Track market-moving stories before they get noisy

23.7.2026 19:01

Index Dow Jones -0,92 % na 51739,82 b. S&P 500 -1,19 % na 7409,52 b. Nasdaq Composite -2,1 % na 25151,85 b.

Index Dow Jones odepisuje téměř procento pří výprodeji technologických společností. Mimo Alphabet klesá i Amazon (- 4,1 %) a Salesforce ( -3,5 %). Z indexu S&P 500 se mimo komunikační služby nedaří zbytné spotřebě, kde reportovala výsledky společnost Tesla (- 14 %).

Thermo Fisher Scientific (8,2 %) roste po kvartálním reportu. Mimo dobré čísla management uvedl, že společnost cítí oživení poptávky ve všech hlavních segmentech. Nejedná se přitom o pouhé doplňování zásob, ale i dodávání analytických přístrojů, jelikož divize Analytical Instruments vzrostla o 15 %. Tržby za minulý kvartál dosahují USD 11,99 mld. a společně se ziskem na akcii USD 6,03 překonávají očekávání trhu. Společnost rovněž navyšuje odhad celoročního zisku na akcii na horní hranu USD 25,33.

Smíšený pocit z kvartálních výsledků mají investoři Freeport-McMoRan (- 2,6 %). Společnost sice dosáhla na lepší ziskovost, než bylo očekávání a reportovala EPS ve výši USD 0,74. Meziroční nárůst prodejní ceny mědi dosáhl 40 %. Vyšší prodejní ceny tak kompenzují nižší objemy produkce, které u zlata dosahují 40 % a u mědi 18 %. Management snížil výhled prodeje v dalším kvartále kvůli pomalému obnovování těžby v indonéském dole, který by měl dosáhnout plnou kapacitu až v příštím roce.

Lockheed Martin (10 %) reportoval silné výsledky za uplynulý kvartál. Růst tržeb dosáhl 11 % na mld. 20,1 USD a zisk na akcii překonal na úrovni USD 7,94 očekávání. Management současně navýšil celoroční výhled a tržby posadil mezi USD 79,75 – 81,75 mld. při zisku na akcii 29,95 – 30,65. Nevyřízené zakázky dosahují historické maximum společnosti USD 230 mld.

Po včerejším uzavření trhu reportovala výsledky i společnost Texas Instruments (- 4,4 %). Růst tržeb meziročně dosáhl na 23 % a nad konsenzus se dostal i zisk na akcii ve výši USD 2,14. Management v dalším kvartálu očekává jeho další růst na USD 2,23 – 2,57. Provozní výsledky a výhled byl slušný, ale trh nadále vyrušuje výše capex investic, které omezuje volné cash flow.

Výsledky dále zveřejnila i IBM (- 0,5 %) a společnost Alphabet (- 6,6 %).

SK Hynix (4,9 %) stanovuje limit na celkový počet vydaných ADR, které se obchodují v USA na 2,5 % všech akcií společnosti.

Uber Technologies (- 2,15 %) propustil 10 % zaměstnanců v divizi Community Operations, která se stará o zákaznickou a řidičskou podporu. Společnost dříve propustila přibližně 23 % zaměstnanců HR. K zefektivnění provozu ji pomáhá umělá inteligence.

Blízký východ je nadále velmi turbulentní. Futures na ropu Brent jsou opět nad USD 100 při téměř 7 % růstu. WTI se obchoduje nad USD 92. Hútíové oznámili, že zaútočili na dva saúdské tankery v Rudém moři. Posilují ropné společnosti. Exxon připisuje 1,87 % a Chevron roste o 1,5 %.

Index S&P 500 -1,19 % na 7409,52 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Průmysl +1,8 % Zbytná spotřeba -4,9 % Energie +1 % Komunikační služby -4,8 % Zdravotní péče +0,8 % Nezbytná spotřeba -1,4 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Allegion (ALLE) +13 % Tesla (TSLA) -14 % United Rentals (URI) +12 % Rollins (ROL) -9,3 % Lockheed Martin Corp (LMT) +10 % Dover Corp (DOV) -7,7 % Thermo Fisher Scientific (TMO) +8,2 % Globe Life (GL) -7,7 % RTX Corp (RTX) +7,2 % T-Mobile US (TMUS) -6,8 %
Marek Kameništiak
Fio banka, a.s.
Prohlášení

U.S. stocks traded lower this morning, with the Nasdaq Composite falling more than 400 points on Thursday.

