Tesla’s (NASDAQ:TSLA) Q2 2023 earnings call comes on the heels of the company’s Q2 2023 Update Letter. Tesla’s second quarter results were quite impressive, with the electric vehicle maker’s Q2 profits growing 20% to $0.91 per share and revenue increasing 47% to $24.93 billion.
Tesla’s total gross profit for the quarter experienced a 7% growth, amounting to $4.53 billion, while gross margins stood at 18.2%, marking a decrease from 19.3% in the first quarter. Excluding regulatory credits and leases, auto gross margins were reported at 18.1%, down from 18.3% in Q1.
The following are live updates from Tesla’s Q2 2023 earnings call. I will be updating this article in real-time, so please keep refreshing the page to view the latest updates on this story. The first entry starts at the bottom of the page.
17:35 CDT – That wraps up the Q2 2023 earnings call! Once again, thanks for staying with us for yet another live blog! Until the next one!
17:32 CDT – A Goldman Sachs analyst asked about when automotive cogs would be under $36,000. CFO Zachary Kirkhorn noted that it’s hard to say, as there are innumerable factors to consider. The executive noted that commodity prices are dropping, however. “The trend is in being more efficient,” the executive said.
Kirkhorn also clarified that Giga Berlin and Giga Texas are still in their early phases. As the facilities get more optimized, their costs should be improved as well.
17:27 CDT – Oppenheimer asked about the operating system of Dojo. Musk noted that Dojo’s software is a combination of open-source and custom software.
17:24 CDT – Deutsche Bank asks about the estimated release date for a non-beta version of FSD. Musk did not commit to an exact date, though he did predict that FSD will be better than a human by the end of 2023. Musk also mentioned that the price of FSD is actually pretty low, considering the impact of autonomy.
17:18 CDT – Musk noted that it may be reasonable to sacrifice margins considering the potential of autonomy. Autonomy will have significant effects on the car market, the CEO predicted.
17:16 CDT – An analyst question about Dojo is asked, and its effects on Tesla’s financials. Musk noted that Tesla does not specify Dojo’s costs for now, though the company will likely be spending well over a billion on the supercomputer the next year.
As for potential competitors, Musk noted that the costs of developing such hardware are substantial. “In order to copy us, you’d need to spend well over a billion on a training computer,” Musk said. Kirkhorn noted that the numbers that the CEO mentioned for Dojo are between R&D and capital spending.
17:09 CDT – Elon Musk gives a shoutout to ARK Invest, stating that the firm’s analysis is among the best. He also pledges to give long-term value to shareholders. “I’m confident will deliver in the long term, but can’t control the short term,” Musk said.
17:05 CDT – A question about Tesla’s demand is asked. Musk noted that Tesla is fortunate enough to have real-time data on its vehicles’ demand and production. “We’re in turbulent times. I’m very confident in Tesla,” Musk said. The CEO also noted that he sees a least a 5x growth in Tesla, maybe a 10X growth in the future.
17:00 CDT – When asked about Tesla’s estimated demand for Optimus, Musk joked that the humanoid robot’s production would be immense. There are a lot of challenges with Optimus’ ramp, however, as even its actuators have to be custom-made. No suppliers produce the actuators that Tesla needs for its humanoid robot.
What is exciting is that Tesla will be trying out Optimus in its own factories. Elon Musk predicts Optimus will be useful by next year. Elon Musk also talked about using Neuralink to provide bionic parts to amputees, using Optimus parts. Now that’s futuristic!
16:56 CDT – In response to a question about the repairability of megacasted vehicles, Elon Musk joked “There might be why everyone is copying us.” Tesla executives also explained that the repairability of traditionally-produced vehicles is overestimated.
sThe company is working on repairability, of course, and estimates suggest that it is 10x cheaper and 3x faster to fix a vehicle with a megacast. This means that collision repair will be cheaper and faster over time. “I think basically it will be how all cars will be made in the future,” the executive said.
