Tesla’s (NASDAQ:TSLA) Q3 2023 earnings call comes on the heels of the company’s Q3 2023 Update Letter. Tesla remained profitable in Q3, despite a decrease in delivery and production, as well as a reduction in the company’s average selling price. Still, Tesla posted revenues of $23.35 billion and a 7.6% operating margin in Q3 2023.
Tesla did provide some key information in its Q3 2023 Update Letter. For one, the Cybertruck’s first delivery event has been announced for November 30, 2023, and the cumulative miles of Tesla’s FSD Beta program also rose to 525 million. Tesla Energy turned out to be the dark horse for the quarter with its record energy storage deployments of 4.0 GWh.
The following are live updates from Tesla’s Q3 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.
17:30 CDT – And that wraps up Tesla’s Q3 2023 earnings call! This call is quite heavy on information, and Elon Musk was surprisingly cautious. Considering the circumstances across the globe, however, this is understandable. Hopefully, Tesla does survive the storms that are coming.
Thanks so much for staying with us for yet another earnings call live blog. We hope to see you again in the next one!
17:30 CDT – Wells Fargo asks for clarification about Elon Musk’s previous comment about Tesla not going full tilt on Giga Mexico unless the economy is strong and if Tesla’s growth can be achieved without the plant. Musk notes that Tesla will be making a factory in Mexico. It’s just going to be a matter of timing. Tesla is still working on Mexico, but the company is paying close attention to interest rates.
Plus, Giga Texas, despite its scope today, is still just a tiny fraction of the land that Tesla owns. So technically, if push comes to shove, Tesla can just focus on Giga Texas and grow the complex even more. “Tesla is a very capable ship, but even a great ship in a storm has challenges,” Musk said, adding that if interest rates come down, then Tesla should accelerate.
“And I apologize if I’m perhaps more paranoid than I should be. Because that might also be the case because I am. I have PTSD from 2008 — 2017 through 2019 are not perfect either. That was very tough going. So you know, the auto industry is also sort of cyclic. It’s because people tend to hesitate to buy a new car and if there’s uncertainty in the economy,” Musk said.
17:23 CDT – Cannacord asks a question about Tesla’s cost per vehicle coming down in the next quarters. Is this more on scale, cost reductions like giga casting, or other things? The analyst also asks if radar was included in some Model Y in China.
Elon Musk noted that Tesla has not included radar in Model 3 and Model Y cars from Giga Shanghai. Tesla is experimenting with this in the Model S and Model X, but there are no plans to do this for the Model 3 and Model Y just yet.
Musk did note that Tesla is looking into the usability of radar in terms of accident prevention. He stated that cars that had radar before had a radar unit that actually generated more noise than signal. The CEO shared some comments about a Tesla-designed radar.
“A Tesla-designed radar is a high-resolution radar that has some potential to be useful,” Musk said.
17:15 CDT – Elon Musk briefly discussed the “Marie Antoinette vibes” in car pricing. To highlight this, Musk discussed his disdain for a work-from-home system, which he noted was unfair to those who have to be in their workplace for their jobs.
17:14 CDT – A follow-up question about price elasticity was asked. Elon Musk highlighted that regular consumers are concerned with payments. He also reiterated the importance of Tesla’s focus on reducing monthly payments.
“I think there’s very significant price elasticity. To be totally frank, if our car is the same cost as a Toyota RAV4, nobody would buy a RAV4. Or at least they’d be very unlikely to. A lot of these EV incentives are actually very difficult for the average person to access; They can’t front $7,500 for even 6 months,” Musk said.
17:10 CDT – Wolfe Research asks if there is a way to convey the speed of improvement in Tesla’s business. He also asks for any update on the timing of Tesla’s next-generation vehicle. The Tesla team noted that this is an evolving thing, and the company is continuously looking to improve.
As for the timing of the next-generation product, Elon Musk noted that Tesla will not be providing this information at this time.
17:06 CDT – Pierre Farragu asks a question about FSD pricing and if Tesla could evolve the system’s pricing as it improves. Elon Musk noted that the economics of a fully autonomous vehicle are pretty astounding. “The economics of the system are just insanely positive,” Musk said. “We’re a hardware company with software margins.”
17:02 CDT – Analyst questions begin! Truist starts with an inquiry about the Cybertruck and its ramp to significant volume. The analyst asks if a similar ramp should be expected for the next-generation platform.
