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Tesla Q2 2025 Earnings Transcript
| Index | Score | Sentiment | Transcript |
|---|---|---|---|
| 1 | +85 | Strong Positive | In Q2 we achieved record vehicle production and deliveries, and record revenue of about $25 billion in a single quarter. |
| 2 | +70 | Positive | And Model Y became the bestselling vehicle of any kind globally in Q1, surpassing the likes of Corolla and Golf. |
| 3 | 0 | Neutral | So, it was the number one vehicle of any kind, including vehicles that are sold at a far lower price. |
| 4 | 0 | Neutral | This is, I think, an incredible achievement by the Tesla team, and just a huge thank you to our customers for their support. |
| 5 | 0 | Neutral | And this came in spite of high interest rates and a lot of macro uncertainty. |
| 6 | 0 | Neutral | And nonetheless, we managed to achieve operating margin of about 10%. |
| 7 | 0 | Neutral | We continue to target 1.8 million vehicle deliveries this year. |
| 8 | -30 | Negative | Although, we expect that Q3 production will be a little bit down because we’ve got summer shutdowns to — for a lot of factory upgrades. |
| 9 | -20 | Neutral | So, just probably a slight decrease in production in Q3 for sort of global factory upgrades. |
| 10 | 0 | Neutral | In the long-term, autonomy we think is going to just drive volume through the ceiling next level. |
| 11 | 0 | Neutral | And our sort of future robotaxi products — dedicated robotaxi products we think have like quasi-infinite demand. |
| 12 | 0 | Neutral | The way we’re going to manufacture robotaxi is, is also itself a revolution. |
| 13 | 0 | Neutral | So, it’s revolutionary design made in a revolutionary way. |
| 14 | 0 | Neutral | It’ll be by far the highest units per hour of any vehicle production ever. |
| 15 | 0 | Neutral | So, very excited about that. |
| 16 | +20 | Neutral | With respect to Autopilot and Dojo, in order to build autonomy, we also need to train our neural net with data from millions of vehicles. |
| 17 | 0 | Neutral | The more — I mean, this has been proven over and over again. |
| 18 | 0 | Neutral | The more training data you have, the better the results. |
| 19 | 0 | Neutral | And, I mean, there are times where we see basically — in a neural net, basically it’s sort of at 1 million training examples, it barely works; at 2 million, it slightly works; at 3 million, it’s like wow, okay, we’re seeing something, but then you get like 10 million training examples, it’s like — it becomes incredible. |
| 20 | 0 | Neutral | So, there’s just no substitute for a massive amount of data. |
| 21 | 0 | Neutral | And obviously, Tesla has more vehicles on the road that are collecting this data than all of the companies combined by, I think, maybe even an order of magnitude. |
| 22 | 0 | Neutral | So, I think we might have 90% of all — or a very big number. |
| 23 | 0 | Neutral | So, the success in AI endeavors is a function of talent, sort of unique data and computing resources. |
| 24 | 0 | Neutral | And we have outstanding capabilities in all three arenas. |
| 25 | 0 | Neutral | And I really just don’t know how anyone could do what we’re doing, even if they had our software and had our computer, if they did not have the training data. |
| 26 | +30 | Positive | So, speaking of which, our Dojo training computer is designed to significantly reduce the cost of neural net training. |
| 27 | 0 | Neutral | It is designed to — it’s somewhat optimized for the kind of training that we need, which is a video training. |
| 28 | 0 | Neutral | So, we just see that the need for neural net training — again, talking — speaking of quasi-infinite things, is just enormous. |
| 29 | 0 | Neutral | So, I think having — we expect to use both, NVIDIA and Dojo, to be clear. |
| 30 | 0 | Neutral | But there’s — we just see demand for really vast training resources. |
| 31 | 0 | Neutral | And we think we may reach in-house neural net training capability of a 100 exaflops by the end of next year. |
| 32 | +20 | Neutral | So, to date, over 300 million miles have been driven using FSD beta. |
| 33 | 0 | Neutral | That 300 million mile number is going to seem small very quickly. |
| 34 | 0 | Neutral | It’ll soon be billions of miles, then tens of billions of miles. |
| 35 | 0 | Neutral | And FSD will go from being as good as a human to then being vastly better than a human. |
