Tesla(US:TSLA)2026-01-29 02:00Summary of Tesla's Earnings Call Company Overview - Company: Tesla - Industry: Electric Vehicles and Energy Storage Key Financial Metrics - Q4 2025 Revenue: $24.9 billion, down 3% year-over-year and down 11% quarter-over-quarter [1] - Q4 Gross Margin: 20%, up 4 percentage points year-over-year [1] - Non-GAAP Net Income: $1.76 billion, down 16% year-over-year and down 1% quarter-over-quarter [1] - Annual Revenue for 2025: $94.8 billion, down 2% year-over-year [1] - Annual Non-GAAP Net Income: $5.86 billion, down 26% year-over-year [1] Automotive Performance - Vehicle Deliveries: Q4 deliveries were 418,000, down 16% year-over-year and quarter-over-quarter, influenced by the reduction of the $7,500 subsidy in the U.S. [3] - Total Deliveries for 2025: 1.636 million vehicles, down 9% year-over-year [3] - Automotive Revenue for Q4: $16.75 billion (excluding credits), down 10% year-over-year [3] - Automotive Gross Margin: 17.1%, up 4 percentage points year-over-year and up 2 percentage points quarter-over-quarter [3] - Average Selling Price: $41,000 per vehicle [3] - Average Cost per Vehicle: $34,000, down 4% quarter-over-quarter [3] Energy Storage Performance - Q4 Energy Revenue: $3.84 billion, up 25% year-over-year and up 12% quarter-over-quarter [3] - Gross Margin for Energy: 28.6%, down 3 percentage points quarter-over-quarter [3] - Energy Storage Shipments: 14.2 GWh, up 29% year-over-year and up 14% quarter-over-quarter [3] - Annual Energy Shipments: 46.7 GWh, up 49% year-over-year [3] Future Plans and Investments - Capital Expenditure for 2026: Over $20 billion planned for new production lines [3] - Production Capacity: - Fremont: 650,000 vehicles per year - Shanghai: over 950,000 vehicles per year - Texas and Berlin: over 375,000 vehicles each [4] - Battery Production: Texas factory to have 40 GWh capacity for 4680 batteries, with local manufacturing to mitigate trade barriers [4] - Robotaxi Expansion: Testing in Austin starting December, with plans to expand to 7 cities in H1 2026 [5] AI and Autonomous Driving - FSD Subscription Growth: 1.1 million active subscribers, up 38% year-over-year [5] - AI Chip Development: Progress on AI5/AI6 chips, with production planned for 2027 and 2028 respectively [5] - Cortex Infrastructure: Enhancements in computing power with plans to double the capacity in Texas [5] Additional Insights - Production Shift: Plans to cease production of Model S and Model X to focus on robot manufacturing [3] - Megapack Production: Initiation of Megapack 3 and Megablock systems production, with a total capacity of 86 GWh [4] - Robot Development: Optimus V3 expected to launch in Q1 2026, with a target annual production capacity of 1 million units [4]