Following the market opening Thursday, the Dow traded down 0.95% to 51,720.30 while the NASDAQ declined 1.58% to 25,286.26. The S&P 500 also fell, dropping, 0.86% to 7,434.23.

Leading and Lagging Sectors

Industrials shares jumped by 2.2% on Thursday.

In trading on Thursday, communication services stocks fell by 4.4%.

Top Headline

Tesla Inc. (NASDAQ:TSLA) shares dipped more than 12% on Thursday after the company reported mixed second-quarter financial results.

Tesla reported second-quarter revenue of $28.24 billion. The total beat a Street consensus estimate of $25.71 billion, according to data from Benzinga Pro. Second-quarter earnings of 33 cents per share missed a Street consensus estimate of 50 cents per share.

Equities Trading UP
           

Equities Trading DOWN

Commodities

In commodity news, oil traded up 5.5% to $91.64 while gold traded down 2.3% at $4,056.00.

Silver traded down 3.5% to $58.170 on Thursday, while copper fell 1.5% to $6.3960.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 1.1%, while Spain’s IBEX 35 Index dipped 1.3% London’s FTSE 100 fell 0.7%, Germany’s DAX declined 1.2%, while France’s CAC 40 tumbled 1.6%.

Asia Pacific Markets

Asian markets closed mixed on Thursday, with Japan’s Nikkei 225 gaining 0.46%, Hong Kong’s Hang Seng index surging 1.28%, China’s Shanghai Composite rising 0.25% and India’s BSE Sensex falling 0.47%.

Economics

U.S. initial jobless claims US fell by 22,000 to 187,000 in the week ending July 18, compared to market estimates of 212,000. The Chicago Fed National Activity Index climbed to -0.02 in June from -0.19 in the previous month. Photo via Shutterstock

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© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Tesla (TSLA) shares plummeted Thursday morning after the electric vehicle maker's quarterly earnings missed estimates as infrastructure spending ballooned.

Key Takeaways Tesla's Q2 revenues beat estimates, but EPS missed as management prioritized expansion over margins.Deliveries rose 25% to 480,126, while active FSD subscriptions climbed 56% to 1.48 million.Tesla expects 2026 CapEx above $25 billion as it scales robotaxi, Optimus, AI and manufacturing. Tesla, Inc. (TSLA - Free Report) used its second-quarter 2026 earnings call to stress expansion, not near-term margin protection. Management pointed to record deliveries, rising FSD adoption and broader robotaxi activity, while also making clear that 2026 is a heavy investment year.

That framing mattered because the quarter mixed a revenue beat with an earnings miss. TSLA reported EPS of $0.33 compared with the Zacks Consensus Estimate of $0.50, a 34.00% miss, while revenues of $28.23 billion topped the consensus estimate of $25.80 billion by 9.40%.

TSLA Leans Into a Bigger Build-OutChief executive officer Elon Musk described Tesla’s current phase as one of unusually large capital deployment, tied to autonomy, robotics, semiconductors, batteries and solar manufacturing. He said the company is making what it views as some of its most important long-term infrastructure bets.

That posture was reinforced in the shareholder update, where Tesla said it is in its “largest and most exciting period of investment” and remains focused on long-term value creation even as scaling stays nonlinear.

The company’s outlook slide also kept the emphasis on capacity expansion, vertical integration and future AI, software and fleet-based profits rather than near-term earnings optimization. Tesla said Semi and Megapack 3 remain on schedule for production starting in 2026, while first-generation Optimus lines are being installed ahead of 2026 production.

Tesla Balances Delivery Strength With Cost PressureChief financial officer Vaibhav Taneja said vehicle demand continued to recover through the quarter, helping Tesla post record Q2 deliveries and its largest order backlog since 2023. The update deck showed total deliveries rose 25% year over year to 480,126, while active FSD subscriptions increased 56% to 1.48 million.

The financial picture was less clean. Revenues rose 26% year over year to $28.24 billion, but operating margin fell to 1.4% from 4.1% a year ago as operating expenses climbed 47% and free cash flow turned negative $1.09 billion.

