Tesla, Inc. (TSLA) — Company Research

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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