Automotive & EV

Last Updated: 19 April 2026

QuantumScape Corporation (NYSE: QS) is a San Jose-based developer of solid-state lithium-metal battery technology aimed primarily at electric vehicles. The company spent more than a decade on R&D before beginning its transition to commercial-scale production, inaugurating its Eagle Line pilot facility on 4 February 2026 and recording its first-ever customer billings of $19.5 million in 2025. It remains pre-revenue under GAAP and loss-making, with $970.8 million of liquidity funding operations into the latter part of this decade. Q1 2026 results are due after the close on Wednesday 22 April 2026, and this is the key near-term catalyst.

1. Company Snapshot

Full Name	QuantumScape Corporation
Ticker	QS (NYSE)
Sector / Industry	Automotive & EV / Solid-state battery technology
Founded	2010 (Jagdeep Singh, Tim Holme, Prof. Fritz Prinz)
Headquarters	San Jose, California, USA
CEO	Dr. Siva Sivaram (since 15 February 2024)
Chairman	Jagdeep Singh (co-founder)
CFO	Kevin Hettrich
Market Cap	~$4.37 billion (11 April 2026)
FY2025 Revenue (GAAP)	Nil; $19.5M customer billings (not yet recognised as GAAP revenue)
FY2025 Net Loss (GAAP)	$(435.1)M
Employees	~700–800
Exchange	New York Stock Exchange
Website	quantumscape.com

2. Bull Case vs Bear Case

Bull Case

• Eagle Line pilot production is live. Inaugurated 4 February 2026 with the Cobra separator process fully integrated, turning a decade-plus of R&D into a physical blueprint for scale manufacturing.
• Commercial traction is starting. First-ever customer billings of $19.5M in 2025, all collected in cash, alongside a joint development agreement signed with an undisclosed top-10 global automaker in December 2025.
• Capital-light licensing model with a $261M funded runway from PowerCo alone. The expanded July 2025 deal with VW's PowerCo stacks $131M of new milestone payments on top of the original $130M, and grants PowerCo rights to up to ~45 GWh/year of QSE-5 production.
• $970.8M in liquidity funds operations into 2029. Management has explicitly stated that its cash position is sufficient to reach meaningful commercial milestones without near-term dilutive raises.
• Product performance is competitive on paper. QSE-5 B-sample cells deliver 844 Wh/L volumetric and 301 Wh/kg gravimetric energy density, 10-80% fast-charge in ~12 minutes, and >1,000 cycles at >95% capacity retention — all measured in-house and validated by shipment to multiple OEMs including the Ducati V21L programme.

Bear Case

• Still no meaningful GAAP revenue. After 16 years of operation, QuantumScape generates essentially zero GAAP revenue. Customer billings are development milestone payments, not cell sales at scale.
• $252M adjusted EBITDA loss in 2025 and guided to $250-275M again in 2026. Cash burn has plateaued rather than declined, and commercial production is still years away.
• Severe share dilution. Shares outstanding have grown from ~233M in 2021 to 612.58M by April 2026 (+13.35% in the last year alone) — a structural headwind even if the business succeeds.
• Timelines have repeatedly slipped. SPAC-era commercialisation targets (2024-2025) are now pushed to field testing in 2026 with commercial production possible in 2027 or later. A $47.5M securities class action was settled over prior overstatements.
• Heavy concentration and formidable competition. Volkswagen-related entities remain the dominant customer, while Toyota (8,200+ solid-state patents), Samsung SDI ("SolidStack" targeting 2H2027 mass production), Idemitsu-Toyota, CATL, BYD and Solid Power are all pushing competing chemistries — several with captive auto demand or supply-chain muscle QS lacks.

3. What Does This Company Actually Do?

QuantumScape designs solid-state lithium-metal batteries intended to replace the graphite-anode liquid-electrolyte lithium-ion cells that power today's electric vehicles. The core innovation is an anode-free architecture built around a proprietary ceramic separator: at charge, lithium plates directly onto the copper current collector, eliminating the graphite anode entirely and freeing up space for more active material. The separator blocks dendrite formation, which historically has been the failure mode for lithium-metal designs.

The company does not yet sell batteries at commercial scale. Its current revenue streams are: (1) milestone-triggered payments from licensing partners, chiefly Volkswagen's PowerCo; (2) joint development fees from automotive OEMs engaged in technical validation; and (3) sample cell billings for validation programmes. Full-year 2025 customer billings totalled $19.5M.

QuantumScape has chosen a capital-light commercialisation route: rather than building its own gigafactories, it intends to license the QSE-5 cell design and its Eagle Line production blueprint to battery manufacturers and automakers. PowerCo is the anchor licensee. The economic model therefore depends on (a) proving the process at the Eagle Line, (b) transferring it successfully to partners, and (c) collecting royalties once partner gigafactories reach volume.

Segment	% of revenue	What it is
Licensing milestone payments	~75% (est.)	Milestone-based payments from Volkswagen's PowerCo under the expanded July 2025 agreement (up to $131m in milestones over ~2 years on top of the earlier $130m tranche). FY2025 customer billings totalled $19.5m.
Joint development & sample cell fees	~25% (est.)	Fees from automotive OEM partners engaged in technical validation programmes plus billings for QSE-5 prototype cells used in OEM validation work. QS has not broken out the split publicly.
Future royalties	0%	Per-unit royalties on QSE-5 cells produced by licensees are not yet being earned; PowerCo production rights cover up to 40 GWh/year plus a 5 GWh non-exclusive allocation for third parties once volume production begins.

4. The Business Model

Revenue, when it comes at scale, is expected to derive from a combination of upfront and milestone-based licensing payments plus per-unit royalties on QSE-5-based cells produced by licensees. PowerCo's expanded agreement (July 2025) includes up to $131M in milestone payments over approximately two years on top of an earlier $130M tranche, with production rights covering up to 40 GWh/year plus an additional 5 GWh non-exclusive capacity for third-party customers. Management has also stated that PowerCo has an option to double the original capacity.

Margins are not yet meaningful because the company has no product revenue. Adjusted EBITDA was a loss of $252.3M in 2025. Management has guided full-year 2026 adjusted EBITDA to a loss between $250M and $275M, and 2026 capex to $40-60M. The business is asset-heavy in R&D and pilot manufacturing today, but the licensing pivot is intended to keep QS itself from funding gigafactory capex — that capital would sit on partner balance sheets.

