Tesla’s (NASDAQ:TSLA) fourth-quarter earnings call comes on the heels of yet another blockbuster quarter that saw the electric car maker posting $7.38 billion in revenue and an earnings per share of $2.14, beating the Street’s estimates.
As revealed in the company’s Q4 and Full Year 2019 Update Letter, Tesla is GAAP profitable once more and is likely on track towards even more stable financial ground. The company generated $1.1 billion of free cash flow for the year, propelled in part by the sustained, stable demand for the Tesla Model 3.
For today’s earnings call, Tesla executives are expected to address questions surrounding the company’s plans for the coming year, as well as the electric car maker’s upcoming projects such as Giga Berlin and the ongoing expansion of Giga Shanghai.
The following are live updates from Tesla’s Q4 2019 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.
16:29 PT – Joseph Osha from JMP Securities inquired about Tesla’s acquisition of Maxwell technologies. Musk referred once more to the company’s upcoming Battery Day, where the company will discuss its plans with the company’s technologies, including its supercapacitors and dry electrode innovations, which Musk said will play an important part in Tesla’s future plans.
16:26 PT – While answering an inquiry from Pierre Ferragu of New Street Research, Musk remarked that Tesla has gone way deep in battery technology. “Wow, we really know a lot about batteries,” he said.
16:25 PT – Dan Levy of Credit Suisse reiterates the idea that Tesla should raise capital now to acquire more companies. Elon Musk jokingly asked the analyst which company should Tesla acquire now. Levy seemed flustered.
To be fair, Musk has a point here, and Kirkhorn discussed this point too. There’s not a lot of sense in raising money right now since Tesla is already spending its funds as much as it can.
16:20 PT – Elon Musk and Kirkhorn noted that at this point, Tesla’s priority is all about lowering its costs and increasing its margins. This will apply to the Model 3 and Model Y ramp, with the latter likely enjoying a lot of demand. The Tesla executives also mentioned that Tesla is now testing the waters when it comes to products that are low cost and high margin, which are represented by paid software upgrades such as the Model 3’s Acceleration Boost Upgrade.
16:15 PT – Gene Munster of Loup Ventures takes the floor and asks a question about the Cybertruck, particularly its expected demand and costs for production. Elon Musk declined to release specific figures, though he noted that demand is healthy for the all-electric truck. He also stated that the focus with the Cybertruck is all about battery production. This makes sense, especially since the Cybertruck, as well as vehicles like the Semi, require a lot of batteries. This is a challenging endeavor, and it will be discussed in Tesla’s upcoming Battery Day.
Elon did state that Battery Day could probably happen after this quarter.
16:05 PT – Adam Jonas of Morgan Stanley issues his inquiry, asks if Teslas will be compatible with Starlink. Musk stated that this is something that can happen in the future, explaining that Starlink is a high-bandwith system. It’s a lot of bandwith for a car, but it can be done, though the antenna to receive Starlink signals are about the size of a pizza box. Musk then added that he doesn’t really think about it very much.
16:00 PT – Addressing retail investors’ questions, Kirkhorn noted that the vehicles produced in Giga Shanghai will be just as, if not more profitable than vehicles produced in the United States. Musk added that it’s mostly a matter of costs. There’s just far more optimizations that can be done if a factory could produce vehicles for that specific region.
When asked if it is wise to raise money now, Musk stated that Tesla at this point is actually spending what it can right now. “We’re spending money efficiently, and we’re not artificially limiting our progress. In line with that, it does not make sense to raise money at this level,” Musk said. Kirkhorn believes this strategy, explaining that Tesla has gotten smarter about how the company is when it comes to spending money.
But what’s the most encouraging part here is that both Musk and Kirkhorn promised that there will be no slowdown when it comes to Tesla’s growth.
15:55 PT – Tesla starts taking questions from retail investors. First up, solar installations. Musk stated that Tesla is working with firms to take on the roofing market for the Solarglass Roof. In the future, the CEO stated that homeowners would simply have the choice of having a roof that generates power, or a roof that’s simply a roof.
Another question from retail shareholders involved the Tesla Network, and if it can be deployed even before FSD is fully approved. Elon Musk stated that such an idea makes sense. Kirkhorn added that Tesla intends to allow customers to have the choice to enter their vehicle to a ride-sharing network.
