropriate process.

Other guy chimes in .. .We are benefiting from our partnership with SpaceX. Deepend our partnership with an investment in SpaceX. Grok in the car. Grok helping with digital Optimus. Starlink integrated into Cyebrcab. Soon all of vehicles. For Robotaxis you need cell coverage everywhere. Starlink will allow people to watch 4K live sports in the car.

Robotaxi question … only dozens of cars in each market, why not scale Austin instead of other cities?

Ashok answering … Want to prove the stack works in a lot of different cities without much effort. Growth rate has been exponential … early part of exponential. Vehicles are in continuous operation, so even with a few vehicles you can get a lot of miles out of them. Want to operate a very efficient fleet, optimizing for lots of miles per vehicle in the fleet. Before go high in terms of deployment have to get the infrastructure built out.

Elon chimes in… Cybercab has a new vehicle chassee. This means we need to put lots of testing into it to validate.

Lars chiming in … Regulations different city by city and state by state. Expanding city by city is to meet those requirements one at a time.

Analyst question.. Anything at federal level needed to unlock Cybercab? Lars says no, not really.

Elon .. Very serious shortage of truckers in USA right now. Autonomous Semi is very important to address that. Focusing self driving efforts on high volume vehicles for now. Taking back seat for 6 months for Cybercab. But working next year and the scale up to high production of the Tesla Semi.

You could use starlink terminals in Tesla cars as cell towers / connectivity towers for providing relays on the ground to cells phones or anyone who needs Wifi.

Optimus has lots of specialized electronics , and circuits boards, custom designed for Tesla. For Optimus V4 built in Austin, will be much more vertically integrated. Going for 10M units year, vs 1M units year for Fremont. Will be doing PCB work in house for the V4 Optimus.

AI5 Chip will initially go into Optimus. Tesla chip team is doing great work, making great progress on AI5. Very excited about Tesla AI6 chip. Will be best AI computing chip in the world.

Question.. Pace and path of CAPEX.

Elon … We should be spending CAPEX as fast as we can, without it being “too wasteful”. Not aiming for some extreme high efficiency capital spend because that slows things down. It’s a balance between capital efficiency versus time. Overall pretty happy with how things are going. So much construction going on in so many regions. No company is investing like we are … maybe Henry Ford with the Model T .. but probably fastest industrial scale up since WW2 for America.

CFO .. all of spend on CAPEX is on productive assets. We’re all in on scaling factories.

Analyst … question on Energy storage. Is it peak shaving demand? Is it a quality of power for datacenters??

Elon answers … Not just peak shaving, but grid balancing. Balancing power from wind generation and solar generation, our batteries are awesome for this. Solar + batteries is how most energy will be produced in the future. That’s how Starlink works. Earth is like a giant satellite. Megapack will be useful for getting more energy from the grid for AI. Best way to scale energy in the US is batteries. We have 1.2-3 Terawatt capacity in us, but only using 0.5. We could double the energy of the US with just batteries. We see demand for Megapack being very very high in the future.

Call ends .. techno music resumes

[久家懦夫 @LeeJYoung]

@Nstig8tor62 @elonmusk @Truthful_ast LOL

[久家懦夫 @LeeJYoung]

@CyberCatX 有没有可能是你自己有点飘了，XAI，SPACEX，TSLA，你全看透了，然后开始目中无人了....

[久家懦夫 @LeeJYoung]

@David_yc607 李昌钰那一声“哇”，给我的震撼更大。逝者已已，就不多评价了。

[久家懦夫 @LeeJYoung]

@MarioNawfal Are you sure this red-haired little white boy is from GAZA?

[Elon Musk @elonmusk]

Cybercab has started production

[久家懦夫 @LeeJYoung]

@XPENG_Global 别吹牛逼，去印度试试

[久家懦夫 @LeeJYoung]

@WangNextDoor2 一帮杂碎，走到哪都是破坏。

[久家懦夫 @LeeJYoung]

@vulturetrades $SPY

[久家懦夫 @LeeJYoung]

@NYCMayor @mehdirhasan Don’t be silly. If Iran has nuclear weapons and somehow be capable to drop that in NY, no matter how much you save and how much you have.

[久家懦夫 @LeeJYoung]

@vulturetrades Here here.

[久家懦夫 @LeeJYoung]

@Israelwaronhama 这傻逼是被老婆打傻了吧？

[久家懦夫 @LeeJYoung]

@NYCMayor Idiot, I guarantee you will tax nothing.

[久家懦夫 @LeeJYoung]

@harukaawake Then let her fuck off. No one invited her to be here.

[久家懦夫 @LeeJYoung]

@MarioNawfal Sooooo disgusting

[墓碑科技 @mubeitech]

你在谷歌地图上的房子，正对全网罪犯单向透明。
只要输入你的地址，放大街景。
你家的每一扇窗户、每一道大门、每一个潜在的潜入入口，全都一览无余。
这等于免费给全网发放了一份高清踩点地图。

赶紧去给你的房子打上马赛克。
操作只花一分钟。
打开谷歌地图，搜索你家地址。
点击搜索栏下方的房屋街景照片。

画面全屏后，点击角落的三个点。
选择“举报问题（Report a problem）”。
把你的房子拖到屏幕画面的红框正中心。
在理由选项里勾选“我的住宅（My home）”。
点击提交。

谷歌会把这栋房子永久模糊处理。
从街景上看，它就像从未存在过一样。
随手一个设置，就能直接切断最隐蔽的窥探渠道。

[久家懦夫 @LeeJYoung]

@elonmusk IT'S DISGUSTING.