16:54 CDT – A question about the Cybertruck’s demand is asked. Musk’s response is clear. “Demand is so far off the hook, you can’t even see the hook,” the CEO said, though he also set expectations by reminding customers that there is a lot of new technology in the Cybertruck. Mass production is still set for next year.
16:53 CDT – In response to a question about FSD transferability, Musk provided a clear answer. As of Q3, FSD can be transferred to a new car. “It’s a one-time amnesty,” Musk joked.
16:52 CDT – In response to a question about Tesla’s costs and effects from the IRA, Zachary Kirkhorn noted that the company is working on reducing costs in Texas and Berlin, with both facilities seeing improvements during Q2.
16:48 CDT – A question about Tesla Energy was asked. Tesla notes that the Energy Business is gaining some momentum, especially as the Megapack is seeing a lot of demand. Megapack margins remain strong and within expectations, and Autobidder is continuing to grow. Tesla surpassed half a million Powewalls installed as well.
16:46 CDT – First investor question is asked, and it’s about 4680 battery cells. A Tesla executive noted that Tesla is currently focused on yield, though a 25% reduction on cell cost has been achieved. Giga Texas’ 4680 production increased 80% as well. By the time the Cybertruck scales, Tesla expects its 4680 program to be at a pretty good level.
16:44 CDT – Tesla CFO Zachary Kirkhorn takes the stage. He also congratulates the company for yet another record quarter. Kirkhorn notes that Q2 is another record quarter in terms of profit. He also mentioned several of the company’s projects, from the Cybertruck to the next-generation platform. He did, however, also stated that Tesla increased its spending on AI projects, such as FSD, Optimus, and Dojo.
16:41 CDT – The CEO also discussed the rise of Tesla’s North American Charging Standard (NACS). In this light, FSD may also be licensed by “major OEMS” in the future. Discussions are already ongoing. In closing, Musk thanked the Tesla team for their hard work once more.
16:39 CDT – Musk confirms that the FSD Beta program has now traveled 300 million miles! He also praised the Cybertruck, noting that Tesla worked hard on every millimeter of the vehicle. “This is the first truck that will have 4 doors, over a 6 ft bed, and can still fit in a 20 ft garage,” Musk said, highlighting that the pickup truck will be delivered this year.
16:36 CDT – Similar to past quarters, Musk highlights Tesla’s work in autonomy, noting that the company’s Robotaxi will have “quasi-infinite demand.” This may sound like another lofty Musk prediction, but with Dojo, Tesla’s FSD and Autopilot efforts are likely to accelerate. As noted by the CEO, Tesla’s Dojo training computer is designed to lower the cost of neural net training.
16:34 CDT – Elon Musk takes the stage. He mentions several of Tesla’s milestones in the second quarter, such as the Model Y becoming the world’s best-selling car in the first quarter. While there is a lot of macro uncertainty, operating margins are still at 10%. Musk warns that Q3 levels will be a bit lower due to factory shutdowns.
16:32 CDT – Tesla VP for Investor Relations Martin Viecha takes the stage. He provides an overview of the rules. Here we go!
16:29 CDT – And the music is starting! I wonder if we’re starting at Elon Time? The Q2 results were great though, so I have a feeling the earnings call will start on time this quarter.
16:25 CDT – Hi, everyone, and welcome to yet another live blog! Tesla’s Q2 numbers are quite impressive, with the company posting better-than-expected results. The Q2 2023 Update Letter also suggested that serious work is underway to produce the Cybertruck, arguably the most highly-anticipated electric vehicle today.
Here’s the YouTube livestream for Tesla’s Q2 2023 earnings call.
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Investor's Corner
Tesla has a Cybercab problem nobody saw coming
Tesla’s Cybercab line now builds robotaxis faster than Tesla can deploy them, Lars Moravy says.