| 36 | 0 | Neutral | We see a clear path to full self-driving being 10 times safer than the average human driver, so. |
| 37 | 0 | Neutral | And between Autopilot, Dojo computer, our inference hardware in the car, which we call sort of Hardware 3, 4, but it’s really dedicated. |
| 38 | 0 | Neutral | It’s a high efficiency inference computer that’s in the car and our Optimus robot, Tesla’s clearly at the cutting edge of AI development. |
| 39 | +25 | Positive | With regard to our Cybertruck, we continue to build our release candidates of the Cybertruck on our final production line in Austin. |
| 40 | 0 | Neutral | I’m actually here in Austin at the Gigafactory. |
| 41 | +5 | Neutral | This is the first truck that we’re aware of that will have four doors over a six foot bed and will fit into a 20-foot garage. |
| 42 | 0 | Neutral | So, it’s sort of biggest on the outside, but it’s even bigger on the inside. |
| 43 | 0 | Neutral | So it’s — I think that’s a — one of the elements of good design is it should feel bigger on the inside than it looks on the outside. |
| 44 | 0 | Neutral | And this is no small car, but we really cared about the exterior dimensions of the Cybertruck down to the last millimeter. |
| 45 | 0 | Neutral | So just — we try to get right in the middle of the Goldilocks zone, not too big, not too small and then really maximize the utility of the volume. |
| 46 | 0 | Neutral | And we can’t wait to start delivering it later this year. |
| 47 | 0 | Neutral | Some other highlights. |
| 48 | +10 | Neutral | Our global Supercharging network now stands at over 50,000 — roughly 50,000 connectors and over 5,000 locations. |
| 49 | 0 | Neutral | As I think a lot of people are aware, the Tesla Charging Standard, which we made open source and it’s now called the North American Charging Standard. |
| 50 | +50 | Positive | We’re deeply honored that Ford, GM, Mercedes and many other OEMs have signed up to use our connector and gain access to our charging network. |
| 51 | 0 | Neutral | We strongly believe in helping other car companies to accelerate the EV revolution and just trying to do the right thing in general. |
| 52 | 0 | Neutral | So, that’s the goal there. |
| 53 | +60 | Positive | Then something I think, I want emphasize, like very strongly, this is a very important point is that Tesla — just as with the North American Charging Standard, although we’re not license — in that case not licensing, we’re just making it available, but we are very open to licensing our full self-driving software and hardware to other car companies. |
| 54 | +10 | Neutral | And we are already in discussions with — early discussions with major OEM about using Tesla FSD. |
| 55 | 0 | Neutral | So, we’re not trying to keep this to ourselves. |
| 56 | 0 | Neutral | We’re more than happy to license it to others. |
| 57 | +30 | Positive | And lastly, our new lithium refinery and cathode facility are progressing well. |
| 58 | +10 | Neutral | In conclusion, we continue to focus on making as many cars as we can, while maintaining healthy financials. |
| 59 | +50 | Positive | Our artificial intelligence development is obviously entering a new era and we’re incredibly excited about what’s to come. |
| 60 | +60 | Positive | Our other businesses such as Megapack, Supercharging service and whatnot, all started to become a meaningful contributor to overall profitability this quarter. |
| 61 | +5 | Neutral | And then lastly, I’d just like to profusely thank all of our employees who are making a lot of extra effort during uncertain times. |
| 62 | 0 | Neutral | Thank you very much for your hard work and the impact you’re making. |
| 63 | 0 | Neutral | Martin Viecha: Thank you very much, Elon. |
| 64 | 0 | Neutral | And I think Zach has some opening remarks as well. |
| 65 | 0 | Neutral | Zachary Kirkhorn: Yes. |
| 66 | 0 | Neutral | Thanks Martin. |
| 67 | +70 | Positive | As Elon mentioned, Q2 was another record quarter of production and deliveries, as well as records in profit for our energy and services and other businesses. |
| 68 | 0 | Neutral | Congratulations again to the Tesla team on the continued progress. |
| 69 | 0 | Neutral | As we navigate through a period of economic uncertainty, rising interest rates, volatility in consumer confidence and regulatory change, I want to comment on our financial approach. |
