Tesla Q2 2026 财报及问答网络直播

Thank you. So, yes, it's been a great quarter. We achieved record Q2 deliveries. Model Y, I believe it is now, I think it's the best-selling car of any kind in the world and is setting records across the board. So its popularity is increasing tremendously. And we're seeing in locations that have FSD approved, we're seeing a very high take rate of FSD. And in fact, I think, for a lot of people, they're actually buying Tesla full self-driving with a car attached as opposed to a car with FSD. They're coming into our stores in the U.S. and they want the full self-driving and with whatever car comes with essentially. So, clearly, the -- this is a significant demand driver. And as we get approval for FSD in different part -- different countries, I think we'll see a similar uptick in demand. So, yes, it's looking very good on that front. The energy business is also growing incredibly fast, and I think it will be crucial for the scale-up of artificial intelligence, data centers. We're investing a lot in growing the core business and really preparing for the future. So this is a massive CapEx year, but I'm confident that all the things that we're investing in are -- will yield incredible returns, really the best CapEx returns that we've ever seen. And the Tesla team has performed incredibly well. The Cybercab has started production, and we also have started production and are ramping in -- we will soon start production with Optimus. We have started production with the Tesla semi-truck. We will soon start production with Megapack 3. We started production with the lithium refinery, the cathode refinery. We obviously have -- we're scaling up battery cell production battery cell production. And we're also preparing to do a massive solar panel like solar cells and panel production. Actually, this is going all the way from silicon refinement to producing the solar cell and then deployment of solar because there's going to be tremendous need for electricity in the future due to electrification of transport and AI, obviously. So we're working on what we believe is the most ambitious build-out of advanced infrastructure manufacturing capacity ever in history. It's bigger. So, with robotaxi, our goals are very ambitious for robotaxi, but we do need to be cautious about causing any accidents or causing any harm to anyone. Although there are, I think, 30,000 to 40,000 automotive deaths per year in the United States alone, most of those do not generate any press or -- you never really read about almost any of those. But if we injure even one person, it will be worldwide headline news. And regulators will immediately clamp down on our activities. So -- and we don't want to injure anyone. So we're going as fast as humanly possible in scaling robotaxi with while trying to ensure that we do not harm anyone at all and ideally do not even run over a pet. So that's really the constraint is we're -- we want to grow as fast as possible with robotaxi without harm to anyone. And we're providing live updates for robotaxi launch as we open up in a city. We immediately post that on X. So if you just follow the Tesla account on X, but we'll keep you informed as we scale to new cities. We've opened up a number of cities in Florida and in Texas and obviously in the Bay Area. So we'll continue to scale, I think, very, very rapidly on -- with it looks like more than 10% a week in terms of miles driven. So it's a very high compound growth rate. So, let's see, Optimus, as you've heard me say before, I think Optimus will be the biggest product ever, but it is a very complex problem to solve. It's one of the hardest things to solve to make an autonomous humanoid robot that can do tasks that if you simply ask it to do something or show a video, it can do the task without any programming. Like no one's ever achieved this. And you've got -- there are many challenges in the electromechanical design of the robot to achieve sufficient dexterity and rely it to be very reliable and have a long wear and tear, like meaning it needs to be out in the field and not break down. Otherwise, you've got sort of a 70-kilogram robot that just flopped over and you got to carry it out like a body. It's our wheels. And we don't want Optimus to go haywire. So it's a lot of work to scale -- to get the design right and to scale production. And I really want to emphasize here that the production scaling challenge is very substantial. This is going to be the hardest product to scale manufacturing that we've ever made at Tesla because everything on the robot is new. And the difficulty of scaling the production ramp is proportionate to the newness of the parts in the robot. And at least with electric cars, the nonelectric powertrain portions of the cars had an existing supply chain. So you could go to existing suppliers for wheels and side mirrors and windshield glass and that kind of thing, body panels. But with Optimus, there is no supply chain. So we've had to build up the supply chain in its entirety or in-house the production. And we actually have in-house a tremendous amount. The Optimus production line that we're rolling out in Fremont in place of what used to be the model S & X production looks incredible. I mean it's quite stunning to see. So I