Full transcript translation of Tesla's Q1 2026 earnings call

Tesla, Inc. (TSLA) Q1 2026 Earnings Call April 22, 2026, at 5:30 p.m. 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 Langen — Wells Fargo Securities LLC Research Opening Remarks Travis Axelrod, Head of Investor Relations Good afternoon, and welcome to Tesla’s Q1 2026 earnings 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 earlier today around 3:00 p.m. Central Time in updated materials posted at the same link used for this webcast. During this call, we will discuss our business outlook and make forward-looking statements. These comments reflect our current expectations and projections as of today. Due to numerous risks and uncertainties—including those described in our recent filings with the SEC—actual events or results may differ materially. During 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, Chief Executive Officer, 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 higher future revenue streams we anticipate. Clearly, Tesla is not alone here. As you’ve likely observed, most—if not all—major technology companies are sharply increasing their capital investments. We will do the same—and I believe it will yield tremendous returns. We’re investing in and enhancing our core technologies: battery powertrains, AI software, AI training, chip design, and manufacturing—to lay the foundation for significantly scaled-up production capacity. We’re also comprehensively strengthening our supply chain across batteries, energy, AI, and silicon. As I’ve said before, this supports our anticipated sharp increase in vehicle output—and, of course, the highly significant milestone of launching Optimus. We’re also ramping up internal test production of Optimus, and potentially enabling its deployment outside Tesla as early as next year. As you’ve heard me say several times, I believe Optimus will be our largest product—not just the biggest Tesla has ever built, but very likely the largest product ever created on Earth.

What are people’s views on the A-share market performance on August 13, 2026?

Today’s market opened higher but plunged near the close, ending slightly lower overall, with trading volume totaling RMB 2.6 trillion. Sector-wise, the pharmaceutical sector led gains. Relative to the technology sector, healthcare stocks feature a much healthier shareholding structure—though such structural advantages alone cannot propel healthcare into becoming the market’s undisputed leader. Last night, the U.S. AI infrastructure leasing sector saw renewed volatility: following CoreWeave’s strong earnings report, Nebius delivered another highly positive quarterly result, surging 34.14% in share price. Nebius reported Q2 revenue of $582.3 million, up 454% year-on-year; its core AI cloud business revenue soared 514% year-on-year. What excited the market most were its massive contracts and robust guidance: this quarter, Nebius signed four AI cloud agreements averaging over $1 billion each; total contract value rose nearly fourfold quarter-on-quarter. Meanwhile, total customer committed amounts have already exceeded $40 billion, and prepayments from customers are projected to surpass $9 billion this year. Domestically, Tencent recently released its latest earnings report—the item drawing the most market attention was its capital expenditure. Tencent’s Q2 capex totaled RMB 52.8 billion, up 176% year-on-year and 65% quarter-on-quarter—far exceeding the market expectation of RMB 32.1 billion.

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