Elon Musk noted that Cybertruck’s production will ramp in 18 months. So, while the Cybertruck’s ramp will cover three calendar years, it’s really just 1.5 years. The team also noted that the Cybertruck has unique complexities affecting the production ramp.
“We dug our own grave with Cybertruck,” Musk joked, to some laughter from the team. “The Cybertruck has a lot of bells and whistles.”
Musk noted that Tesla’s next-generation platform is quite more conventional in that sense. There are simply not as many new things with the next-gen vehicle. Tesla is doing everything possible to simplify the next-generation vehicle to achieve levels per minute in terms of production. Musk also noted that the next-gen Tesla is “utilitarian but cool and beautiful.”
16:56 CDT – A question about Optimus was asked, and if some of the robots can be deployed next year. Musk noted that at this point, Tesla is not yet ready to discuss updates with the Optimus program. But Optimus is improving, and it’s improving fast.
A final investor question was asked about FSD’s international rollout. Musk noted that regulations in different countries dictate the availability of FSD outside the United States. He also admits that he has been overly optimistic about Tesla’s FSD progress.
16:54 CDT – A question about FSD’s price drop was asked. Musk notes that Tesla simply wants to make the system more affordable. The current price is a temporary low, Musk stated. “Well, we just wanted to make it more affordable,” he noted.
A follow-up question was asked about when Tesla will accept legal liability for FSD. Musk joked that everyone already assumes Tesla has legal liabilities. The team also highlighted that L3 systems like the Mercedes-Benz Drive Pilot are very limited, while Tesla’s FSD system is holistic. “It’s baby AGI,” Musk said.
16:52 CDT – A question about Tesla’s growth rate was asked. Elon Musk notes that Tesla is already one of the fastest-growing automakers today. As for the Robotaxi, Musk noted that the vehicle will definitely be non-driven. He highlighted that he is indeed very excited about autonomy, which is pretty amazing in its own right. This is especially notable since Tesla’s work on autonomy will pave the way for Optimus.
16:47 CDT – An inquiry about Giga Shanghai, Berlin, and Mexico was asked. Tesla notes that for Mexico, Tesla is working with factory design. Tesla is working on new production line for next-generation vehicle at Giga Mexico. Elon Musk states Tesla is laying the ground work for construction at Giga Mexico. “We just want to get a sense of the global economy” before Tesla goes all-in.
Elon notes that Tesla is advertising. He acknowledges that advertising is useful, but if people can’t afford Tesla’s cars, advertising won’t do much good. Musk emphasizes his concerns over interest rates and the importance of Tesla’s focus on reducing monthly payments.
16:44 CDT – A second investor question asked about an update on the company’s 4680 cell initiative. Tesla notes that scrap is down 40%, and production is ramping. Giga Texas is now Tesla’s main 4680 facility.
16:43 CDT – Investor questions begin. First up is the company’s expectations for Cybertruck in 2024. Elon Musk notes that it’s difficult to predict this since the Cybertruck is simply so different. It would be a different thing if the Cybertruck were just a copy of another pickup truck, of course. “The more uncharted the territory, the more unpredictable the outcome,” Musk said.
Musk did state that Tesla would eventually hit about 250,000 Cybertrucks per year. This will probably be achieved sometime in 2025.
16:41 CDT – Tesla’s new CFO, Vaibhav Taneja, discusses the company’s finances. He mentions “despite some factory shutdowns, our cost per vehicle decreased to approximately 37,500.” He also discusses that Tesla is focused on reducing costs and investing in the future as the company navigates the years ahead.
16:38 CDT – Musk also reaffirmed Tesla’s 2023 guidance of 1.8 million vehicles.
16:37 CDT – Elon highlights that while the Cybertruck is being released this quarter, expectations must be set with regard to the vehicle’s production ramp.
“There will be enormous challenges in reaching volumes production and cash flow positive. This is our best product ever, but it’d going to require immense work to get cash flow positive at a price that people can afford.
“I just want to temper expectations for the Cybertruck. It’s a great product, but financially, it will take a year to 18 months before it is a significant cash flow contributor,” Musk said.
16:36 CDT – Elon notes that Tesla Energy and Service now contribute over half a billion dollars in quarter profit. It’s becoming one of the company’s most profitable businesses, and it’s growing fast.