just want to make sure to calibrate people correctly. Optimus will follow the sort of normal S-curve of a manufacturing ramp, but the initial portion of the S-curve will be quite flat and long because of the newness of the parts and the robot. So you've probably seen lots of impressive demonstrations of robots on the Internet, but those demonstrations you're seeing are preprogrammed or remote controlled. So there is no humanoid robot that is actually able to do generalized tasks. Optimus will be the first one that is capable of doing that, where it's not just a demo, it's genuinely useful in day-to-day life. So -- and Optimus is designed to have full human dexterity. So a hand that has the same level of dexterity, if not higher than a human hand. And the human hand is an incredible, incredible thing. The more you study the human hand, the more amazing you realize how amazing hands are. It's more than just the opposable thumbs. I mean the nuances of how human hands work are amazing as the closer you look, the more amazed you are. And Optimus will have that capability. You will have human and then super human dexterity. So it's really going to be quite something. Let's see, Terafab. The Terafab, we expect to announce the location soon and provide sort of more details about our plans in that regard, which we'll leave that to the product sort of the launch announcement rather than try to squeeze it into an earnings call because I think this is a very big announcement and to have its own sort of day in the spotlight and not be sort of squeezed into an earnings call. But I do think Terafab is going to be an amazing initiative and a necessary one and one without which we will be constrained in our ability to scale Optimus production because we simply won't have enough AI chips. So it's crucial to solve that, and we'll have to solve memory, logic and packaging for -- in order to scale Optimus. So if anyone likes it, we'll leave that to an announcement. We've placed equipment orders for our development fab in Austin. And that development fab, I think, is pretty cool because it's intended to have lithography mask production and then logic, memory and packaging and chip testing all under one roof. So you can have a very fast iterative cycle and try out new chip designs very quickly and see if they work. I don't think such a building exists anywhere on earth. So this is really going to be super helpful as we try some exciting adventurous high-risk, high payoff bets on AI chips. But it focused, like I said, on primarily Optimus, like how do we make Optimus as useful as possible. And we have like we have Digital Optimus, which is basically driving a computer screen, I guess you can call it computer use or something like that, but driving a computer screen in the same way you drive a car. So, for the car, it's sort of pixels in or photons in and controls out. The same thing is true for Optimus and Digital Optimus. It's photons in, controls out. So we feel confident we can adapt the same Tesla AI technology that we developed for self-driving cars to have a self-driving computer screen, self-driving computer essentially. So the self-driving computer where the Tesla -- the very low cost, Tesla AI computer can handle all of the sort of short-term tasks. They're doing real-time video control of the screen of the computer. So it's not like screenshots type of things, it's real-time video and high frame rate. And Digital Optimus will be important, obviously, for physical optimus because physical optimus needs to be able to operate computers. Like you can't come up to a touchscreen and not know what to do. It's got to have a generalized touchscreen and computer use capability. So that's looking promising. And this is in partnership with SpaceX. SpaceX is sort of the big model that is kind of like the manager of Digital Optimus and kind of tells Digital Optimus what to do, provides it with a series of tasks and then digital Optimus goes and does those tasks. We're also building out a megapod design that has Tesla AI4 computers with x86. So pairing x86 computer with the Tesla AI4 computer in a box, it's got Digital Optimus in a box. And in a megapod, kind of like the Megapack packaging. And so we put just a large number of AI4+x86 combos in a giant box essentially. And these boxes can be placed anywhere in the country or outside the country. And this allows us to scale AI compute using disaggregated electricity production. So because there's lots of places all around the world, including in our superchargers. I think we've got something like 7 gigawatts of power at our superchargers and growing. And we can place megapods at many of these superchargers and have distributed power for AI. So, I think that, that could be quite a big deal. So, in conclusion, we're super excited about our autonomy and robotics road map. There's so much awesome stuff coming. It's, like I said, hard to squeeze into an earnings call. But we'll have a lot of product announcements. And this is going to be a great year for Tesla, I think one of our best years ever. And then I think next year will be even better. So, in conclusion, I want to thank the Tesla team for their excellent execution and all of our supporters for joining us in this journey. Thank you.