When it comes to Tesla Insurance and its existing coverage, Kirkhorn stated that the priority right now is to expand the service. “There’s a significant amount of innovation in this space,” the CTO said. Musk also stated that there will be a discount in Tesla Insurance if owners use Autopilot. Higher use of Autopilot would mean lower insurance costs.
Musk also noted that Tesla’s feature complete FSD will likely happen within the next few months. He added that he was very optimistic about its target timeframe, which was initially set for the end of 2019.
15:45 PT – Kirkhorn sets expectations for Q1, describing that the company’s profitability may be impacted due to unexpected headwinds in China such as the outbreak of the Coronavirus. Ongoing projects such as Giga Berlin and Giga Shanghai would also play a part.
15:43 PT – CTO Zach Kirkhorn stated that 2019 was a key year for Tesla. The company transitioned from meeting a reservation backlog to generating more demand for the Model 3. Capacity-wise, Tesla learned a lot in the Model 3 ramp in Fremont and Giga Nevada. These were aggregated and applied to facilities such as Giga Shanghai.
Kirkhorn also mentioned something notable — Tesla is starting to earn from its software services. This is huge, as the company could generate quite a lot of profit from its software-based services. The Acceleration Boost alone is notable.
The CTO added that the Model Y’s margins will likely be better than the Model 3. This bodes very well for the electric car maker. The MIC Model 3 is also seeing healthy demand in China.
15:38 PT – Elon further notes the company’s rationale with the Cybertruck, and how Tesla opted to stay out of the box with the vehicle’s design. The CEO added that the brutalist vehicle actually has quite a lot of demand.
“The demand has been incredible. I think we can make for as many as we can sell for many years. It’s going to be pretty nuts,” he said, adding that the product is better than what many people realize. This totally makes me want a Cybertruck even more.
“(We’re) super fired up where Tesla will be in the next ten years,” Musk said.
15:33 PT – Martin Viecha opens the call and introduces the participants of the call. Elon Musk takes over and mentions Tesla’s strong demand. He focuses on Tesla having the highest demand EVs in the world with zero advertising spend. Musk also noted that Fremont is already at a production pace comparable to NUMMI’s peak before. And this is before the Model Y.
Elon specifically mentions Giga Shanghai and congratulates the China team. “I think it’s going to be an incredible asset for the company. There’s a lot of good progress there,” he said.
Musk also revealed that Model Y initial production has begun. The crossover is efficient like a beast — 315 miles per charge. This is more than what the company initially stated during its unveiling last year.
15:30 PT – And it’s time for the earnings call to begin. But so far, it seems like the call will be starting a bit later than expected. Elon Time V2? Let’s see.
15:20 PT – Hello and good day, everyone, and welcome to yet another Live Blog coverage of Tesla’s earnings report. With the electric car maker posting yet another profitable quarter. I’m no prophet, but there’s a good chance that 2020 will be far kinder to TSLA shareholders than in 2019.
Other Tesla Q4 and Full Year 2019 Highlights
Investor's Corner
Tesla and SpaceX get latest synopsis from Wall Street legend Ron Baron
In a wide-ranging appearance on CNBC’s Squawk Box on May 12, legendary investor Ron Baron, founder, CEO, and portfolio manager of Baron Capital, reaffirmed his deep conviction in Elon Musk’s two flagship companies.
Legendary investor Ron Baron says he will continue buying stock of both Tesla and SpaceX, as he continues his support behind CEO Elon Musk, who he says is a special person and “brilliant.”
In a wide-ranging appearance on CNBC’s Squawk Box on May 12, legendary investor Ron Baron, founder, CEO, and portfolio manager of Baron Capital, reaffirmed his deep conviction in Elon Musk’s two flagship companies.
With assets under management approaching $55–56 billion, Baron detailed his firm’s substantial holdings, outlined plans for the anticipated SpaceX IPO, and painted an exceptionally optimistic picture for both Tesla (NASDAQ: TSLA) and SpaceX, framing them as generational opportunities that will reshape industries and deliver extraordinary long-term returns.
Baron Capital’s position in SpaceX has grown dramatically since the firm began investing around 2017. What started as roughly $1.7 billion has ballooned to more than $15 billion, making it the firm’s largest holding.