16:32 CDT – Oh boy, that was a technical issue. Elon Musk is already speaking. He’s discussing Tesla’s progress with autonomy. He notes that he’s seeing significant promise with FSD Beta V12, which is an end-to-end solution. “We will continue to invest heavily in AI development,” Musk said.
16:30 CDT – It’s time! The Q3 2023 earnings call should be starting any minute now. The music’s stopped, so we’re just waiting for the actual call to begin.
16:29 CDT – And here’s the music! I wonder if Tesla will start on Elon time?
16:15 CDT – Hello, everyone, and welcome to our live blog of Tesla’s third-quarter earnings call! As expected, Tesla’s revenue and EPS took a hit in Q3, thanks in no small part to the company’s decrease in vehicle deliveries. Tesla was still profitable, though, so that pretty much proves that an EV business could consistently make money.
Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.
Investor's Corner
LIVE BLOG: Tesla (TSLA) Q2 2025 earnings call updates
The following are live updates from Tesla’s Q2 2025 earnings call.
Tesla’s (NASDAQ:TSLA) earnings call comes on the heels of the company’s Q2 2025 update letter, which was released after the closing bell on July 23, 2025.
Tesla’s Q1 2025 Results:
Total Revenues: $22.5 billion
Total automotive revenues: $16.7 billion
Total GAAP gross margin: 17.2%
Gross Profit: $3.88 billion
EPS non-GAAP: $0.40 per share
The following are live updates from Tesla’s Q2 2025 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.
16:22 CT – Good day to everyone, and welcome to another Tesla earnings call live blog. Tesla had a pretty big quarter, and while the company’s vehicle deliveries are still down year-over-year, the Robotaxi pilot has been launched in Austin.
Now to see if this earnings call starts on time. Interestingly enough, the EV maker has not posted a link to its Q2 2025 earnings call livestream on its official @Tesla X account yet.
16:26 CT – The earnings call’s livestream on YouTube, however, is up:
16:28 CT – I wonder which Elon we will get on today’s earnings call? Will be get super locked-in Elon, serious Elon, or lighthearted Elon? Whichever Elon we get, TSLA stock will probably show some reaction in after-hours trading.
16:30 CT – Travis Axelrod of Tesla’s Investor Relations team opens the call. He states that Tesla CEO Elon Musk and other executives are present. And, here’s Elon’s opening remarks.
16:33 CT – Elon opens with the launch of Tesla’s Robotaxi service in Austin, which has gotten “bigger and longer” over the past few weeks. He stated that the service area for Robotaxi services in Austin will get even bigger and longer soon. He mentions the Robotaxi service’s expansion to the Bay Area, Arizona, and Florida in the coming months.
“I think we’ll have Robotaxi in half the population of the US by the end of the year?” Musk said, highlighting that this is subject to regulatory approval. He added that Tesla is expanding its Robotaxi service cautiously.
16:35 CT – Elon noted that the Model Y became the best-selling car in several countries in n Türkiye, Netherlands, Switzerland and Austria in June. This was despite the Model Y selling in these countries without its killer feature–FSD. Despite the regulatory challenges, Elon noted that Tesla will get these approvals, and he is hoping that some areas in Europe should experience FSD in the coming months. “It really is the single biggest demand driver,” Musk said.
16:37 CT – Elon also mentioned the launch of the Tesla Diner. “This is a very special diner,” Musk said, stating that the facility is a “shining beacon of hope.” He joked that it is rare that a diner makes the news, but the newly launched restaurant is quite something.
On the other hand, Elon noted that Tesla is making significant improvements to its FSD software, and that the company could probably 10X the parameter count from what users are currently experiencing.
16:43 CT – The CEO also highlghted the growth of Tesla Energy, which he noted was a “really big deal.” As for Optimus, Musk stated that the humanoid robot is in its current second generation. Its third generation will be “exquisite,” the CEO noted.
“Tesla is by far the best in the world in real-world AI,” Musk said. He threw some shade at Waymo as well, stating that while Google is good at AI, the tech giant is not as good in real-world AI applications. All those years producing and designing cars matter.
“Tesla has the highest intelligence density in AI so far,” Musk said. “Intelligence density will be a very big deal in the future.”