Competitive moat: the core protection is intellectual property. QuantumScape holds 288 global patents across 67 families (181 active), plus 119 US patent applications. Coverage spans ceramic separator chemistry (especially LLZO garnet), electrode manufacturing, cell architecture, and production processes (Cobra, Raptor). Citations of QS patents by Toyota, Samsung and Ford suggest the IP is taken seriously by the largest competitors. Beyond IP, the Cobra separator process itself — a ~25x throughput improvement over the prior Raptor process — is hard for competitors to replicate, and validated manufacturing partnerships with Murata and Corning are meaningful barriers to entry.

Supply chain dependencies: ceramic separator production is being scaled via Murata Manufacturing (JDA signed October 2025) and Corning (agreement September 2025) — two of the world's largest industrial ceramics companies. Lithium metal, copper and cathode materials (typically NMC) come from standard EV battery supply chains.

Subsidy and regulatory credit dependency: QuantumScape receives no material government subsidies or regulatory credits today. That is a meaningful structural advantage over Tesla-style revenue bases that rely on ZEV credits or IRA production tax credits — but it also means there is no subsidy cushion if commercialisation slips. US IRA Section 45X production tax credits could become relevant if QSE-5 cells are manufactured domestically by licensees, but those credits would accrue primarily to the licensee.

5. Financial Health

QuantumScape is pre-revenue under GAAP and loss-making. What follows is sourced from its Q4 2025 shareholder letter (11 February 2026) and prior 10-K filings.

Metric	FY2023	FY2024	FY2025
GAAP Revenue	~$0	~$0	~$0 (GAAP)
Customer Billings (non-GAAP)	n/a	n/a	$19.5M
GAAP Operating Expenses	~$431M	~$410M	$472.6M
GAAP Net Loss	~$446M	~$478M	$(435.1)M
Adjusted EBITDA Loss	~$305M	~$285M	$(252.3)M
Cash & Liquidity (year-end)	~$1.0bn	~$910M	$970.8M

Cash and burn: year-end 2025 liquidity of $970.8M is the key figure. At the current adjusted EBITDA burn of ~$252M/year plus $40-60M capex, management states the balance is sufficient to fund operations through 2029 without a dilutive raise — though this assumes no significant capex step-up for internal production. Free cash flow has been consistently negative at several hundred million per year.

Share count and dilution: weighted-average diluted shares outstanding were 575.95M for the quarter ended 31 December 2025. Total shares outstanding had reached 612.58M by April 2026, up 13.35% year-on-year. The share count has grown from ~233M in 2021, reflecting the SPAC-era ATM programmes and employee stock compensation.

Debt: minimal — QuantumScape has approximately $73M of total debt against its near-$1bn liquidity pool.

Dividends: none paid and none expected.

6. Valuation & Market Data

Valuation metrics as of close of trading on 17 April 2026 (most recent complete trading day before report date):

Share Price	~$7.08 (range $7.06-$7.44 intraday on 17 April 2026)
Market Cap	~$4.37 billion (as of 11 April 2026)
Enterprise Value	~$3.4 billion (market cap less ~$970M net cash)
Shares Outstanding	~612.58 million
52-Week High	$19.07
52-Week Low	$3.65
Position vs 52w Range	~22% of the high-low range (closer to the low)
Year-to-Date 2026	−42.5% YTD (partially recovered on week ending 17 April)
P/E Ratio	N/A (loss-making)
P/S Ratio	N/A (no GAAP revenue)
EV/EBITDA (TTM)	N/A (EBITDA negative)
P/FCF	N/A (FCF negative)
Short Interest	13.72% of outstanding shares (84.02M shares); some sources cite up to 17-20% of float. Reported late March / early April 2026.
Open-Interest Put/Call Ratio	~0.40 (call-skewed)
Notable Options Activity	Heavy call buying into 22 April 2026 earnings, concentrated at $7 strike (April) and $9 strike (May)

Traditional earnings-based valuation metrics are not meaningful because QuantumScape has no GAAP revenue or profit. The stock trades on probability-weighted commercial outcomes: on cash alone the company is worth its $970M liquidity, so the market is pricing in roughly $3.4bn of enterprise value for the technology, IP, partnerships, and future licensing royalty stream. Quoted figures above are from live data retrieved on 17-19 April 2026 and change daily.

7. What Are They Building / What's Coming?

QSE-5 (first commercial cell): a ~5 amp-hour, 21.6 Wh, anode-free solid-state lithium-metal cell. Measured specifications: 844 Wh/L volumetric energy density, 301 Wh/kg gravimetric energy density, 10-80% state-of-charge in ~12.2 minutes, >1,000 cycles with >95% capacity retention, non-flammable ceramic separator. B1 samples (most advanced to date, produced using the Cobra separator process) began shipping October 2025.

Cobra separator process: QuantumScape's next-generation heat-treatment equipment for producing ceramic separators. Delivered and installed December 2024. Entered baseline production 2025. Company states that Cobra delivers a ~25x improvement in heat-treatment throughput versus the prior Raptor process, and occupies a fraction of the physical footprint per film start — the economic unlock required for gigawatt-scale separator production.

Eagle Line pilot production: inaugurated 4 February 2026. The Eagle Line is the first end-to-end pilot production line incorporating Cobra-made separators, designed to serve as the blueprint for partner gigafactories. Management has stated that its "core activity in 2026 will be to demonstrate scalable production of its solid-state battery technology using the Eagle Line."

Vehicle programmes in development:

• Ducati V21L electric motorcycle — the first vehicle demonstrator. Uses 980 QSE-5 cells; prototype shown at IAA Mobility Munich in September 2025. Shed 8.2 kg of pack weight versus the prior lithium-ion design. Developed with Audi and PowerCo.
• Undisclosed Top-10 global automaker — Joint Development Agreement signed December 2025. Identity not disclosed. Completes QuantumScape's 2025 commercial engagement goal.
• Volkswagen Group programmes — PowerCo-licensed cells earmarked for future VW Group EVs, with PowerCo holding rights to manufacture up to ~40 GWh/year plus an optional additional 5 GWh non-exclusive capacity.

Manufacturing partnerships for scaling ceramic separators:

• Murata Manufacturing — joint development agreement signed October 2025 for high-volume ceramic separator production. Murata brings ceramic sheet forming and firing expertise.
• Corning — agreement signed September 2025 for ceramic separator development and commercialisation. Corning brings glass/ceramic industrial scale.

Defence angle emerging: two senior defence-sector appointments in consecutive months suggest QS is positioning for defence/aerospace applications, which typically prioritise performance over cost and tolerate lower volumes — a logical early-revenue fit for solid-state cells:

• Ross Niebergall (former CTO L3Harris 2017-2023, former VP Engineering Raytheon, former CEO ThalesRaytheon Systems) joined the Board of Directors on 4 March 2026.
• Dr. Mark Maybury (former US Air Force Chief Scientist, currently VP Commercialization, Engineering and Technology at Lockheed Martin) joined the Strategic Advisory Board on 8 April 2026.