Taneja said automotive margins were pressured by the absence of prior-quarter warranty and tariff benefits, while higher interest rate subvention costs also hurt results. He added that energy gross margin fell sharply because of a vendor cell warranty true-up, the loss of prior tariff benefits and lower industrial storage pricing.

TSLA Sees FSD and Robotaxi as Demand DriversMusk and Taneja both framed FSD as a growing sales catalyst rather than just a software attachment. Taneja said about 55% of North American deliveries included an FSD subscription at delivery, and he expects future monetization to lean more heavily toward subscriptions as Tesla removes the purchase option in most markets.

Tesla also widened the robotaxi story beyond Austin. The shareholder deck said robotaxi operations are now live in seven major metros, while the call detailed unsupervised service in Austin, Dallas, Houston, Miami, Orlando and Tampa, with Bay Area operations running with a safety driver.

Executive officer Ashok Elluswamy said Tesla had driven more than 380,000 unsupervised robotaxi miles across six cities with no notable incidents and was still compounding weekly miles at a double-digit rate. That was one of the clearest signs on the call that management sees autonomy scaling as an operating reality, not just a product roadmap.

Tesla’s Q&A Added Detail on Supply and PartnersAnalyst questions focused on whether Tesla can scale its newer bets without bottlenecks. In response to a Morgan Stanley question, Musk said suppliers including Samsung, TSMC, Panasonic and Micron are making major investments to support AI compute, batteries and other needs tied to Optimus and robotaxi.

Management also used Q&A to address regulation. Asked by a BofA analyst about evolving state rules, vice president of Vehicle Engineering Lars Moravy said Tesla wants regulations centered on performance outcomes rather than prescribed technical solutions.

A Wells Fargo analyst asked about Tesla’s expanding work with SpaceX. Musk and general counsel Brandon Ehrhart pointed to broader collaboration around Terafab, Digital Optimus and connectivity, including plans to integrate Starlink into Cybercab and other vehicles in markets where the network is active.

TSLA’s Spending Plans Stay AggressiveTaneja said CapEx more than doubled sequentially in Q2 and will increase further in the second half. Tesla still expects capital spending to exceed $25 billion in 2026 as it expands robotaxi, Optimus, AI compute, semiconductor and solar manufacturing capacity.

He also said Tesla is arranging debt facilities that could provide up to $30 billion of borrowing capacity to accelerate those investments. That marked one of the call’s most important capital allocation messages because it showed management is willing to use the balance sheet more actively to fund this build cycle.

The shareholder update paired that spending with a liquidity message. Tesla ended the quarter with $43.52 billion in cash, cash equivalents and short-term investments, down from $44.74 billion in Q1.

Tesla’s Tone Stayed Firmly Long TermThe broad tone from Musk and his team was confident, but not especially defensive about near-term profitability. Management repeatedly returned to factory utilization, software adoption, fleet expansion and infrastructure build-out as the priorities that matter most from here.

That left the quarter looking less like a margin story than a transition period. Tesla is asking investors to measure its progress through demand, deployment and capacity creation while it absorbs the costs of a much larger operating ambition.

TSLA’s Zacks SignalsTSLA currently carries a Zacks Rank #3 (Hold), along with a Value Score of F, Growth Score of A, Momentum Score of A and VGM Score of B, based on the provided Zacks data. Under the Zacks framework, a Hold-rated stock can still be owned, but the best return profile generally comes from Zacks Rank #1 (Strong Buy) or #2 (Buy) stocks paired with Style Scores of A or B. You can see the complete list of today’s Zacks #1 Rank stocks here.

Tesla’s A grades for Growth and Momentum and VGM Score of B point to stronger characteristics in those styles than in value. Still, Zacks says earnings estimate revisions remain the most important driver in the system, and the Zacks Rank can change after a results report as analyst estimates are updated.

HomeIndustriesAutomobilesEarnings ResultsEarnings ResultsTesla’s stock heads for its worst drop in a year after the company’s earnings call leaves Wall Street with more questions than answersJuly 23, 2026, 11:24 a.m. ET

Tesla’s earnings commentary wasn’t enough to justify the company’s big-spending ways, and its shares are sliding on Thursday.

