Tesla Inc (TSLA US): Reduce: The big spend, then the wait

研报英文原文证据摘录

Tesla Inc (TSLA US): Reduce: The big spend, then the wait

Equities ● Automobiles

23 July 2026

Key takeaways from the earnings call

Robotaxi: Safety the #1 restrictor to faster growth:

◆ Impeccable safety record so far – 380k miles driven across 6 cities in two states, with no

incidents.

◆ No mention of the number of vehicles or future coverage plans, but miles driven growing at

a double-digit rate week over week over the past several months.

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

◆ 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.

FSD: Current robotaxi fleet running on early version of V15. In Q2, c55% of North America

deliveries had a FSD subscription. Paid subscribers reaching nearly 1.5 million globally, of

which 55% are upfront purchases and the rest subscriptions.

Other projects: Will have a lot of product announcements – Digital Optimus (driving a computer

screen), Megapod (disaggregated AI compute). Expects to announce Terafab location soon.

Working on “massive” solar cell and panel production.

Capex cadence: More than USD25bn in 2026 and will grow for the next two or three years as

Tesla expands robotaxi fleet, production capacity for Optimus, makes investments for

semiconductor fab, and installs solar manufacturing capacity and AI compute infrastructure.