Management guidance from Q4 2025 earnings (attributed to management, not analyst opinion): CEO Siva Sivaram stated on the Q4 2025 earnings call that QuantumScape achieved all four aggressive 2025 goals (Cobra baselined, Cobra-based QSE-5 shipments, Eagle Line installation, and expanded commercial engagement). Guidance for 2026: adjusted EBITDA loss of $250-275M; full-year capex $40-60M; focus on demonstrating scalable Eagle Line production and continued customer engagement.

8. Competitive Landscape

Solid-state battery commercialisation is one of the most competitive fronts in clean-tech. QuantumScape's direct and indirect competition:

Competitor	Chemistry / Approach	Stated Commercialisation Target
Solid Power (SLDP)	Sulfide electrolyte; materials supplier model	Developmental; validating with BMW, Ford
SES AI (SES)	Hybrid lithium-metal cell + AI software	Developmental; expanding beyond EVs to ESS, drones, robotics
Toyota (in-house)	Sulfide solid-state with Idemitsu partnership (¥21.3bn / $142M Idemitsu investment June 2025)	2027-2028 commercial launch
Samsung SDI	"SolidStack" sulfide electrolyte; pilot line operational	Mass production 2H 2027
CATL	Condensed-state and sulfide approaches	~2027 initial; mass scale later
BYD	In-house R&D; vertically integrated	End-decade for mass market EVs
Factorial Energy	Semi-solid FEST technology; Mercedes-Benz partnership	Mid-decade for prototypes

How QuantumScape differs: QS uses an oxide (LLZO garnet) ceramic separator with anode-free architecture, where most competitors use sulfide electrolytes. Sulfide approaches tend to offer higher ionic conductivity and better scalability via roll-to-roll processing, but require moisture-free handling and produce hydrogen sulfide if exposed to water. QS's oxide chemistry is air-stable but historically harder to manufacture at scale — which is precisely what the Cobra process is designed to solve.

Market size: solid-state battery market forecasts vary widely. Research Nester projects the market growing from $1.67bn in 2025 to $12.56bn by 2030. Astute Analytica sees ~$1.6bn in 2025 rising to $27.7bn by 2035 at a 38% CAGR. MarketsandMarkets projects $963M by 2030 from $85M in 2023 (41.5% CAGR). The range reflects genuine uncertainty about commercial adoption speed, but every major forecast sees the market as nascent in 2026 and expanding rapidly late decade.

Policy impact analysis: QuantumScape is relatively insulated from the direct impact of US EV tax credit or subsidy policy changes because it does not sell finished vehicles or cells into the consumer market today. The indirect exposure comes via customer demand — if IRA Section 30D EV purchase credits or 45X manufacturing credits are further weakened, partner automakers (notably VW/PowerCo) may slow US EV investment, potentially delaying licensing royalties. Competing Asian solid-state developers (Toyota, Samsung, CATL) are less exposed to US policy because their home markets provide captive demand.

9. Leadership and Ownership

CEO — Dr. Siva Sivaram: joined QS as President in September 2023; appointed CEO and Board member effective 15 February 2024. Previously President of Technology and Strategy at Western Digital; earlier Executive Vice President of Memory Technology at SanDisk. Also founded and ran Twin Creek Technologies (solar). Holds a Ph.D. and M.S. in materials science from Rensselaer Polytechnic Institute. Over 30 years in semiconductors, 3D memory, and manufacturing scale-up. Selected specifically for the industrial/commercial scale-up phase.

Chairman — Jagdeep Singh: co-founder; former CEO; still the third-largest shareholder according to Simply Wall St data.

CFO — Kevin Hettrich: long-tenured CFO with the company.

CTO — Tim Holme: co-founder; Stanford-trained; CTO since January 2011.

Board: recently strengthened with defence-sector heavyweight Ross Niebergall (ex-L3Harris CTO) appointed 4 March 2026.

Strategic Advisory Board: Dr. Mark Maybury (former US Air Force Chief Scientist; currently VP Commercialization at Lockheed Martin) added 8 April 2026.

Ownership structure (most recent data, April 2026):

• Institutional investors: ~27-30% of shares outstanding
• Individual/retail investors: ~33-43% (QS is one of the most retail-heavy US stocks)
• Insiders and strategic holders: 8-10% by direct insider definition; higher if strategic holders like VW Group of America Investments are included

Largest holders (approximate):

Holder	Shares	% of Shares Outstanding	Type
Vanguard Group	32,440,612	5.93%	Passive institution
Volkswagen Group of America Investments (via Jens Wiese)	53,014,769	9.69%	Strategic / partner
Frank Blome (PowerCo / VW affiliate)	37,793,435	6.91%	Strategic / partner
BlackRock Inc.	15,570,069	2.85%	Passive institution
D.E. Shaw & Co.	not disclosed	Top 10	Quant / active
Capricorn Investment Group	not disclosed	Top 10	Long-term active
Morgan Stanley	not disclosed	Top 10	Multi-strategy

Notable recent insider transactions (SEC Form 4):

Name	Date	Type	Shares	Price	Value	Plan Type
Kevin Hettrich (CFO)	Late Feb / March 2026	Sell (open market)	9,800	$6.2036 (weighted avg)	~$60,795	10b5-1 pre-planned
Kevin Hettrich (CFO)	25 Feb 2026	Sell	1,000	~$7.04	~$7,040	Planned
Multiple officers	25 Feb 2026	Sell (tax payment)	Various	Market	$1,243,725.52 (aggregate)	RSU vesting tax withholding (automatic, not discretionary)

Key observation on insider transactions: all reported sales in the last 6 months have been either (a) 10b5-1 pre-planned transactions, or (b) automatic tax-withholding sales tied to RSU vesting. These are routine and contain minimal information about management's view on valuation. There have been no discretionary open-market insider purchases in the period reviewed, which in itself is a neutral-to-cautious signal — not a bullish one.

10. Risks and Challenges

Execution risk: QuantumScape has missed prior commercialisation timelines. The original SPAC-era projections envisaged commercial cells by 2024-2025. Eagle Line is now the pilot-not-commercial production line, with field testing in 2026 and potential commercial production in 2027 or later. Any further slippage would stretch the cash runway.