Tesla’s Cybercab line in Texas can now build the two seat robotaxi faster than the company can put it into service, according to Lars Moravy, Tesla’s Vice President of Vehicle Engineering. “We don’t run every day because the line can run so fast. It’s currently outpacing our deployments,” Moravy said in a new Cybercab deep dive from Munro Live. “So, it’s a bit of a race right now. Who’s going to go faster? Right now the manufacturing line’s ahead.”
Tesla’s official Robotaxi account shared a Cybercab analysis video on X on Monday, calling it a “Cybercab engineering deep dive.” Moravy’s comments go further than what he told analysts on the Q3 earnings call last week, when he said the Cybercab line’s listed capacity of more than 125,000 units a year undersells what it can actually run.
The tour shows where that speed comes from. Tesla’s unboxed process splits the Cybercab into front, rear, side and center modules that are built and tested on their own before they meet on a short final line. That final line has just 25 fully automated stations, which Tesla’s team estimated is a fifth to a tenth of what a Model Y needs. The full line is about 78% automated, the framing line is already at 100%, and the layout uses roughly 50% less floor space per vehicle. The stated goal is “100% automation in 10 second cycle time,” or one finished Cybercab every 10 seconds.
Tesla also deleted the paint shop. Only the side modules are coated, and the exterior panels get their color inside the molding machine. Engineers said the car is designed to run at least 500,000 miles, which matters for a vehicle that will spend most of its day carrying riders.
The battery got the same treatment. The Cybercab uses an 88S6P pack of 4680 cells in a steel enclosure, a first for Tesla, with each module potted separately so a single failed module can be swapped instead of the whole pack. Wireless battery management boards replace a wiring harness, and new contactors are fast enough to drop the pyro fuse entirely. Tesla’s battery director graded the pack an A minus, compared with a D for the Model Y structural pack and a B minus for Cybertruck. Up front, the drive unit runs an 11:1 gear ratio versus roughly 9:1 on most Teslas, since the Cybercab does not need a high top speed.
Cybercab engineering deep dive — Robotaxi (@robotaxi) October 26, 2026
The deployment side is now the bottleneck Moravy described. Tesla had more than 50 Cybercabs working the Formula 1 weekend in Austin, and Texas records show 463 Cybercabs registered. Tesla said on its earnings call that Cybercab service will launch in Dallas next month, and Moravy said the company is aiming to get Cybercabs to customers by the end of 2026. Every unit built so far has gone into Tesla’s own fleet since the line moved into volume production in April.
Munro Live also asked when it could get a Cybercab to tear down. Tesla’s answer: “Not yet.”
Tesla (NASDAQ: TSLA) reported its earnings for the third quarter of 2026, marking a reasonable performance on the various financial metrics. Tesla still plans to hold a call that will field investor questions at 5:30 p.m. ET, 4:30 p.m. CT.
Here’s where Earnings came in:
- Total Revenues: $28.046 reported vs. $28.34B expected
- Non-GAAP EPS: $0.48 reported vs. $0.45 expected
- Operating Margin: 2.6 % reported vs. 2.5% expected
- Operating Income: $718M reported vs. $721M expected
- Free Cash Flow: $1.531B reported vs. ~-$4.51B expected
Tesla $TSLA Earnings Results:
Revenues: $28.046B
Non-GAAP EPS: $0.48
Operating Margin: 2.6%
Operating Income: $718M
FCF: $1.531B— TESLARATI (@Teslarati) October 21, 2026
Major Takeaways
Full Self-Driving (Supervised)
“FSD (Supervised)⁴ attach rate continued to grow, reaching over 75% of new vehicle deliveries in North America – our most mature market – a nearly twenty percentage point sequential increase. We believe that FSD is driving demand in markets where it is available, and we continue to work with regulators to get it approved in other markets.”