“Commentary on key growth drivers, Optimus and Robotaxi, was muted given the magnitude of technology challenges even as [electric-vehicle] sales appear robust,” Oppenheimer analyst Colin Rusch said in a note to clients.

Tesla (TSLA) shares sold off more than 13% in the first hours of Thursday's trading session on mixed earnings and a note that CapEx will tap $25 billion. Marley Kayden breaks down why investors are moving away from Tesla's stock as it trades as the worst performing name in the S&P 500 (SPX).

Tesla’s budding “Robotaxi” network drove fewer miles for paying customers in the second quarter than it did in the first, according to a chart the company released on Wednesday.

The quarter-over-quarter decline runs counter to Tesla’s rhetoric and actions in the past year. Tesla has staked much of its future on the idea of a massive, low-cost, cash-generating Robotaxi fleet — or going “balls to the wall for autonomy,” as CEO Elon Musk framed it in 2024. The quarterly step-down in Robotaxi miles also comes amid weakening profits in Tesla’s core businesses, which underperformed Wall Street’s expectations, according to figures released Wednesday. Tesla’s stock plunged more than 13% in early trading on Thursday.

At a passing glance, the chart appears to show steady growth in paid Robotaxi rides between August 2025 and June 2026. But the numbers displayed are cumulative, and when broken down by quarter, they show that Tesla’s Robotaxi fleet of Model Y SUVs carrying paying passengers covered around 1.1 million miles in the first quarter. That fell to roughly 700,000 miles in the second quarter, a decline of about 36%.

That’s despite the fact that the company has expanded its nascent operation to six cities across Texas and Florida, with a mix of unsupervised and supervised vehicles.

Image Credits:Tesla It’s likely Tesla is counting the paid miles driven in the San Francisco Bay Area, too, even though these branded Robotaxis don’t have the state-required permits to operate autonomously and also have a safety driver behind the wheel. Tesla has referred to that operation as part of its “Robotaxi coverage.”

The decline in miles driven also comes as Tesla made a striking admission on a conference call Wednesday about its second-quarter results. In response to a question about how slowly Tesla is scaling the Robotaxi service, Musk said the company needs to “accumulate driving data that is specific to the Cybercab” — the company’s gold, purpose-built, two-seater sedan that is expected to make up the bulk of its autonomous vehicle fleet — “before we can put a lot of them on the road.”

“Unlike, say, Model 3, Model Y, and our other vehicles where we’ve got a lot of vehicles on the road, millions of vehicles on the road, we don’t have that for Cybercab. So we actually have to accumulate miles with Cybercabs that are retrofitted with steering wheels and acceleration and braking pedals, that kind of thing, to calibrate to the Cybercab chassis,” he said. “As we are confident about that, the number of Cybercabs in cities will increase dramatically.”

This represents something of a break from claims the company has made for years about how its fleet of nearly 10 million customer cars has been silently collecting data in the background to train future robotaxis (in addition to training the driver assistance software for consumers, which Tesla calls Full Self-Driving).

On the call, Tesla executives framed the slow progress as a matter of being cautious about safety.

“Our goals are very ambitious for Robotaxi, but we do need to be cautious about causing any accidents or causing any harm to anyone,” Musk said.

He then said he doesn’t want Tesla Robotaxis causing accidents because he thinks bad media coverage could lead to a regulatory crackdown.

“Although there are, I think, 30 to 40,000 automotive deaths per year in the United States alone, most of those do not generate any press, you don’t really read about almost any of those. But if we injure even one person, it will be worldwide headline news, and regulators will immediately clamp down on our activities,” he said.

Ashok Elluswamy, Tesla’s VP of AI, boasted that Tesla’s Robotaxis have had “zero notable incidents” while driving “more than 380,000 miles” without a safety operator onboard. He did not define what the company considers “notable incidents,” though he claimed that “any reports have been of other actors impacting us when we were stationary.”

Tesla has reported 22 crashes to the National Highway Safety Administration in the year since it started trialing its Robotaxi service. While most of them involve other cars crashing into Tesla’s Robotaxis, the company has reported three crashes caused by its teleoperators moving the vehicles remotely, and multiple instances of the cars hitting objects at low speeds including curbs, utility poles, and a tow truck’s bed.