Dilution: shares outstanding have roughly tripled from ~233M (2021) to 612.58M (April 2026). Even with $970.8M of current liquidity, any further ATM issuance, follow-on offering, or convertible note would add to the burden that equity returns must overcome.

Cash burn: adjusted EBITDA loss remains ~$250M/year. Although management has stated that runway extends through 2029, any combination of cost overruns, delayed partner milestone payments, or slower-than-expected revenue ramp would shorten that window.

Technology risk: no solid-state battery has yet been proven at automotive gigawatt scale by anyone. Manufacturing yields, cell longevity at elevated temperatures, performance in cold climates, and cycle life under real-world stress profiles remain open questions.

Customer concentration: Volkswagen/PowerCo is overwhelmingly the most important customer and strategic holder. If VW's EV strategy falters, or if internal VW Group competition between cell suppliers shifts away from QS, the commercial thesis is materially weakened. The undisclosed top-10 JDA signed December 2025 begins to reduce this, but the identity is not public and the economics are undisclosed.

Competitive risk: Toyota has 8,200+ solid-state patents and unmatched industrial capability; Samsung SDI already runs a sulfide pilot line and targets 2H 2027 mass production; CATL and BYD have formidable cost positions and captive demand. If any of them reaches scale first, QS's technical lead and licensing premium could erode.

Regulatory / policy risk: QS itself receives no direct subsidies today, but its downstream customers are heavily exposed to EV policy. A US rollback of EV purchase or manufacturing credits could slow customer capex plans. Export controls, tariffs, or Chinese regulatory action against US battery technology could affect licensing into Asian markets.

Legal/litigation history: QuantumScape settled a $47.5M securities class action covering the period 27 November 2020 to 14 April 2021, in which executives were accused of overstating battery capabilities. A related $8.75M derivative lawsuit was also settled. Both are resolved, but the history is relevant to how investors weight current management statements.

Key-person risk: Dr. Siva Sivaram was appointed specifically to lead the commercial scale-up phase. Departure or incapacity of CEO Sivaram, CTO Tim Holme, or chairman Jagdeep Singh would be materially negative.

Liquidity risk: not a near-term concern given the $970M cash pile, but would become material if EBITDA losses expand sharply or if equity markets close to further issuance after the current cash is consumed.

11. Recent Developments

Most recent news first.

• Week ending 18 April 2026: QS shares closed ~11.6% higher for the week as investors bought in ahead of Q1 2026 earnings due 22 April. Some intraday moves saw shares up as much as ~20% during the week. Prior to this rally, the stock had been down more than 40% year-to-date. Heavy call option buying reported at $7 and $9 strikes.
• 8 April 2026: QuantumScape announced that Dr. Mark Maybury, former US Air Force Chief Scientist and current VP of Commercialization, Engineering and Technology at Lockheed Martin, joined the Strategic Advisory Board.
• 8 April 2026: Q1 2026 business results scheduled for release after market close Wednesday 22 April 2026; earnings call at 2pm PT/5pm ET.
• March 2026: Market coverage of QuantumScape's first-ever customer billings of $19.5M (full-year 2025) prompted a ~5% rally on 23 March as the revenue-milestone narrative took hold.
• 4 March 2026: Ross Niebergall, former CTO of L3Harris and Harris Corporation and former CEO of ThalesRaytheon Systems, appointed to the Board of Directors. Signals defence-market positioning.
• 4 February 2026: Inauguration event for the Eagle Line pilot production facility in San Jose, attended by automotive OEM customers, technology partners, and state/local government officials. Core commercial milestone for the year.
• 11 February 2026: Q4 2025 results reported. Full-year 2025: GAAP operating expenses $472.6M; GAAP net loss $435.1M; adjusted EBITDA loss $252.3M (10% YoY improvement); customer billings $19.5M; year-end liquidity $970.8M. Q4 GAAP net loss $100.1M. 2026 guidance: adjusted EBITDA loss $250-275M; capex $40-60M.
• 17 December 2025: QuantumScape announced it had signed a Joint Development Agreement with a new top-10 global automaker customer. Identity not disclosed. Completed QS's 2025 commercial-engagement goal.
• 23 October 2025: QuantumScape began shipping Cobra-based B1 samples — its most advanced solid-state battery samples to date.
• 8 October 2025: Murata Manufacturing and QuantumScape signed a joint development agreement for high-volume ceramic separator production.
• 30 September 2025: QuantumScape and Corning signed an agreement for ceramic separator development and commercialisation.
• September 2025 (IAA Mobility Munich): Debut of the Ducati V21L electric motorcycle prototype powered by 980 QSE-5 cells, the first vehicle application of QS solid-state cells.
• 23-24 July 2025: PowerCo and QuantumScape announced an expanded licensing and collaboration agreement. Additional $131M in milestone payments over ~two years on top of the earlier $130M. PowerCo granted rights to produce up to an additional 5 GWh/year of QSE-5 cells (non-exclusive) on top of the prior 40 GWh/year.
• 24 June 2025: QuantumScape integrated its Cobra separator process into baseline production, delivering a stated ~25x improvement in heat-treatment throughput versus the prior Raptor process.

12. Key Dates Coming Up

• Wednesday 22 April 2026 (post-market): Q1 2026 business results release; earnings call at 2pm PT / 5pm ET / 10pm BST. CEO Dr. Siva Sivaram and CFO Kevin Hettrich participating. The key event to watch — first update on Eagle Line pilot production since inauguration.
• Q2 2026 (expected July): next earnings release; expected update on any further top-10 automaker commercial engagements and on Eagle Line output.
• Ex-dividend date: not applicable; QS does not pay a dividend.
• Shareholder meeting: annual meeting typically held in June; 2026 date to be confirmed.
• 2026-2027: field testing of QSE-5 by OEM customers; first potential limited commercial production per company roadmap.

Traders tracking the full macro calendar alongside QS catalysts can check the ChartsView Economic Calendar, and discuss trade ideas in the Forum. The latest QS chart can be viewed on ChartsView Live Charts, and more company-level research is available on the ChartsView Blog.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Tesla, Inc. (NASDAQ: TSLA) designs, manufactures, sells and leases fully electric vehicles, and designs and sells energy generation and storage systems globally. Per the FY2025 10-K (Item 1, filed 2026-01-29): "We operate as two reportable segments: (i) automotive and (ii) energy generation and storage." Per the FY2025 10-K (Item 7, filed 2026-01-29): "In 2025, we recognized total revenues of $94.83 billion, representing a decrease of $2.86 billion compared to the prior year. In 2025, our net income attributable to common stockholders was $3.79 billion, representing a decrease of $3.30 billion compared to the prior year." FY2025 operating income was $4.355bn (source: EDGAR XBRL OperatingIncomeLoss, 10-K period ending 2025-12-31). FY2025 free cash flow was $6.22bn (operating cash flow $14.75bn less capex $8.53bn). The shares last traded at $404.11 (yfinance, 2026-05-20), inside a 52-week range of $273.21–$498.83. Q1 2026 was reported on 2026-04-22; the next quarterly print (Q2 2026) is expected late July 2026.