Tesla Semi
“We began volume production of Tesla Semi, our Class 8 heavy-duty truck. The top variant can go 500 miles at full 82,000 lbs gross combination weight while achieving an efficiency of 1.7 kWh/mile. That efficiency allows the Tesla Semi to use a third of the energy used by a comparable diesel truck to haul the same payload. In a transportation market where energy is one of the largest components of total cost per mile, this will provide a meaningful advantage to Tesla Semi operators.”
SI Compute
“We plan to reach 400 MW of SI training compute by the end of the year, supporting the development of both vehicle and humanoid robot autonomy software. Additionally, we continued construction for the Austin Fab, where we plan to start commissioning equipment in 2027.”
Robotaxi
“We began deployment of Cybercab into our Robotaxi fleet in Austin. We reached nearly two million cumulative unsupervised miles for our Robotaxi service as of the end of the quarter. Operating hours in Austin are now 6am to midnight, and we expect to reduce wait times via increased fleet supply and improvement of Robotaxi orchestration algorithms. Grok is available in Cybercab with access to Grok Bot and Connectors, which allows users to manage their inbox, calendars, files, chats and tasks – all hands free via voice command – making Cybercab a mode of transport, a productivity space and, with our entertainment options, a second living room.”
Interested in ordering a Tesla? Use my referral code for three free months of Full Self-Driving (Supervised) here.
Tesla (NASDAQ: TSLA) reports its earnings for Q3 today. Here’s what to expect, as the company will reveal its balance sheet after the market closes on Wednesday.
Tesla already reported deliveries just after Q3 ended, and it demolished Wall Street consensus estimates of roughly 462,000 vehicles. Tesla delivered 486,532 cars in the third quarter, which was a big beat, but was down 2.1 percent from the same quarter last year. Energy storage deployments were 13.7 GWh, up year-over-year.
Tesla showrooms picked clean ahead of Q3 end as demand looks strong
For the quarter, analysts have already compiled their predictions for what Tesla will report this afternoon:
- Total Revenues: $28.34B
- Non-GAAP EPS: $0.43
- Operating Margin: 2.5%
- Operating Income: $721M
- Free Cash Flow: ~-$4.51B
Here are a few things we are looking forward to hearing about on the call:
Automotive Gross Margin and Overall Profitability
This was 16.3 percent in Q2, down from 19.2 percent in Q1, and was impacted by warranty charges and some fading regulatory credits. Consensus implies overall gross margin near 18 percent, but a miss here would potentially reinforce concerns about pricing pressure on its vehicles.
Pay attention to energy storage margins as well, especially since Tesla missed GWh expectations, although it was still a strong quarter.
Robotaxi/Cybercab, Unsupervised FSD, and Optimus Progress
The Say questions from retail investors usually focus on these types of projects, and this quarter is no different. Scaling the Cybercab fleet beyond Austin amid the open NHTSA safety review, timeline for Unsupervised FSD in customer cars, Robotaxi unit economics, and Optimus cost per unit plus when it could start generating revenue, are all things to be looking for.
Any concrete timelines or regulatory path details will likely move the stock more than the near-term numbers. SpaceX merger speculation, which was detailed during SpaceX’s earnings call last night, may also surface, although the key details were shared last night.
Elon Musk just confirmed the Tesla and SpaceX merger step everyone was waiting for
Say Investor Questions
- How does the Cybercab fleet scale past Austin, and what’s the regulatory path outside Texas given NHTSA’s open safety review?
- When can we anticipate FSD unsupervised in customer cars?
- When will the CyberCab be available for customer purchase/ownership?
- What’s the unit economics per paid robotaxi mile, and how does it compare to the thirty-cent target?
- Tesla has acknowledged that HW3 vehicles cannot support unsupervised FSD. When will owners know whether they can upgrade their hardware for free, and when will Tesla provide a clear plan?
The full Earnings Call will be streamed this evening after market close around 5 p.m. this evening.
Tesla has a Cybercab problem nobody saw coming
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