Tesla Inc.: 2Q26 Earnings First Look

研报英文原文证据摘录

Tesla Inc.: 2Q26 Earnings First Look

Deutsche Bank

Research

Rating Company Date

Buy Tesla Inc. 23 July 2026

Results

North America

United States

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (USD) 374.01

TSLA.OQ TSLA US NMS TSLA

Price target 465.00

Consumer

52-week range 489.88 - 21.00

Autos & Auto Technology

2Q26 Earnings First Look

Valuation & Risks

Edison Yu

Earnings summary Research Analyst

Tesla reported somewhat soft 2Q results compared to our/consensus expectations. +1-212-250-7263

Winnie Dong

n Revenue of $28.24bn came in above our/consensus estimates of $28.17bn/

Research Analyst

$27.58bn due to upside in Services & Other, partially offset by weaker

+1-212-250-5121

Energy storage and Auto; vehicle ASP was slightly lower than modeled but

above consensus. Laura Li

Research Associate

n FSD active subscriptions exited 2Q at 1.48m users (+200k QoQ) globally +1-212-250-2266

consisting of 55%/45% up front purchases vs. subscriptions. In North

America, 55% of deliveries had FSD subscription enabled at the time of James Mulholland, CFA

delivery. Research Associate

+1-212-250-6026

n Robotaxi fleet has driven more than 380k miles unsupervised across six

cities in two states with reportedly no notable incidents.

n Auto gross margin (ex-credits) fell short of expectations at 16.3% (vs. our

18.0%). The margin shortfall was driven by unfavorable mix and non-

recurrence of one-off impacts from the prior quarter ($230m in warranty

and tariff benefit), without which automotive gross margins (ex-credits)

would have been roughly flat. Management also mentioned that, given

interest rates subvention costs are recognized upfront as revenue offset,

and with interest rates rising this year, the cost of subvention also increased