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LIVE BLOG: Tesla (TSLA) Q4 and Full Year 2021 earnings call summary

Credit: Tesla Inc.

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Tesla’s (NASDAQ:TSLA) fourth-quarter and full-year earnings call comes on the heels of a breakthrough quarter that saw the company grow its revenue by 65% YoY in Q4 to $17.7 billion while improving its operating income to $2.6 billion. As noted by the company in its Q4 and FY 2021 Update Letter, it is now no longer a question if electric vehicles are a viable and profitable business.

Despite various projects such as the active buildout of Giga Berlin and Gigafactory Texas, as well as the additional expansions of Giga Shanghai and the Fremont Factory, Tesla still ended the fourth quarter with a strong war chest, with quarter-end cash and cash equivalents increasing sequentially by $1.5 billion to $17.6 billion in Q4 2021.

The following are live updates from Tesla’s Q4 and FY 2021 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.

15:32 – And that ends the Q4 and FY 2021 earnings call! That was an interesting ending to it, with Elon Musk discussing the similarities of the chip shortage to the toilet paper panic in the United States due to Covid. Classic Elon Musk. 

That said, thanks so much for staying with us for yet another live blog. Here’s to the next! Cheers!

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15:28 – New Street Research analyst Pierre Ferragu asks about Tesla’s 4680 ramp, and how its form factor can be adopted by suppliers as well. Is it something that will be used outside Tesla?

Zachary Kirkhorn confirms that yes, Tesla has engaged a number of its suppliers on the 4680 form factor. “We’re engaged because we think it’s a great form factor,” he said. 

That said, the 4680 form factor is not “the ultimate form factor.” Iron cells, for example, are not optimized for the 4680 design.  

15:24 – Bernstein analyst Toni Sacconaghi asks about FSD’s take rate. Elon notes that with FSD, “you do not want to look into the rearview mirror” since the technology is such a profound step change. And when that happens, the value of such a system will be very big in number. 

With regards to Tesla’s product roadmap, Sacconaghi asked if Tesla can hit about 3 million vehicles per year by 2024 by just selling a couple of high volume cars and vehicles like the Cybertruck. Elon rounds back to FSD and the value it provides. “If the cost of our cars don’t change at all, we’ll still sell as much as we make,” he said. 

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15:18 – Ben Kallo from Baird asks about Tesla’s R&D organization efforts. Tesla executives noted that while the company does not have “incubators,” teams simply work on things that go into products. Elon and the other executives then highlighted the value of working on real projects, which are taken from innumerable ideas. 

15:15 – Analyst questions begin. First up is Canaccord analyst Jed Dorsheimer, who asked about Tesla’s Energy Business and Energy Products. Elon notes that Tesla will using iron-based cells for its energy storage products. “All stationary storage will storage would shift to an iron-based or non-nickel-based system,” he said, adding that manganese is also a “wild card” for batteries.

Musk admits that Tesla Energy was shortchanged last year in favor of the company’s vehicle business. But this was done because of chips, not cells. Long term, Tesla is still aiming for a TWh/year energy business. 

When asked if 2022 will be a year where Tesla Energy will recover, Musk noted that the chip shortage might alleviate this year. But there will be growth this year. Definitely. “If we respond to demand, (Tesla Energy) will grow by two or three hundred percent,” Musk said. 

15:10 – On Level 4 abilities and if Dojo is required. Elon notes that Dojo is not needed to reach FSD. He also explains that ultimately, the human driver is not a very high standard at all. “Several profound improvements coming to the FSD stack in the next few months,” Musk said. 

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15:07 – On margin improvements. The Model Y is key since it’s just so much more profitable than the Model 3. Localization in Giga Shanghai is also something notable since localization is a huge help for margins. Of course, price increases in certain markets help on margin improvements as well. 

Zach did note that Tesla’s software business should be the main focus, as the margins there are very notable. This will be very true when FSD and Robotaxis finally happen. 

15:04 – A question about the constraint to Cybertruck production was asked. Elon notes that it’s probably not gonna be batteries that would be the Cybertruck’s constraint. There are lots of new technologies in it that will take some time to work through. Its price also has to be reasonable. The goal is currently to build 250,000 Cybertrucks per year. 

15:01 – A question about each factory’s max output was asked. Elon notes that it’s hard to answer such a question, since it’s easy to expand the maximum capacity of a factory. “It’s possible to increase capacity,” Elon noted, adding that Tesla will be increasing its factories’ capacity across the board.

15:00 – A question about the first use of the Tesla Bot has been asked. “If we can’t find a use for it, we can’t expect others to find a use for it. The first use of Optimus will be at Tesla, like moving parts around the factory,” Musk said. He also joked that the name “Optimus sub-prime” is sticking to the project. 

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As for Tesla Insurance, it is currently available in five states. Both Elon and Zach agree that insurance with informatics are useful, since if people know how they’re driving, they tend to drive safer. Take rates have been quite strong as well. “Our internal goal here by the end of the year is that 80% of Tesla customers could choose Tesla insurance by the end of the year,” Kirkhorn said. 

