RT Ian N (@i_neu)I thought some of you might appreciate this quick reference card next time someone says "Elon has been promising autonomy for years!"Uh huh? So have the others.This list is based on public claims from each company. Speculation was ignored.This was a harder problem than ANYONE realized.And who's delivering now?Don't bet against Elon.@robotaxi 🦾$TSLA ❤️ ...

Market Trend & Future Expectation - Electric cars upgradable to autonomy are financially sound investments [1] - Internal combustion engine vehicles will depreciate in resale value over time [1] - Traditional vehicles are becoming obsolete compared to electric vehicles [1]

Financial Data and Key Metrics Changes - The company reported consolidated sales of $2.7 billion for Q2 2025, a decrease of $115 million or 4% from the same quarter last year, primarily due to lower sales volume in the Access and Transport segments [18] - Adjusted operating income was $313 million, down slightly from the prior year, with an adjusted operating income margin of 11.5%, consistent with the prior year despite lower sales [18][19] - Adjusted earnings per share (EPS) was $3.41, an increase of 2.1% over the prior year [7][19] - Free cash flow for the quarter was $49 million, significantly higher than the net use of cash of $251 million in the previous year [19] Business Segment Data and Key Metrics Changes - The Access segment delivered resilient adjusted operating income margins of 14.8% on sales of $1.26 billion, despite a sales decline of $151 million compared to last year [19] - The Vocational segment achieved an adjusted operating income margin of 16.3% on $970 million of sales, reflecting a 220 basis point increase from last year due to improved price-cost dynamics [20] - The Transport segment improved its operating income margin to 3.7% from 2.1% last year, despite a revenue decrease of $93 million to $479 million [20] Market Data and Key Metrics Changes - Market conditions for access equipment in North America were in line with expectations, with sales volume in Europe experiencing a decline [19][20] - The company noted a return to normative levels in the book-to-bill ratio, indicating a stable demand environment [45] Company Strategy and Development Direction - The company aims for a compound annual revenue growth rate of 7% to 10% and transformative margin expansion of 200 to 400 basis points by 2028 [10] - The strategy focuses on accelerated innovation in autonomy, electrification, and intelligent connected products, supported by favorable long-term trends [6][10] - The company signed a three-year sole source contract for the FMTV program with the Department of Defense, which is expected to yield favorable returns [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in offsetting tariff impacts through mitigation strategies and local production initiatives [39] - The company anticipates a more limited impact from tariffs compared to previous quarters, projecting adjusted EPS for the year to be in the range of $11 per share on revenues of approximately $10.6 billion [22] - Management highlighted strong demand in infrastructure and data center projects, which are expected to drive future growth [47][48] Other Important Information - The company has increased its outlook for free cash flow from a range of $300 million to $400 million to a range of $400 million to $500 million, reflecting recent tax changes and improved operating performance [22] - Share repurchases for the year are expected to increase significantly, with nearly $70 million repurchased year-to-date [19][77] Q&A Session Summary Question: Access segment margin expectations for the second half - Management indicated that the second half results would be influenced by seasonality and expected cost impacts from tariffs, particularly in Q4 [28][30] Question: Clarification on tariff impacts - Management acknowledged ongoing tariff headwinds but expressed confidence in their mitigation strategies and local production advantages [39] Question: Expectations for Access revenues and margins - Management expects Access revenues to return to normal seasonality, with a strong third quarter followed by a dip in the fourth quarter [86] Question: Vocational segment performance - Management confirmed that the strong performance in the fire segment is expected to continue, with ongoing investments in capacity [68] Question: Capital allocation and share buybacks - Management outlined a framework prioritizing maintaining a strong balance sheet, organic growth, and share repurchases, even at current stock price levels [98]

Strategy & Competition - Tesla needs to excel in both autonomy and electrification to succeed [1] - Tesla must create a product so compelling that customers are willing to pay a premium compared to existing competitors [1] - This is a very big deal for Tesla's future [1]

Strategy & Competition - The company must achieve success in both autonomy and electrification to gain a competitive edge [1] - The product needs to be compelling enough to justify a premium price compared to existing competitors [1] Product Development - Winning in autonomy and electrification is crucial for the company's success [1]

Autonomous Driving Strategy - Tesla decided to start solving autonomy [1]

Market Trend & Future Prediction - Industry suggests purchasing electric vehicles (EVs) upgradable to autonomy is financially sound [1] - Industry anticipates long-term resale value of non-EVs will decrease [1] - Industry compares using non-EVs to "riding a horse using a flip phone," implying obsolescence [1]

Autonomous Driving Focus - Deepwater's Munster 认为 Tesla 的未来在于 Autonomy 自动驾驶技术 [1] - FSD (Full Self-Driving) 完全自动驾驶和 Robotaxis 无人出租车对 Tesla (TSLA) 的长期发展至关重要 [1] Market Perspective - 忽略 Elon Musk 的政治新闻，关注 Tesla 的核心业务 [1]

Tesla & Elon Musk - Deep Water Asset Management suggests there's an 80% chance the feud between Trump and Elon Musk will blow over, as both parties have much to lose [1] - The industry believes Tesla's progress in autonomy is more critical than the feud between Elon Musk and the president [2] - The industry expresses concern that Elon Musk is jeopardizing Tesla and SpaceX by antagonizing the president [4] - The industry notes that Tesla shareholders want Elon Musk to focus on his companies and stay out of politics [5] - The industry suggests Elon Musk's involvement in politics could potentially cause more damage to Tesla [6] - The industry emphasizes that autonomy is where Tesla's future growth will come from [7] - The industry views Tesla as one of the leading companies in autonomy, which is considered an important example of physical AI for the US [9] Autonomy & AI - The industry highlights that Tesla's brand will improve if Elon Musk steps back from political issues and focuses on autonomy [8] - The industry believes the US government doesn't want to hinder the development of autonomous vehicles [10] - The industry reports Apple is looking to a third party for AI related to Siri [11] - The industry interprets Apple's move to outsource AI as a positive change, allowing them to focus on product development [12] - The industry suggests that the value in AI will accrue to those who build products on top of AI models, rather than the model builders themselves [13]

Market Trends & Investment Opportunities - Industry suggests purchasing electric vehicles (EVs) upgradable to autonomy is financially sound [1] - Internal combustion engine (ICE) vehicles are predicted to have decreasing long-term resale value [1] - Comparing ICE vehicles to "riding a horse using a flip phone" implies rapid technological obsolescence [1]