Q2 2026 Tesla Inc Earnings Call Transcript
Key Points
- Tesla Inc (TSLA) achieved record Q2 deliveries, with Model Y becoming the best-selling car globally.
- The Full Self-Driving (FSD) feature is a significant demand driver, with high take rates in approved locations.
- The energy business is growing rapidly, with a 53% sequential increase in energy storage deployments.
- Tesla Inc (TSLA) is making substantial investments in AI and infrastructure, positioning for future growth.
- The Robotaxi program has shown exponential growth with an impeccable safety record over 380,000 miles.
- Automotive gross margins, excluding regulatory credits, declined from 19.2% to 16.3% sequentially.
- Energy gross margins fell from 39.5% to 20.4% due to warranty true-ups and increased competition.
- Production growth is limited by supply chain constraints, including batteries and electronic components.
- Free cash flow was negative for the quarter due to a significant increase in CapEx.
- Tesla Inc (TSLA) faces challenges in scaling production for new products like Optimus due to the lack of an existing supply chain.
Good afternoon, everyone, and welcome to Tesla's second quarter 2026 Q&A webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vibhav Taneja, and a number of other executives.
Our Q2 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.
During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today.
Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.
During the question-and-answer portion of today's call, please limit yourself to one question and one follow-up.
Please use the raise hand button to join the question queue.
Before we jump into Q&A, Elon has some opening remarks. Elon.
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