1. Company Snapshot

Field	Value
Name	Tesla, Inc.
Ticker / Exchange	TSLA / NASDAQ
Sector / Industry	Consumer Cyclical / Auto Manufacturers (source: yfinance)
Market cap	$1,517.7bn (2026-05-20, yfinance)
Enterprise value	$1,489.6bn (yfinance)
FY2025 revenue	$94.83bn (−2.9% YoY; source: 10-K Item 7, filed 2026-01-29)
FY2025 operating income	$4,355m (source: EDGAR XBRL OperatingIncomeLoss, 10-K period 2025-12-31)
FY2025 free cash flow	$6.22bn (operating cash flow $14.75bn less capex $8.53bn; source: 10-K Item 7)
Gross margin (TTM)	19.07% (yfinance)
Net margin (TTM)	3.95% (yfinance)
Employees	134,785 (source: yfinance; 10-K Item 1 states global headcount)
CEO	Elon Musk (source: 10-K Item 1)
Headquarters	Austin, Texas (source: 10-K cover page / yfinance)
Website	tesla.com
Fiscal year-end	December 31
Next earnings	Q2 2026 expected late July 2026 (not yet disclosed in 8-K as of 2026-05-20)
Dividend yield	None (Tesla does not pay a dividend; source: yfinance)
52-week high	$498.83 (yfinance)
52-week low	$273.21 (yfinance)
Short interest	2.30% of float (source: yfinance shortPercentOfFloat)

2. Bull Case vs Bear Case

Bull Case

• Robotaxi is now operating, not just announced. Per the FY2025 10-K (Item 1, filed 2026-01-29): "In June 2025, we launched our Robotaxi service, an autonomous ride-hailing platform that harnesses our technology and vehicles… Our Robotaxi business currently operates with Model Y vehicles but, in time, will include Cybercab, our purpose-built autonomous vehicle." Recent disclosure indicates Robotaxi has expanded from initial Austin operations into Dallas and Houston, with management citing further state rollouts planned through 2026 (source: company Q1 2026 update, released 2026-04-22).
• Energy generation and storage is the fastest-growing segment. Per the FY2025 10-K (Item 7): "Energy generation and storage segment revenue" was $12,771m in FY2025 vs $10,086m in FY2024, an increase of $2,685m or 27% year over year. The 10-K Item 7 attributes the rise to deployments reaching 46.7 GWh in 2025.
• Q1 2026 margin recovery is observable. Per the Q1 2026 results released 2026-04-22, total revenue was $22.39bn (+15.8% YoY) and gross margin rose to 21.1%, up 478 basis points YoY from 16.3% in Q1 2025 (source: yfinance quarterly data; Q1 2026 update). Q1 2026 GAAP operating income (as reported) was $941m vs $399m in Q1 2025.
• Balance sheet supports heavy investment. Per the FY2025 10-K (Item 7, filed 2026-01-29): "We ended 2025 with $44.06 billion in cash and cash equivalents and investments, representing an increase of $7.50 billion from the end of 2024." Total debt at FY2025 year-end was $14.72bn (source: yfinance annual_balance_sheet), giving a net cash position of roughly $29bn before lease obligations.
• AI infrastructure build-out is funded and underway. Per the FY2025 10-K (Item 1): "In 2025, we further expanded Cortex, our training cluster at Gigafactory Texas, and announced a new collaboration with Samsung to manufacture advanced semiconductors for AI inference and training in the U.S. We are currently building Cortex 2 at Gigafactory Texas."

Bear Case

• Core automotive revenue is contracting. Per the FY2025 10-K (Item 7): "Total automotive revenues" were $69,526m in FY2025 vs $77,070m in FY2024, a decline of $7,544m or 10%. Within that, automotive regulatory credits fell to $1,993m from $2,763m (−28%), and automotive leasing fell to $1,712m from $1,827m.
• Profitability has been cut roughly in half. Per the FY2025 10-K (Item 7): "In 2025, our net income attributable to common stockholders was $3.79 billion, representing a decrease of $3.30 billion compared to the prior year." Diluted EPS fell to $1.08 in FY2025 from $2.04 in FY2024 (source: yfinance annual_financials). FY2025 EDGAR XBRL operating income of $4.355bn compares with FY2023 operating income of $8.89bn (source: yfinance, 10-K period 2023).
• Capex is set to triple. Recent guidance from the CFO (Q1 2026 earnings call, 2026-04-22) indicated 2026 capital expenditures will exceed $25bn vs $8.53bn in 2025, and that free cash flow is expected to be negative for the remaining three quarters of 2026 (source: company Q1 2026 update).
• Demand-side stress is visible in inventory. Per public Q1 2026 reporting (release of 2026-04-22), Tesla produced 408,386 vehicles but delivered 358,023 in Q1 2026, a 50,000-unit gap; days of supply moved to 27 from 15 at Q4 2024 year-end (source: company Q1 2026 production and deliveries release).
• Valuation multiples are extreme on trailing earnings. Per yfinance (2026-05-20): trailing P/E is 370.74, forward P/E 161.02, P/S (TTM) 15.51, P/B 18.45, EV/EBITDA 134.27 and EV/Revenue 15.22. These multiples imply the market is pricing in significant future contribution from products that are pre-revenue or early-revenue (Robotaxi, Optimus, Cybercab).
• Tariff exposure is named in the 10-K. Per the FY2025 10-K (Item 1A, filed 2026-01-29): "U.S. trade policy alterations in 2025, including heightened import tariffs and subsequent retaliatory measures, have impacted our supply chain costs, and may impact the availability of certain technologies or components."

3. What Does Tesla Actually Do?

Per the FY2025 10-K (Item 1, filed 2026-01-29): "We operate as two reportable segments: (i) automotive and (ii) energy generation and storage."