16:46 CT – Musk stated that Tesla will probably see prototypes of Optimus Version 3 this year, and scale production next year. Tesla will be ramping these initiatives as fast as possible, considering the company’s aspirations to produce millions of Optimus robots per year. Musk believes that a rate of 1 million Optimus robots per year is feasible within five years.
“We’re not always on time, but we get it done,” Musk said, referencing the company’s tendency to make the impossible feel late. He also reiterated the idea that Tesla can be the omst valuable company in the world if it executes very well.
16:50 CT – Tesla CFO Vaibhav Taneja mentioned the company’s milestone of delivering a car autonomously to a customer for the first time in Q2. He also mentioned the effects of the Trump administration’s regulatory changes for electric vehicles.
He mentioned that Tesla is seeing more test drives, and the company did start the production of more affordable cars in the first half of the year, with volume production planned for the second half of the year.
16:55 CT – Investor questions begin with an inquiry about Tesla Robotaxis. Tesla noted that it expects to 10X its current operation in the coming months. The Bay Area is next, and Tesla is looking to expeedite the service’s approval.
As for technical and regulatory hurdles for Unsupervised FSD, Elon Musk stated that he believes the feature should be available in a number of cities by the end of the year. Tesla, however, is being extremely paranoid about safety, so Unsupervised FSD’s rollout will be very, very cautious. Also, Tesla vehicles from Fremont could deliver themselves to customers autonomously by the end of the year.
16:58 CT – A question about Optimus was asked. Elon noted that Optimus V3 is the right design for the humanoid robot, since it has all the degrees of freedom necessary to ensure that it can do tasks very well. He also set expectations on Optimus’ ramp.
“If we are not making 100,000 OPtimus robots per month in 60 months, I will be shocked,” Musk said.
Another question was asked about Tesla’s affordable model. Tesla noted that production did start in the first half of 2025, and a ramp is expected in the remaining months of the year. As for Tesla investing in xAI, the CFO noted that this earnings call is not the right venue to discuss such matters.
17:07 CT – Elon Musk admitted that he is creating another Master Plan. He reiterated the idea that the future of Tesla is exciting, and the company has the potential to change the world.
An investor question about HW3 vehicle was asked. Tesla noted that it is focused on rolling out Unsupervised FSD to HW4 cars first, then go back to see what can be done with HW3 cars.
As for how the Trump administration’s regulations could affect Megapack sales, Tesla noted that it still believes solar and battery projects should still see growth. “We’re forecasting a very strong second half of the year,” the company noted. Tesla is expected to launch its third Megafactory in Houston next year.
17:11 CT – Analyst questions begin. The analyst asks if Tesla could share KPIs on Tesla’s Robotaxi rollout. Tesla noted that it only has a handful of vehicles for now, but the company has more than 7,000 driverless miles in Austin so far. Elon also emphasized that the Robotaxi service is designed for maximum comfort and safety, and that the Cybercab is designed to be optimal when it comes to cost. “Cost per mile for the Cybercab will be little,” Musk said.
“Tesla Roboatxi fleet will go from tiny to gigantic in probably a very short period of time,” Musk added.
17:15 CT – Adam Jonas of Morgan Stanley asked if Elon is comfortable with having just 13% control of Tesla. Elon Musk admitted that this is a major concern for him, and he is hoping that the topic could be discsused in the upcoming annual shareholder meeting.
Elon joked that he wants to have enough control in Tesla that he cannot be ousted by activist investors, but not tool large that he cannot be removed, just in case he goes crazy. He reiterated the idea that he would be joined by several Optimus robots onstage at the upcoming annual shareholder meeting.
17:21 CT – Barclays asks Elon about the idea of putting non-Tesla vehicles being put in the Robotaxi network. Elon admitted that Tesla has really not thought about it much, though the company is extremetly focused on safety.
Goldman Sachs asked if Tesla could comment on FSD subscription trends. Tesla noted that since FSD V12 was launched in North America, there has been a notable improvement in consumer adoption. When asked if more price adjustments for FSD should be expected, Elon noted that Tesla is in a transition period in the United States. He admitted that Tesla could have a few rough quarters, but once autonomy is at scale, he would be surprised if Tesla’s economics are not compelling.
17:29 CT – Truist asked about Tesla’s more affordable models and any updates on what it would look like. Elon Musk joked that it would just look like the Model Y. He also noted that people desire Teslas, but the cars are still not affordable enough.
