Full transcript translation of Tesla's Q1 2026 earnings call

Tesla, Inc. (TSLA) Q1 2026 Earnings Call April 22, 2026, 5:30 PM Eastern Time Company Participants Travis Axelrod – Head of Investor Relations Elon Musk – Co-Founder, Technoking of Tesla, Chief Executive Officer, and Director Vibhu Taneja – Chief Financial Officer Ashok Elluswamy – Executive Officer Michael Snyder – Vice President, Energy & Charging Lars Moravy – Vice President, Vehicle Engineering Analysts on the Call William Stein – Truist Securities Research Pierre Ferragu – New Street Research LLC Dan Levy – Barclays Research Mark Delaney – Goldman Sachs Group Research Colin Langan – Wells Fargo Securities LLC Research Opening Remarks Travis Axelrod, Head of Investor Relations Good afternoon, and welcome to Tesla’s Q1 2026 earnings Q&A webcast. I’m Travis Axelrod, Head of Investor Relations. Joining me today are Elon Musk, Vibhu Taneja, and several other executives. Our Q1 results were released around 3:00 PM Central Time in updated materials posted at the same link as this webcast. During this call, we will discuss our business outlook and make forward-looking statements. These comments reflect our forecasts and expectations as of today. Due to numerous risks and uncertainties—including those outlined in our most recent filings with the SEC—actual events or results may differ materially. For the Q&A portion of today’s call, please limit yourself to one question and one follow-up. [Operator instructions] Before we begin the Q&A, Elon has some opening remarks. Elon? Elon Musk, Co-Founder, Technoking of Tesla, CEO, and Director Thanks. I think 2026 will be an exciting year for us. We’ll significantly increase investment into the future—so you should see capital expenditures rise substantially—very substantially—but I believe this is both reasonable and well justified given the dramatically increased future revenue streams we anticipate. Clearly, Tesla is not alone here. I think you’ve already seen most—if not all—major tech companies substantially ramp up their capital investments. We’re doing the same. And I believe it will deliver enormous returns. So, we’re investing in and improving our core technologies: battery powertrains, AI software, AI training, chip design, and manufacturing—laying the groundwork for a substantial increase in manufacturing and production capacity. We’re also comprehensively strengthening our supply chain across batteries, energy, AI, silicon—everything—and, as I mentioned, preparing for a significant anticipated growth in future vehicle output, as well as, of course, a truly massive expansion—namely, the launch of Optimus. We’re also scaling up internal test production of Optimus, and possibly enabling its deployment outside Tesla as early as next year. As you’ve heard me say several times before, I believe Optimus will be our largest product—not just the largest Tesla has ever built, but very likely the largest product ever created on planet Earth.

Big weekend news—explosive!

As soon as this data was released, the probability of a rate hike in September dropped sharply: Currently, the odds of a hike stand at 44.4%, while the odds of no hike have risen to 55.6%... Honestly, if someone had told us this data would come out like this, most people probably wouldn’t have believed it—but that’s exactly how it played out... The ‘Master of Expectations Management’ has now revealed his playbook: earlier, when tech stocks surged, he floated rate-hike expectations—to stabilize the dollar, crush gold prices, and nearly halve the Korean market… When his own tech sector crashed, he immediately changed course: stopped military action in the region, deliberately weakened the data—and suddenly, the winds of rate cuts began blowing strongly... Strait Switch, Nonfarm Payrolls Switch… various ‘switches’ fine-tune the indices—without spending a single cent—managing market indices with surgical precision… Truly, a grandmaster-level expectations manager—absolutely impressive… Berkshire Hathaway has also stepped in! On the evening of August 8, Berkshire Hathaway released its latest financial report, showing that its Q2 2026 operating profit reached $12.983 billion, up 16% year-on-year; net income attributable to shareholders totaled $25.667 billion, surging over 107% year-on-year; first-half operating profit amounted to $24.329 billion, up approximately 17% year-on-year; and first-half net income reached $35.773 billion, up roughly 111% year-on-year. Berkshire’s sharp Q2 net income growth was primarily driven by investment gains. The report shows after-tax investment income for Q2 totaled $12.684 billion—a 155% year-on-year surge—including approximately $10.9 billion in after-tax unrealized gains from its equity portfolio and about $1.8 billion in after-tax realized investment income. Cash reserves hit a record $397 billion in Q1, then declined to $365.5 billion in Q2—meaning a $31.5 billion deployment in just one quarter. Berkshire has pivoted decisively!!! This $31.5 billion was allocated across three buckets: • $4.5 billion for share repurchases—up 20-fold versus Q1’s $200 million; • $20 billion to buy Google shares—adding aggressively at elevated prices; • $6.8 billion in an all-cash acquisition of Taylor Morrison—betting squarely on the U.S. housing recovery.

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