Tesla ranks second, valued at approximately $5 billion in the portfolio. Together with stakes in xAI and related Musk-led ventures, these investments account for roughly one-third of Baron Capital’s $60 billion in lifetime profits since 1992. Baron emphasized that the growth stems from Musk’s singular ability to execute ambitious visions—from reusable rockets to global satellite internet and beyond.
The centerpiece of the discussion was SpaceX’s expected initial public offering, targeted for mid-2026 following a confidential S-1 filing. Baron announced plans to purchase an additional $1 billion in shares at the IPO.
Ron Baron said today that he plans on buying an additional $1 billion of SpaceX stock during the upcoming IPO:
“At the IPO price, I’ve got an order for $1 billion. I want to buy more stock at the IPO. I don’t know if we’re going to get filled, but we’re going to try. I believe… pic.twitter.com/KOv1HvYcZ0
— Sawyer Merritt (@SawyerMerritt) May 12, 2026
He described the company’s trajectory in sweeping terms: “This is going to become the largest company on the planet.”
He highlighted Starlink’s expansion of high-speed internet to every corner of the globe, the revolutionary economics of reusable rockets, and Starship’s potential to enable massive space-based data centers and interplanetary infrastructure.
Baron sees SpaceX not merely as a rocket company but as a platform poised for exponential scaling once it goes public, with post-IPO appreciation potentially reaching 10- to 20- or even 30-times current levels over the next decade or more.
On Tesla, Baron struck an equally enthusiastic note, declaring that “now is Tesla’s moment.” He projected the stock could reach $2,000 to $2,500 per share within 10 years—implying a market capitalization near $8.3 trillion and roughly 5–6 times upside from recent levels. While Tesla remains a major holding, Baron’s optimism centers on its evolution beyond electric vehicles into an AI, robotics, autonomous-driving, and energy platform.
He pointed to robotaxis, Full Self-Driving (FSD) technology, Optimus humanoid robots, energy storage, and the vast real-world data advantage from Tesla’s global fleet as catalysts that will fundamentally alter the company’s revenue model and valuation multiples. Baron views these developments as transformative, shifting Tesla from a traditional automaker to a high-margin technology and infrastructure powerhouse.
Throughout the interview, Baron’s admiration for Musk was unmistakable. He has likened the entrepreneur to a modern Leonardo da Vinci for his artistic, multidisciplinary approach to solving humanity’s biggest challenges.
Baron’s personal commitment mirrors this confidence: he has repeatedly stated he does not expect to sell a single share of his own Tesla or SpaceX holdings in his lifetime, positioning himself as the “last one out” after his clients. This stance underscores a philosophy of patient, long-term ownership rather than short-term trading.
Baron’s comments arrive at a time of heightened anticipation around SpaceX’s public debut, which could rank among the largest IPOs in history and potentially value the company at $1.5–2 trillion or more at listing.
For investors, his message is clear: the Musk ecosystem—spanning electric vehicles, autonomy, robotics, satellite communications, and space exploration—represents one of the most compelling secular growth stories of the era. While short-term volatility in tech and EV stocks may persist, Baron sees these as buying opportunities for those who share his multi-decade horizon.
In summarizing his outlook, Baron reinforced that the combination of technological breakthroughs, massive addressable markets, and Musk’s leadership creates asymmetric upside that few other investments can match.
For Baron Capital’s clients and long-term Tesla and SpaceX shareholders alike, the investor’s latest CNBC remarks serve as both validation and a call to remain patient through the inevitable ups and downs. As Baron sees it, the best days for both companies—and the returns they can deliver—are still ahead.
Elon Musk
Trump’s invite for Elon just reshuffled Tesla’s big Signature Delivery Event
Tesla rescheduled its final Model S farewell to May 20 after Musk joined Trump in China.
Tesla has rescheduled its Model S and Model X Signature Edition delivery event to Wednesday, May 20, 2026, after abruptly calling off the original May 12 celebration. The event will take place at Tesla’s factory at 45500 Fremont Boulevard in Fremont, California, the same location where the Model S first rolled off the line in 2012. Invitees received a follow-up email asking them to reconfirm attendance and download a new QR code ticket, with Tesla noting that all travel and accommodation expenses remain the buyer’s responsibility.