This represents another narrative change for the company. Tesla spent years claiming that the largest hurdle to full-scale Robotaxi deployment was regulatory in nature — though the company never really specified what those prohibitive regulations were.

Now the company says proving safety is all that’s holding Robotaxis back. And although it is still in the very early stages, Tesla still chose this moment to take a victory lap about its decision to build an autonomy stack that doesn’t use radar or lidar sensors, like industry leader Waymo.

“Historically, the so-called experts have always claimed that you need lidars, radars, HD maps, and the entire kitchen sink to drive safely. Here, we show that such is not true. You can have safe, comfortable, and affordable autonomy with just cameras,” Elluswamy said.

Both Musk and Elluswamy also promised growth is coming. They noted that the number of unsupervised miles traveled has grown roughly 10% every week since Tesla started offering them at the end of last year.

“We’ll continue to scale, I think, very, very rapidly,” Musk said.

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Ross Gerber, President and CEO of Gerber Kawasaki, urges for a merger between Tesla and SpaceX. He adds that buying SpaceX shares below the IPO price is a "no-brainer" for investors.

The comments suggest SpaceX is becoming more than a technology partner—it is increasingly part of Tesla’s roadmap for artificial intelligence.

SpaceX’s Grok is Becoming Part of Tesla’s AI stackOne of the biggest revelations came when Musk described how Tesla’s Digital Optimus project works.

“SpaceX’s Grok, sort of the big model that is the manager of Digital Optimus and tells Digital Optimus what to do,” Musk said while explaining Tesla’s effort to build a software version of its humanoid robot.

According to Musk, Digital Optimus allows Tesla to train AI systems to operate computers in much the same way Full Self-Driving software learns to operate vehicles. Grok provides the higher-level instructions, while Tesla’s AI systems execute those tasks in real time before those capabilities are transferred to physical Optimus robots.

The comments offered one of Tesla’s clearest explanations yet of how it plans to combine large language models with autonomous robotics.

The Partnership Goes Beyond AIMusk said Tesla’s upcoming Cybercab will integrate Starlink connectivity, with plans to expand the satellite internet service to Tesla’s broader vehicle lineup where available. The goal is to ensure reliable connectivity for autonomous vehicles, particularly in areas where traditional cellular networks remain unreliable.

High-bandwidth connections could also enable passengers to stream entertainment or work while riding in autonomous vehicles.

Tesla also disclosed that it recently expanded its relationship with SpaceX through an investment and a new framework agreement, which executives said will support joint projects including Terafab and Digital Optimus.

A Bigger AI Ecosystem is EmergingThe collaboration doesn’t stop with software or connectivity.

Musk said Tesla’s proposed Terafab semiconductor initiative is aimed at developing advanced AI chips for Optimus, while also confirming SpaceX is involved in the effort. Separately, he described plans for AI “Megapods” that combine Tesla AI computers with conventional servers, allowing compute infrastructure to be deployed wherever electricity is available.

Taken together, the earnings call suggested Musk is building something larger than two separate companies sharing technology. Instead, Tesla increasingly appears to be leveraging SpaceX’s AI models, satellite network and engineering capabilities to accelerate its push into autonomous driving, robotics and AI infrastructure.

For investors, that could become one of the more important long-term takeaways from Tesla’s earnings. While quarterly results focused on vehicle sales and margins, Musk spent much of the call describing an ecosystem where SpaceX and Tesla are becoming increasingly interconnected as they pursue the next phase of AI development.

Photo Courtesy: Frederic Legrand – COMEO on Shutterstock.com

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Key Takeaways Tesla's Q2 revenues rose 25.5% to $28.24 billion, while adjusted EPS missed estimates by 34%.Record deliveries and growth in energy and services helped drive revenues, while FSD subscriptions rose 56%.Higher expenses and capex pushed operating income down 57% and free cash flow to negative $1.09 billion. Tesla, Inc. (TSLA - Free Report) reported second-quarter 2026 adjusted earnings of 33 cents per share, which declined 17.5% year over year. The figure missed the Zacks Consensus Estimate of 50 cents by 34%.

Revenues advanced 25.5% to $28.24 billion and surpassed the consensus estimate of $25.81 billion by 9.41%. Record second-quarter vehicle deliveries and growth across the energy and services businesses supported the top line. Deliveries increased 25% to 480,126 vehicles.