Sorry, yes, our suppliers have been great, and they've made -- they have made and are making tremendous investments in support of Optimus and robotaxi and whatnot. Samsung and TSMC, in particular, are building fabs at TSMC in Arizona and Samsung in Texas and putting in tens of billions of dollars for -- to build AI compute for Optimus and robotaxi. Panasonic has also invested many billions in increasing battery cell production. I'm a little under the weather here. So I sound a little kind of struggling with some a little bit today. So, yes, but our partners have been great. And I'd like to thank them for their support and their investment and their hard work.

Yes. I actually I'd also like to thank Micron for giving us the memory allocation. They're going to make some very tough decisions on memory allocation, and we really appreciate Micron making room for Tesla in the years to come and giving us actually a very significant allocation on reasonable terms given the pretty insane pricing of memory these days.

Yes. We expect to be vertically integrated with robotaxi as we are in the rest of our business. So I don't think we're going to have any demand challenges with robotaxi. So this is -- the economics will be so compelling that I think we will really have a lot more desire to use the service then like I think demand will outstrip our ability to service the demand. And so obviously, you just -- there's -- you can just go vertical in that situation. So it's really just about going through what we call the March of 9s of reliability where you need like how many reliability do you need to scale? Ideally, you want 99.999% reliable. And so that's the -- it's just the March 9 of reliability. I think the only thing really constraining our growth in robotaxi.

Well, I mean, as you can tell from the many collaborations on so many fronts with SpaceX and there's a lot -- there's more and more overlap, especially with Terafab, that's really going to be a gigantic project. So -- but obviously, we can't talk about combining companies and that kind of thing on an earnings call. It's got to be done with the appropriate process. And with that, I'll turn it over to Brandon, our General Counsel.

Yes. And there's many other things, too. Obviously, you've got Grok in the car. So -- and Grok helping drive Digital Optimus. You also got Starlink being integrated into the Cybercab and Starlink will be integrated into all of our vehicles, at least for markets that Starlink is active. Because for a robotaxi situation, you need to have coverage everywhere. And there are many places even in Silicon Valley where the cellular coverage is terrible or sometimes nonexistent, which is surprising for Silicon Valley. But I know when I want to drive to work with the first 10, 15 minutes, I can't actually do any calls because the cellular connectivity is so bad. So we can't have robotaxis getting stuck in these like Bermuda triangles of lack of cellular connectivity. So Starlink with its ability to do connectivity anywhere is actually quite important. So we don't have robotaxis missing in action. And then obviously, if people are sitting in the car that they're going to want to do high productivity stuff or entertainment. And with Starlink, you can watch 4K live sports in the car and with very low cost per gigabyte of data that's really not feasible via the cellular system. And there's many other situations.

Yes. One of the things for Cybercab should be noted is because it is a new vehicle chassis, we need to accumulate driving data that is specific to the Cybercab before we can put a lot of them on the road. So unlike say Model 3 and Model Y and our other vehicles where we've got a lot of vehicles on the road, millions of vehicles on the road. We don't have that for Cybercabs. So we actually have to accumulate miles with Cybercab that are retrofitted with steering wheels and brakes acceleration braking battles that kind of thing to calibrate to the Cybercab chassis. So you'll see -- as we are confident about that, the number of Cybercabs in cities will increase dramatically.

Yes, absolutely. As you alluded to, there is a really serious shortage of truckers. So there just aren't enough people who around -- who want to drive trucks, which are crucial for transport throughout America. So an autonomous Semi is actually going to be very important to address the shortage of truck drivers. And obviously, it will be great for improving safety and making it easier on truck drivers to have a self-driving Semi is going to, I think, dramatically improve safety and comfort for truck drivers that use the Tesla Semi. Since the units -- the total number of units of the Tesla Semi is still low and will continue to be a very small percentage even by the end of this year of our total vehicle fleet, it makes sense for us to focus our efforts, our self-driving efforts on our high-volume vehicles. So Model 3 and Y and solving self-driving for -- and really getting to the point where it's generalized unsupervised self-driving for those vehicles and Cybercab. So we expect to do -- get self-driving working on the Tesla Semi probably around the end of this year or early next year. And -- but I just don't want it to be a distraction on the March of 9s of self-driving of safety for self-driving on 3Y and Cybercab. That's -- so it's taking a bit of a backseat for the next six months or so for autonomous semi. But it will be -- it will definitely be a bit working next year and in time for the scale up to high production of Tesla Semi. For communications, yes, I think there's an interesting angle there where you could use the Starlink terminals that are in the Tesla cars as like sort of cell towers, I suppose, or connectivity towers basically for providing relays on the ground to cell phones and to anyone who would like WiFi basically. But yes, I mean it is a different subject, but obviously, we could do that with the stationary stalling terminals, too.

You're talking about making like microcontrollers and like the various computers that are in the car that operate like the steering system and the braking system.