| 70 | +15 | Neutral | First, the single most important priority is to ensure we are continuing to invest heavily in the core technologies that will drive the long-term value of the business. |
| 71 | +20 | Neutral | This includes increasing spending on AI related technologies such as full self-driving, Optimus and Dojo, as well as new products such as Cybertruck, our next generation platform and the Semi, as evidenced by the continued growth in our R&D spend. |
| 72 | +15 | Neutral | This also includes continuing our investments in capacity expansion, not only in our vehicle factories, but also our Supercharging network, service, internal applications, and battery processes, as we continue with meaningful capital expenditures to lay this foundation for the future. |
| 73 | +35 | Positive | Second, we continue to work towards our goals of maximizing volumes on both, our vehicle and energy business, but most importantly, doing so in a way that generates the capital to continue our pace of R&D and capital investments. |
| 74 | +25 | Positive | This requires a strong focus on per unit COGS reductions in each of our key businesses, as well as working capital improvements on raw materials, work in process inventory and customer AR, all of which progressed appropriately in Q2. |
| 75 | +20 | Neutral | If we look specifically at our automotive business, our gross margin showed a modest reduction and remained healthy, despite action taken to further improve vehicle affordability early in the quarter. |
| 76 | +70 | Positive | We recognized – we realized per unit cost improvements in nearly every category, including material cost and commodities, manufacturing costs and logistics, while also continuing to rapidly increase the build rate in our Austin and Berlin factories. |
| 77 | +60 | Positive | For our energy business, we improved margins and gross profit driven by cost reductions and deal economics, particularly with Megapack. |
| 78 | 0 | Neutral | As a reminder, storage volumes are typically volatile sequentially based on the types of projects and their specific revenue recognition milestones. |
| 79 | -10 | Neutral | As we look forward to the rest of the year, I want to reiterate Elon’s comments on Q3 volumes driven by planned downtimes for factory upgrades. |
| 80 | -15 | Neutral | These upgrades will also carry some amount of factory idle cost. |
| 81 | 0 | Neutral | However, we are working to minimize as much as possible. |
| 82 | 0 | Neutral | It’s also important to keep in mind the uncertainty in the macro environment, which can impact our execution positively or negatively in the near term. |
| 83 | 0 | Neutral | Regardless, we continue to remain dynamic with a focus on fundamental efficiency and a long-term outlook. |
| 84 | 0 | Neutral | Congratulations again to everybody on a great quarter. |
| 85 | 0 | Neutral | A – Martin Viecha : Thank you very much, Zach. |
| 86 | 0 | Neutral | And let’s go to investor questions. |
| 87 | 0 | Neutral | The first question on licensing FSD we’ve already answered. |
| 88 | 0 | Neutral | So, let’s go to the second one. |
| 89 | 0 | Neutral | The second question is, what is the status of 4680 cells? |
| 90 | 0 | Neutral | How far are you from the specs you laid out on Battery Day? |
| 91 | 0 | Neutral | When do you expect to achieve what you laid out on Battery Day? |
| 92 | 0 | Neutral | Unidentified Company Representative: Yes. |
| 93 | 0 | Neutral | First, I’ll just start with a little bit of a production update. |
| 94 | +75 | Strong Positive | So, in Texas, 4680 cell production increased 80% Q2 over Q1, and the team surpassed 10 million production cells produced here in Texas. |
| 95 | 0 | Neutral | So, congrats to the team for that. |
| 96 | +75 | Strong Positive | Their focus on yield reduced our scrap bill by 40% quarter-over-quarter, and that resulted in a 25% reduction in cell COGS. |
| 97 | +65 | Positive | Here in Texas, we’re preparing to launch our Cybertruck cell, which is 10% higher energy density than current production. |
| 98 | 0 | Neutral | That was accomplished through process and mechanical design optimization. |
| 99 | +40 | Positive | As we scale Cyber cell production through the end of the year and early next, we should be in a comfortable place on cost per cell. |
| 100 | 0 | Neutral | Against our battery energy density targets, the Cyber cell is at our expectations on a like-for-like electrochemistry basis. |
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