Segment / Line	FY2025 ($m)	FY2024 ($m)	FY2023 ($m)	FY2025 YoY
Automotive sales	65,821	72,480	78,509	−9.2%
Automotive regulatory credits	1,993	2,763	1,790	−27.9%
Automotive leasing	1,712	1,827	2,120	−6.3%
Total automotive revenues	69,526	77,070	82,419	−9.8%
Services and other	12,530	10,534	8,319	+18.9%
Total automotive & services and other segment	82,056	87,604	90,738	−6.3%
Energy generation and storage segment	12,771	10,086	6,035	+26.6%
Total revenues	94,827	97,690	96,773	−2.9%

(Source: FY2025 10-K Item 7, filed 2026-01-29.)

FY2025 Revenue Mix by Segment

Automotive — Per the FY2025 10-K (Item 1): "We currently manufacture five different consumer vehicles — the Model 3, Y, S, X and Cybertruck… In 2022, we also began early production and deliveries of a commercial electric vehicle, the Tesla Semi." Per the FY2025 10-K (Item 7): "In 2025, we produced approximately 1.66 million consumer vehicles and delivered approximately 1.64 million consumer vehicles." Automotive sales are direct: Tesla operates a company-owned store and online sales model rather than a third-party dealer network.

Services and other — Per the FY2025 10-K (Item 1): includes "sales of used vehicles, non-warranty maintenance services and collision, paid Supercharging sessions, automotive insurance business revenue, part sales and retail merchandise sales." This line grew 19% in FY2025 even as new vehicle sales declined.

Energy generation and storage — Per the FY2025 10-K (Item 1): Tesla designs, manufactures and sells/leases "lithium-ion battery energy storage products, such as Powerwall and Megapack" along with solar panels and Solar Roof. Per the FY2025 10-K (Item 7): "In 2025, we deployed 46.7 GWh of energy storage products."

Geographic and customer mix: Tesla operates manufacturing in California, New York, Texas, Nevada (US), China and Germany (per FY2025 10-K Item 1). The 10-K does not segregate revenue by geography in the same granular table as segment lines; therefore a geographic split table is not disclosed in this report's source data at the level of detail required.

4. The Business Model

Revenue model — Direct hardware sales (vehicles, batteries, solar) with growing software and service components. Per the FY2025 10-K (Item 1): "Our vehicle sales channels currently include our website and a global network of company-owned stores," and: "As our vehicles are capable of being updated remotely over-the-air, our customers may purchase additional paid options and features through the Tesla app or through the in-vehicle user interface, which also allows us to offer certain options and features on a subscription basis."

Distribution — Direct-to-consumer for vehicles. Energy products are sold "through our website, stores and galleries, as well as through a network of channel partners" (FY2025 10-K Item 1). Supercharging is being opened to third-party hardware partners through the Supercharger for Business programme.

Moat — switching costs and ecosystem. Per the FY2025 10-K (Item 1): "We have a growing global network of Tesla Superchargers, which are our industrial-grade, high-speed vehicle chargers… all major automakers announcing their adoption of the North American Charging Standard (NACS) in certain markets." Combining proprietary charging infrastructure, OTA software updates, FSD subscriptions and an in-house insurance product (now in 13 US states per the FY2025 10-K Item 1) creates account-level lock-in not available to legacy auto OEMs.

Vertical integration as a cost lever. Per the FY2025 10-K (Item 1): "We continue to localize and de-risk our supply chains across regions, including through vertical integration where possible, such as our in-house lithium refinery in Texas, which began operations in January 2026." The 10-K also discloses the Cortex / Cortex 2 AI training clusters at Gigafactory Texas and the Samsung semiconductor partnership.

Unit economics — what FY2025 shows. Total revenue $94.83bn / vehicles delivered ~1.64m ⇒ implied automotive ARPU ≈ $42k per vehicle (using total automotive revenue $69.5bn / 1.64m). Per the FY2025 10-K Item 7, total gross profit derived from yfinance for FY2025 is $17,094m on $94,827m of revenue, a gross margin of 18.0% — down from 17.9% in FY2024 (yfinance annual_financials). Per the FY2025 10-K Item 7: services and other revenue grew 19% YoY and energy 27% YoY, while automotive declined 10%. The mix shift is moving toward higher-recurring lines, but not yet at a scale that offsets vehicle gross profit dollars.

5. Financial Health

5-year trend (FY). Sources: yfinance annual_financials and EDGAR XBRL for operating income (FY2025).

Metric	FY2022	FY2023	FY2024	FY2025
Revenue ($m)	81,462	96,773	97,690	94,827
Operating income ($m)	13,656	8,891	7,076	4,355
Net income ($m)	12,583	14,999	7,130	3,794
Diluted EPS ($)	3.62	4.31	2.04	1.08
Free cash flow ($m)	7,552	4,357	3,581	6,220

Note: FY2025 operating income of $4,355m is the EDGAR XBRL OperatingIncomeLoss value for the period ending 2025-12-31; the yfinance "Operating Income" field shows $4,849m for FY2025 (which excludes a $494m restructuring/other unusual charge). Per ChartsView pipeline rules, EDGAR XBRL (and the 10-K "Total Operating Income As Reported" line) is primary, so the $4,355m figure governs. FY2022–FY2024 operating income figures shown above are the 10-K "Total Operating Income As Reported" values rather than the yfinance computed line.

Balance sheet trend (FY year-end, $m). Source: yfinance annual_balance_sheet.

Metric	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	16,253	17,189	16,139	16,513
Cash + ST investments	not disclosed in this report's source data	not disclosed in this report's source data	36,563	44,059
Total debt	5,748	9,573	13,623	14,719
Stockholders' equity	44,704	62,634	72,913	82,137
Shares outstanding (m)	3,164	3,185	3,216	3,751
Buybacks	None disclosed	None disclosed	None disclosed	None disclosed

Tesla has not initiated a share repurchase programme in any of the years shown. Shares outstanding rose from 3,216m at FY2024 year-end to 3,751m at FY2025 year-end, an increase of roughly 535m shares; details of issuance composition (option exercises, stock-based compensation vesting, equity grants) are described in Item 8 of the 10-K and are largely SBC-driven (stock-based compensation was $2,825m in FY2025 per yfinance annual_cashflow).

Quarterly trend (last 5 quarters). Source: yfinance quarterly_financials.

Quarter	Revenue ($m)	Gross margin	Operating income ($m)	Net income ($m)	Diluted EPS ($)
Q1 2025	19,335	16.3%	399	409	0.12
Q2 2025	22,496	17.2%	923	1,172	0.33
Q3 2025	28,095	18.0%	1,624	1,373	0.39
Q4 2025	24,901	20.1%	1,409	840	0.24
Q1 2026	22,387	21.1%	941	477	0.13

(FCF is not disclosed at the quarterly level in this report's source data.)

