Equity Snap: Tesla Inc (TSLA US): 2Q26 results – after the call

Research evidence excerpt

Equity Snap: Tesla Inc (TSLA US): 2Q26 results – after the call

23 July 2026

Equity Snap: Tesla Inc (TSLA US) Equities Automobiles

2Q26 results – after the call United States

◆ Management understands the need to grow; hence, the ramp Michael Tyndall*, CFA

in spending, but safety and resilience will take time Senior Global Autos Analyst HSBC Bank plc

michael.tyndall@hsbc.com

+44 20 3359 6301

Tesla Inc (TSLA US, USD378.93, Reduce, TP USD125.00)

Pushkar Tendolkar*

(Priced as of 21 Jul 2026) Global Autos Analyst

HSBC Securities and Capital Markets (India) Private

Robotaxi: Safety the #1 restrictor to faster growth: Limited

pushkarnarendratendolkar@hsbc.co.in

◆ Impeccable safety record so far – 380k miles driven across 6 cities in two states, +91 80 4555 2752

with no incidents. Alice Martin*

Global Autos Analyst

◆ No mentioned of the number of vehicles or future coverage plans, but miles HSBC Bank plc

driven growing at a double-digit rate week over week in the last several months. alice.martin@hsbc.com

+44 20 7992 0175

◆ Cybercab needs to accumulate its own data to calibrate the chassis before it can

be scaled.

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

◆ Regulation made a lot of headway in the US with NHTSA, but cities/states have

their own rules, which it needs to accommodate. Hence, the rollout pattern.

Optimus: Mentioned again that it is a significant engineering challenge. Many

challenges in the electromechanical design of the robot to achieve sufficient dexterity

and reliance. Also needs to be very reliable and have long wear and tear. Ramp will

be slow. Suppliers helping on 3.0, but Optimus 4.0 will be a lot more vertically

integrated.