When asked about xAI and Tesla, Elon Musk explained that the two companies are very different. He noted that there are also some people that like to work in xAI but not Tesla, and vice versa. Would they like to work on superintelligence, or real-world AI? Both are compelling endeavors.
17:30 CT – And that wraps up Tesla’s second quarter 2025 earnings call! Thank you so much for following along as we covered this event. Until the next time!
Investor's Corner
Tesla (TSLA) Q2 2025 earnings results
Tesla posted total revenues of $22.496 billion and non-GAAP EPS of $0.40 per share.
Tesla (NASDAQ:TSLA) has released its Q2 2025 earnings results in an update letter. The document was posted on the electric vehicle maker’s official Investor Relations website after markets closed today, July 23, 2025.
Tesla’s Q2 earnings come on the heels of a quarter where the company produced over 410,000 vehicles, delivered over 384,000 vehicles, and deployed 9.6 GWh of energy storage products. The second quarter also saw the launch of the Roboaxi service’s pilot program in Austin, a notable step forward for the company’s self-driving program.
Tesla’s Q2 2025 earnings in a nutshell
As could be seen in Tesla’s Q2 2025 update letter, the company posted GAAP EPS of $0.33 and non-GAAP EPS of $0.40 per share. Tesla also posted total revenues of $22.496 billion.
In comparison, Wall Street expected Tesla to post earnings per share of $0.39, down 25% from a year ago. Tesla’s revenue is forecasted to fall 13% to $22.19 billion, and analysts also expect the electric vehicle maker to post lower margins this quarter.
Tesla’s other Q2 metrics
For the second quarter, Tesla’s total revenue decreased 12% YoY to $22.5B. Operating income also decreased 42% YoY to $0.9B, resulting in a 4.1% operating margin. Tesla still has a strong war chest, as the company’s quarter-end cash, cash equivalents and investments was $36.8B.
Product Plans
Tesla noted in its Q2 2025 update letter that the company remains focused on “prudently growing our vehicle volumes in a capex efficient manner by using our existing vehicle production capacity before building new lines.” Still, Tesla noted that plans for new vehicles that will launch in 2025 remain on track, including initial production of a more affordable model in 1H25.
Tesla also reiterated that the Cybercab will be produced using the company’s upcoming “Unboxed” manufacturing process. Volume production of the Cybercab is expected to start sometime in 2026.
Below is Tesla’s Q2 2025 update letter:
TSLA-Q2-2025-Update by Simon Alvarez on Scribd
Investor's Corner
Tesla Q2 2025 earnings: What Wall Street expects
The company has faced mounting pressure this year, with TSLA stock down 19% year-to-date.
Tesla (NASDAQ:TSLA) is set to release its second-quarter 2025 financial results after markets close on Wednesday, July 23. The company has faced mounting pressure this year, with TSLA stock down about 19% year-to-date.
What Wall Street expects
As noted in a TipRanks report, Wall Street has remained cautious about the electric vehicle maker due to concerns about the EV segment in general, competition, reduced margins, federal EV regulations, and CEO Elon Musk’s political activities.
Overall, Wall Street expects Tesla to post earnings per share of $0.39, down 25% from a year ago. Tesla’s revenue is forecasted to fall 13% to $22.19 billion, and analysts also expect the electric vehicle maker to post lower margins this quarter.
Analyst expectations
Tesla delivered approximately 384,120 vehicles in Q2, a 13.5% drop year-over-year, as per Main Street Data. The company also produced over 410,000 vehicles and deployed 9.6 GWh of energy storage products during the quarter.
Ahead of the earnings call, Cantor Fitzgerald analyst Andres Sheppard reiterated a Buy rating and a $335 per share price target. He also adjusted his Q2 revenue forecast to $21 billion, down from his previous estimate of $24.1 billion. Despite short-term softness, Sheppard maintained his 2025 and 2026 projections, citing confidence in Tesla’s high-margin Robotaxi business model.
Barclays analyst Dan Levy kept a Hold rating with a $275 price target. He stated that the company faces “increasingly weaker fundamentals,” but he also suggested that Tesla’s Robotaxi story could drive optimism. Levy expects modest gross margin improvement quarter-over-quarter and flagged the full-year EPS estimate drop from $3.20 to $1.84. Delays in launching the affordable Tesla model remain a downside risk, Levy noted.
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