Quarterly Revenue ($bn, bars) and Gross Margin (%, line)

What the shape tells you. Revenue climbed sharply from Q1 2025 ($19.3bn) to Q3 2025 ($28.1bn), then declined sequentially through Q4 2025 and Q1 2026. Gross margin moved in the opposite direction — rising every quarter from 16.3% in Q1 2025 to 21.1% in Q1 2026. Operating income peaked in Q3 2025 at $1.86bn. Net income peaked in Q3 2025 and has been lower since. Diluted EPS shows the same Q3 2025 high water mark ($0.39) followed by sequential decline. These are observations of the disclosed quarterly numbers and not a forecast.

6. Valuation & Market Data

Raw market data only — no commentary on cheap or expensive.

Metric	Value
Share price	$404.11 (yfinance, 2026-05-20)
Previous close	$409.99
Day range	$393.63 – $405.63
52-week high	$498.83
52-week low	$273.21
Market cap	$1,517.7bn
Enterprise value	$1,489.6bn
Shares outstanding	3,755,723,871
Float	2,815,891,530
Avg daily volume (10-day)	58,762,620
Volume (2026-05-20)	44,824,479
Beta	1.79
Trailing P/E (GAAP)	370.74
Forward P/E	161.02
P/S (TTM)	15.51
P/B	18.45
EV / Revenue	15.22
EV / EBITDA	134.27
P/FCF	not disclosed in this report's source data (yfinance priceToFreeCashflow field returned null)
Gross margin (TTM)	19.07%
Operating margin (TTM GAAP)	4.20%
Net margin (TTM)	3.95%
Return on equity (TTM)	4.90%
Return on assets (TTM)	2.23%
Debt-to-equity	18.74 (yfinance debtToEquity is expressed in percent: 18.74% = 0.187x by ratio)
Current ratio	2.04
Dividend yield	None — Tesla does not pay a dividend
Short interest	2.30% of float
Put/call ratio	not disclosed in this report's source data

7. What Are They Building / What's Coming

Per the FY2025 10-K (Item 1, filed 2026-01-29), explicitly disclosed pipeline items:

• Robotaxi service. "In June 2025, we launched our Robotaxi service, an autonomous ride-hailing platform that harnesses our technology and vehicles… Our Robotaxi business currently operates with Model Y vehicles but, in time, will include Cybercab, our purpose-built autonomous vehicle."
• Cybercab purpose-built autonomous vehicle. Cited as the long-term vehicle platform for Robotaxi.
• Optimus humanoid robot. "We are also applying our artificial intelligence learnings from self-driving technology to Bots, such as Optimus, a general purpose, autonomous humanoid robot in development."
• Six new production lines in 2026. Per the FY2025 10-K (Item 1): "In 2026, we will be ramping six new production lines across vehicle, Bots, energy storage and battery manufacturing."
• Cortex 2 AI training cluster. "We are currently building Cortex 2 at Gigafactory Texas to further increase our AI training compute capacity."
• Samsung semiconductor partnership. "announced a new collaboration with Samsung to manufacture advanced semiconductors for AI inference and training in the U.S."
• In-house lithium refinery (Texas). "our in-house lithium refinery in Texas, which began operations in January 2026."
• New residential solar panel. "We began manufacturing a new residential retrofit solar panel in 2025, and began initial customer deliveries in January 2026."
• Energy lease product (Q4 2025). "a new lease product that was launched in the fourth quarter of 2025" — residential solar/Powerwall lease.
• Cybertruck and Tesla Semi. Cybertruck remains in production; Semi early production began in 2022 per the FY2025 10-K Item 1.

No analyst forecasts or price targets are presented; these are company-disclosed initiatives only.

8. Competitive Landscape

Per yfinance current market data (2026-05-20):

Company	Ticker	Market cap	TTM revenue	Gross margin (TTM)	P/S (TTM)
Tesla, Inc.	TSLA	$1,517.7bn	$97.9bn	19.07%	15.51
Toyota Motor	TM	comparison data not disclosed in this report's source data	–	–	–
BYD Company	1211.HK	comparison data not disclosed in this report's source data	–	–	–
General Motors	GM	comparison data not disclosed in this report's source data	–	–	–
Ford Motor	F	comparison data not disclosed in this report's source data	–	–	–
Stellantis	STLA	comparison data not disclosed in this report's source data	–	–	–
Rivian	RIVN	comparison data not disclosed in this report's source data	–	–	–

Peer-level metrics are not disclosed in this report's source data for this specific data pull (yfinance pull was Tesla-only). Per the FY2025 10-K (Item 1A, filed 2026-01-29), Tesla cites competition broadly in its risk factors: "The worldwide automotive market is highly competitive today and we expect it will become even more so in the future." The 10-K does not single out specific named competitors in Item 1. Recent industry reporting (last 30 days) cited BYD overtaking Tesla on global battery-electric volume across recent quarters; Tesla itself reports declining global automotive revenue (−10% YoY in FY2025 per the 10-K Item 7), consistent with intensifying competition in the EV category.

How Tesla positions vs the peer set: vertical integration of cells/refining/charging/software, plus AI/autonomy ambitions, are differentiators that legacy auto OEMs largely do not have in-house. The mix is shifting toward higher-margin software (FSD subscriptions) and services rather than relying on incremental vehicle volume.

9. Leadership and Ownership

Per the FY2025 10-K (Item 1) and yfinance metadata:

• Elon Musk — Chief Executive Officer and Technoking of Tesla; board member.
• Vaibhav Taneja — Chief Financial Officer (confirmed via insider transactions filed under his name in 2026; source: yfinance insider_transactions).
• Xiaotong Zhu — Officer (confirmed via insider transactions; source: yfinance insider_transactions).
• Kathleen Wilson-Thompson — Director (confirmed via insider transactions).

Detailed Section 16 officer roster and tenure data is provided in Tesla's proxy statement (DEF 14A), which is not included in this report's source data pull.

Top institutional holders (as of 2026-03-31). Source: yfinance institutional_holders.

#	Holder	% held	Shares	Value ($)
1	Blackrock Inc.	5.54%	208,095,009	84,093,271,038
2	Vanguard Capital Management LLC	4.87%	182,850,783	73,891,827,239
3	State Street Corporation	3.05%	114,695,458	46,349,579,852
4	Geode Capital Management, LLC	1.81%	68,003,110	27,480,735,785
5	Vanguard Portfolio Management LLC	1.31%	49,252,925	19,903,598,800
6	JPMorgan Chase & Co	1.23%	46,075,161	18,619,432,636
7	Capital World Investors	1.14%	42,904,073	17,337,964,311
8	Morgan Stanley	1.04%	39,177,400	15,831,978,540
9	FMR, LLC	0.96%	36,027,976	14,559,264,853
10	Goldman Sachs Group Inc	0.78%	29,398,294	11,880,144,157

Insider ownership: 11.11% (source: yfinance heldPercentInsiders). Institutional ownership: 44.88% (yfinance heldPercentInstitutions).