14:56 – A question about a potential perpetual and term FSD licenses was asked. Elon notes that such a system seems complicated. Tesla would rather focus on ensuring that it could offer FSD at a reasonable price. 

As for Dojo, yes, it is on track for “doing something useful” summer of this year. When the FSD development team would rather use Dojo than their current systems, then that’s the time that the supercomputer would start being utilized. “Dojo is not needed for Full Self-Driving. It’s a cost optimization for training vast amounts of data,” Musk explained, later noting that “If Dojo is competitive, it is the kind of thing we might offer to other companies.”

14:52 – A question about Tesla’s potential line of home HVAC systems was asked. Elon and the other Tesla executives seem very positive about the idea. It’s not gonna stop at home HVAC systems, either, with the “next logical step” being water heating. “I think it would be quite a game-changer down the road, but we’ve got a lot of fish frying,” Elon said. 

14:50 – Investor questions are starting. First is about the $25,000 car. “We’re not currently working on the $25k car. We have enough on our plate right now. Too much, frankly,” Musk said. The CEO also noted that the question is wrong, since “the thing that really matters is when the car is autonomous, which causes cost of transport to drop by 4-5x.”

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14:48 – Zach Kirkhorn takes the stage. He highlights that regulatory credits contributed less to Tesla’s finances this quarter, and it will continue to be reduced. He also notes that supply chain constraints impacted Tesla’s excess expenses, just like Elon Musk’s CEO Performance Award. He congratulates the Tesla team for a “terrific” 2021, and he notes that he is looking forward to another amazing year. Both Elon and Zach also thank Tesla’s suppliers for their help. 

14:43 – In terms of priority, Musk believes that the Optimus humanoid robot is the most important product from Tesla. “This, I think, will be the most significant [product] over time,” Musk said, adding that “I’m not sure what an economy even means” if there is no longer such a thing as labor shortage. 

The in-house 4680 battery cell program was also discussed. Structural packs are being assembled every day, and they are being built into vehicles that are produced in Texas every day. First vehicles with 4680 structural packs should start deliveries in the near future, perhaps by the end of the quarter. 

14:40 – After discussing the value of FSD, Elon starts discussing Tesla’s product roadmap. Musk says that he’s not gonna cover all of them since some of these products deserve a launch of their own. Pretty interesting.

The fundamental focus of Tesla this year is scaling output, so both last year and this year, if we were to introduce this year, our total vehicle output will decrease. “If we were to introduce new vehicles our total vehicle output would decrease,” he said. “We will not be introducing new vehicle models this year,” he noted, though he stated that there will be lots of engineering for those vehicles like the Cybertruck, Roadster, and products like Optimus. 

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14:36 – With this in mind, Elon notes that Tesla’s focus now will be the future. In short, Giga Berlin and Giga Texas. “We’ve been making quite a few cars in Austin and Berlin,” he said lightly, referencing the constant drone flyovers on both sites. 

While Tesla is not poised to announce a new Gigafactory site this year, Musk did state that Tesla will be looking at new Gigafactory locations towards the end of the year. Oh, and Giga Texas will be building with 4680 cells and structural packs and will begin deliveries once certification is complete. 

14:34 – Martin Viecha takes the stage. Elon is here, and so are Zach Kirkhorn and other Tesla executives. Here’s Elon’s opening remarks. He states that 2021 was a breakthrough year for Tesla, with growth volume increasing by 90%. Tesla’s highest operating margins were recorded in the year as well. And as a sweet note, there’s now accumulated profitability since the start of the company went positive after Q4 2021. 

14:32 – Okay, and we’re starting! It begins.

14:28 – And here we go. Music’s on so now it’s just a matter of waiting. Will this start in Elon Time?

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14:20 – While the Q4 and FY 2021 Update Letter was exciting, we gotta be honest here. This earnings call is extra compelling because Elon Musk previously announced he would be providing an updated product roadmap today. The Cybertruck’s been spotted all around Giga Texas, and a fleet of Tesla Semis was featured in the Update Letter. Will these two projects get some legitimate announcements today? One can hope.

14:15 – Greetings, and welcome once more to our Live Blog! I think everyone had a good feeling that Q4 2021 would be Tesla’s best quarter yet, but I still find it pretty hard to wrap my head around the fact that this company that was teetering so close to the edge just a few years ago is such a strong and consistent business now. Tesla said it right in its Q4 and FY 2021 Update Letter: At this point, there’s no more argument about EVs and their viability.

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Investor's Corner

LIVE BLOG: Tesla (TSLA) Q2 2025 earnings call updates

The following are live updates from Tesla’s Q2 2025 earnings call.

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Credit: Tesla

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

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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:

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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.

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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.”

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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.

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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.

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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.

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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.

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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!

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Tesla (TSLA) Q2 2025 earnings results

Tesla posted total revenues of $22.496 billion and non-GAAP EPS of $0.40 per share.

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Credit: Tesla

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.

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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

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Tesla Q2 2025 earnings: What Wall Street expects

The company has faced mounting pressure this year, with TSLA stock down 19% year-to-date.

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Credit: Tesla Asia/X

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.

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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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