The reason behind the original cancellation came into focus the same day it was announced. President Trump invited Elon Musk, Apple’s Tim Cook, BlackRock’s Larry Fink, Boeing’s Kelly Ortberg, and executives from Goldman Sachs, Blackstone, Citigroup, and Meta to join his trip to China this week for a summit with President Xi Jinping. The agenda covers trade, artificial intelligence, export controls, Taiwan, and the Iran war, following weeks of escalating friction between Washington and Beijing over AI technology, sanctions, and rare earth exports. Trump wrote on Truth Social, “I am very much looking forward to my trip to China, an amazing Country, with a Leader, President Xi, respected by all.”
Tesla launches 200mph Model S “Gold” Signature in invite-only purchase
The vehicles at the center of all this are the last Model S and Model X units Tesla will ever build. Priced at $159,420 each, the 250 Model S and 100 Model X Signature Edition units come finished in Garnet Red with a one-year no-resale agreement, giving Tesla right of first refusal if the owner decides to sell. As Teslarati reported, the Model S defined Tesla’s early identity as a serious luxury automaker, and the Fremont factory line that built it is now being converted to manufacture Optimus humanoid robots.
Musk’s inclusion in the China delegation drew attention given his very public relationship with Trump, and the invitation signals the two have moved past and past grievances. Trump originally brought Musk on to lead the Department of Government Efficiency following his inauguration, and despite a sharp public dispute in mid-2025, the two have appeared together repeatedly in recent months. A seat on the China trip, the most diplomatically consequential visit of Trump’s current term, puts Musk back at the table on U.S. economic policy at a moment when Tesla’s China revenue remains one of the company’s most important financial pillars.
Investor's Corner
Tesla Optimus is already benefiting investors, top Wall Street firm says
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Tesla Optimus is already benefiting investors from a fiscal standpoint, at least that is what Alexander Potter at Piper Sandler, a top Wall Street firm covering the company, says.
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Analyst Alexander Potter, in the firm’s latest “Definitive Guide to Investing in Tesla,” built a comprehensive framework covering 17 separate product lines.
This granular approach values Tesla’s core businesses—including electric vehicles, energy storage, Full Self-Driving (FSD) software, in-house insurance, Supercharging network, and a standalone robotaxi operation—at approximately $400 per share, without assigning any value to Optimus or related inference-as-a-service opportunities.
“At $400/share, we think investors can buy Optimus for ‘free,’” Potter stated in the note. Piper Sandler maintained its Overweight rating on Tesla shares and a $500 price target, which implicitly attributes roughly $100 per share to the robot-related businesses— a figure the analyst views as potentially conservative.
The updated model incorporates elements often overlooked by other sell-side analysts, such as detailed forecasts for Tesla’s insurance operations, Supercharger revenue, and a distinct valuation for the robotaxi business separate from FSD software licensing. It also accounts for Tesla’s 2025 CEO compensation plan for the first time.
Potter acknowledged that his estimates for 2026 and 2027 fall below Wall Street consensus, citing factors like declining deliveries from certain discontinued models and reduced regulatory credit income.
However, he expressed limited concern, noting that traditional vehicle delivery metrics are expected to matter less over time as FSD subscriber growth and robotaxi deployment metrics gain prominence. On Optimus specifically, Potter suggested the humanoid robot program, combined with inference services, “arguably will be worth more than Tesla’s other businesses combined,” though the firm has not yet produced formal long-term forecasts for these segments.
Tesla shares have traded near the $400 range in recent sessions, reflecting ongoing investor focus on the company’s autonomous driving progress and expansion into robotics and AI. The Optimus project remains in early development stages, with Tesla aiming to deploy the robots initially for internal factory tasks before broader commercial applications.
This Piper Sandler analysis highlights the growing emphasis among some investors and analysts on Tesla’s long-term technology platform potential beyond its current automotive and energy businesses.
As with any forward-looking valuation, outcomes will depend on execution timelines, technological breakthroughs, regulatory approvals for autonomous systems, and market adoption of humanoid robotics—areas that carry significant uncertainty and execution risk.
The note underscores a common theme in Tesla coverage: differing views on how to quantify emerging high-growth opportunities like robotics within the company’s overall enterprise value. Investors are advised to consider their own risk tolerance and conduct thorough due diligence regarding these speculative elements.
Tesla puts Giga Berlin in Plaid Mode with new massive investment
Honda gives up on all-EV future: ‘Not realistic’