Yes. Optimus has a lot of really specialized power electronics and circuit boards. It's all Tesla design, design stuff, but it is fabricated by suppliers. For Optimus 4, which will be built in Austin, that will be a much more vertically integrated supply system for Optimus 4. And that we aim to have an order of magnitude more production of Optimus 4 than Optimus 3. So sort of aspirationally 10 million units a year versus 1 million units a year of Optimus 3. But with all the caveats there, which is intensely difficult to scale production. So -- and yes, Optimus 4 will be much more vertically integrated. So probably doing a lot of the sort of PCV work in-house for that.

I think it's going to make sense for -- to upgrade all cars with that are have less than hardware for almost any cars that have cameras basically because otherwise, it probably too many modifications. But anything that's got sort of -- that's set up for cameras, it will be financially sensible at some point to upgrade them. And I think we want to upgrade them to the next generation of next-generation AI board, so to be either like we have an upgraded AI chip that's sort of medium -- sort of moderate improvement over AI4, probably reaches production around the middle of next year. And then there's also AI5, which hopefully is in volume production around the middle of next year. AI will initially go into Optimus and actually making very good progress. So Tesla chip team is really doing great work and making incredibly fast progress on AI. And we're -- I'm very excited about the design of the Tesla AI chip. I think it's -- I think it's going to be the best edge computing chip in the world. And if somebody has got a better one, I'd like to need that person to shake your hand because the AI chip is just so good. So I think we've got -- I think it's going really well on the chip front. And again, I'd like to thank TSMC and Samsung and Micron for their support.

Yes, it's a good question. I've actually my -- what I've asked the team to do is like really, we should be spending on CapEx as fast as we can spend -- as fast as we can without it being too wasteful. So we're not trying to aim for like some extremely high efficiency capital spend because that would slow things down. So it's a balance between like how much sort of capital efficiency versus time. So if we can be -- it's okay to be a little less capital efficient if we get things done sooner because that's actually going to be the higher NPV outcome for the company. So, overall, I'm pretty happy with how things are going. I mean we're doing an incredible amount of construction and production growth in so many different arenas simultaneously. I don't think there's ever been a company that's done this at the scale. But maybe proportionately back when Henry Ford did the Model T or something like that, but World War II when companies were making -- had to sort of scale up reference production. But I think probably this is the fastest industrial scale-up since World War II in America.

This is underrated by the way. Please go ahead.

Yes. Our CapEx efficiency, I think, is all scale good.

Well, it's still mostly it's not just peak shaving, but it's also grid balancing. So it's not just like the facts are on briefly, but for balancing power from wind generation and solar generation, batteries are awesome. I mean the solar battery combination will be how the vast majority of energy in the world is produced in the future. That's really, of course, how all of the Starlink satellites are powered with solar panels and batteries. So -- and you can just think of us like a giant satellite. There's far more power available from the sun than anything else by far. And we think power constraints are going to be -- they really are a major issue for AI, just turning on the AI computers. The AI compute demand is so high that people having -- even the -- the hyperscalers are having trouble turning on their AI compute and finding the power and then smoothing the power with -- especially for the training runs where the power cycles dramatically in a very short period of time, you can have -- during a training run, the power consumption can drop by 70% for 100 milliseconds. And you really need fast-acting advanced power electronics to be able to smooth out these massive -- massive changes in power, especially during the training runs. So that's why SpaceX has bought so many megapacks for the data centers. It's actually mostly for smoothing out the power for the training runs. -- will also be useful for being able to tap more power from the grid by -- if you tell utilities that they can that they will not need to supply power during the worst hours or the worst days of the year because the batteries can handle it, then that makes it much easier for them to give you power. In fact, I mean, probably the best way to scale total energy production in the United States is simply using batteries because there's, I think, around 1.2 or 1.3 terawatts of power production in the U.S., but the average power usage is only 0.5 terawatt. So you've got 2.5x as much power generation as the average usage. That means you could potentially double the energy output in the United States just with batteries. So really, we see demand for Megapack being very, very high in the future.

All right. Thanks everyone. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Parts of this article were created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy . *Average returns of all recommendations since inception. Cost basis and return based on previous market day close. Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Making the world smarter, happier, and richer. © 1995 - 2026 The Motley Fool . All rights reserved. Market data powered by Xignite and Polygon.io . About The Motley Fool Our Services Around the Globe Free Tools Affiliates & Friends Record vehicle deliveries and robotaxi expansion drive capital spending surge.