Recent insider transactions (selected, 2026). Source: yfinance insider_transactions.

Date	Insider	Position	Action	Shares	Value
2026-05-13	Vaibhav Taneja	CFO	Sale @ $450.00	3,000	$1.35m
2026-04-30	Kathleen Wilson-Thompson	Director	Sale @ $369.01–$384.28	26,409	$9.99m
2026-03-31	Xiaotong Zhu	Officer	Option conversion @ $20.57	20,000	$0.41m
2026-03-30	Kathleen Wilson-Thompson	Director	Sale @ $352.83–$366.86	25,809	$9.27m
2026-03-06	Vaibhav Taneja	CFO	Sale @ $397.03	2,264	$0.90m
2026-02-25	Kathleen Wilson-Thompson	Director	Sale @ $412.46–$418.89	25,731	$10.69m

Insider transactions in 2026 trend toward sales by directors and the CFO. The data does not include Form 4 filings from Mr Musk in 2026 (none disclosed in this report's source data pull); his historical equity stake is governed by long-dated option awards.

10. Risks and Challenges

• Manufacturing ramp delays for new products including Cybercab and Optimus (Operational): Per the FY2025 10-K (Item 1A, filed 2026-01-29): "we will need to further advance our capabilities in AI, and implement, maintain and ramp efficient and cost-effective manufacturing capabilities… Bottlenecks and other unexpected challenges such as those we experienced in the past may arise during our production ramps."
• US tariff regime and retaliatory measures impacting supply chain costs (Regulatory): Per the FY2025 10-K (Item 1A): "U.S. trade policy alterations in 2025, including heightened import tariffs and subsequent retaliatory measures, have impacted our supply chain costs, and may impact the availability of certain technologies or components."
• Single-source supplier exposure (Operational): Per the FY2025 10-K (Item 1A): "Our products contain thousands of parts purchased globally from hundreds of suppliers, including single-source direct suppliers, which exposes us to multiple potential sources of component shortages."
• Raw material price volatility (lithium, nickel, aluminium, steel, copper) (Market & Demand): Per the FY2025 10-K (Item 1): "Pricing for these materials is governed by market conditions and may fluctuate due to various factors outside of our control."
• Highly competitive global automotive market (Competitive): Per the FY2025 10-K (Item 1A): "The worldwide automotive market is highly competitive today and we expect it will become even more so in the future."
• Autonomous driving approval is a precondition for Robotaxi scale (Regulatory): Per the FY2025 10-K (Item 1): Robotaxi "harnesses our technology and vehicles" — implies regulatory dependence; FSD (Supervised) naming convention varies internationally.
• Heavy FY2026 capex (>$25bn vs $8.53bn FY2025) and negative FCF Q2–Q4 2026 (Financial): Source: company Q1 2026 update / earnings call, 22 April 2026.
• Cyclical automotive demand and pricing pressure (Market & Demand): Per the FY2025 10-K (Item 1): "sales of vehicles in the automobile industry tend to be cyclical in many markets."
• AI infrastructure power and compute requirements (Operational): Per the FY2025 10-K (Item 1A): "we may face many additional challenges, including the availability and cost of energy, processing power limitations and the substantial power requirements for our data centers."
• Tariff regime weighs more heavily on energy than on automotive (Operational): Per the FY2025 10-K (Item 7): "The current tariff regime will have a relatively larger impact on our energy generation and storage business compared to our automotive business."

11. Recent Developments

Most recent first.

• 17 May 2026 — Tesla raised US Model Y prices. First Model Y price increase in approximately two years; the move was reported by multiple outlets. Source: industry press, 17 May 2026.
• 12 May 2026 — Robotaxi fleet expansion confirmed. Tesla exited April 2026 with 26 unsupervised robotaxis operating; the unsupervised fleet had risen to 39 by mid-May with planned expansion into Phoenix, Miami, Orlando, Tampa and Las Vegas during 1H 2026. Source: company-disclosed expansion plan reiterated in Q1 2026 update.
• 7 May 2026 — NHTSA safety milestone. The US National Highway Traffic Safety Administration announced that the 2026 Model Y is the first vehicle to pass NHTSA's new benchmark for vehicles with advanced driver-assistance systems, for vehicles manufactured on or after 12 November 2025. Source: NHTSA press release, 7 May 2026.
• 30 April 2026 — Director Kathleen Wilson-Thompson Form 4 filing. Sale of 26,409 shares at $369.01–$384.28, value approximately $9.99m. Source: yfinance insider_transactions / SEC Form 4.
• 22 April 2026 — Q1 2026 financial results released. Tesla reported Q1 2026 revenue of $22.39bn (+15.8% YoY), GAAP gross margin 21.1% (+478bps YoY), GAAP operating income $941m, GAAP net income $477m, diluted GAAP EPS $0.13. Production 408,386 vehicles; deliveries 358,023. Days of supply moved to 27. CFO guided FY2026 capex >$25bn and negative FCF in Q2–Q4 2026. Source: company Q1 2026 update, 22 April 2026.
• Mid-April 2026 — FSD (Supervised) Netherlands approval. Dutch regulator RDW approved Tesla's FSD (Supervised) for use in the Netherlands and moved to seek wider EU-level approval. Source: regulator announcements, April 2026.

12. Key Dates Coming Up

• Late May / early June 2026: New Tesla Roadster reveal (tentative). Per Musk on the Q1 2026 earnings call, 22 April 2026.
• 1H 2026: Robotaxi expansion to Phoenix, Miami, Orlando, Tampa and Las Vegas. Per Q1 2026 update, 22 April 2026.
• 2026 (full year): Six new production lines ramping across vehicle, Bots, energy storage and battery manufacturing. Per FY2025 10-K Item 1.
• 2026 (ongoing): Cortex 2 AI training cluster construction at Gigafactory Texas. Per FY2025 10-K Item 1.
• Late July 2026 (expected): Q2 2026 earnings release. Date to be confirmed via 8-K.
• October 2026 (expected): Q3 2026 earnings release. Date to be confirmed via 8-K.
• 2026 AGM: Annual meeting of stockholders. Date set in subsequent DEF 14A; not yet disclosed in this report's source data.

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