Tesla’s Revenue Growth Broadens Across BusinessesAutomotive revenues rose 23% year over year to $20.52 billion. Automotive sales increased to $20.01 billion from $15.79 billion, while leasing revenues declined to $364 million from $435 million. Regulatory credit revenues fell sharply to $146 million from $439 million.

Energy Generation and Storage revenues grew 13% to $3.14 billion. Services and Other revenues jumped 50% to $4.58 billion, reflecting higher activity across used vehicles, Supercharging, service centers and insurance. Higher Full Self-Driving subscriptions also aided automotive ancillary sales.

Tesla Deliveries Set a Q2 RecordTesla produced 451,758 vehicles, up 10% from the prior-year quarter. Model 3/Y production increased 12% to 442,936 units, while production of other models declined 34% to 8,822 units.

Model 3/Y deliveries rose 25% to 467,762 vehicles, while other-model deliveries increased 19% to 12,364 units. Global vehicle inventory improved to 15 days of supply from 24 days a year earlier. The company exited the quarter with its largest order backlog since 2023.

TSLA Software and Energy Metrics Gain MomentumActive paid FSD subscriptions increased 56% year over year to 1.48 million. Tesla achieved record FSD subscription additions and more than 55% of its North American deliveries included an FSD subscription at the time of purchase.

Energy storage deployments climbed 41% to 13.5 GWh, marking Tesla’s second-highest quarterly deployment volume. The company also expanded its charging network to 8,704 Supercharger stations and 82,357 connectors, representing increases of 18% and 17%, respectively.

Tesla Margins Contract as Expenses ClimbGross profit rose 23% to $4.75 billion, but the GAAP gross margin contracted 41 basis points to 16.8%. Operating expenses surged 47% to $4.35 billion, driven by research and development spending related to AI, Cybercab, Optimus and Tesla Semi, as well as higher stock-based compensation and selling and administrative costs.

Operating income declined 57% to $398 million, reducing the operating margin to 1.4% from 4.1%. Automotive gross margin excluding regulatory credits was 16.3% compared with 15% a year earlier and 19.2% in the preceding quarter.

Energy gross margin fell to 20.4%, partly due to a roughly $240 million warranty charge tied to vendor battery-cell issues and the absence of prior-quarter tariff benefits. Services and Other gross margin improved sequentially to a record 14.1%, supported by higher volumes and better fleet cost management.

TSLA Cash Flow Reflects Heavy InvestmentNet cash provided by operating activities increased 85% to $4.70 billion. However, capital expenditures more than doubled to $5.79 billion from $2.39 billion, resulting in negative free cash flow of $1.09 billion.

As of June 30, 2026, cash, cash equivalents and short-term investments totaled $43.52 billion, up 18% year over year but down $1.22 billion sequentially. Long-term debt and finance leases, excluding the current portion, were $7.92 billion.

Tesla Outlook Prioritizes AI and New ProductsTesla expects 2026 capital expenditures to exceed $25 billion and rise further over the next two to three years. Planned investments include Robotaxi fleet expansion, Optimus production capacity, semiconductor manufacturing, solar production and AI computing infrastructure.

Cybercab production has begun at Gigafactory Texas, while Tesla Semi and Megapack 3 remain scheduled to enter production in 2026. The company is installing first-generation Optimus production lines and expanding Robotaxi operations.

TSLA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Releases From Auto SpaceGeneral Motors Company (GM - Free Report) reported second-quarter 2026 adjusted earnings of $3.57 per share, up 41.3% year over year. The figure beat the Zacks Consensus Estimate of $3.13 by 14.06%. Revenues increased 1.9% to $48.03 billion and surpassed the consensus estimate of $46.56 billion by 3.15%. Strong pricing, lower costs and disciplined incentives supported results. General Motors raised its full-year adjusted EBIT guidance to $14-$16 billion from $13.5-$15.5 billion. Adjusted earnings are now projected at $12-$14 per share, up from the prior range of $11.50-$13.50.

Autoliv (ALV - Free Report) reported second-quarter 2026 adjusted earnings of $2.43 per share, which increased 10% year over year and came above the Zacks Consensus Estimate of $2.34 by 3.85%. Net sales rose 3.3% to $2.80 billion, topping the consensus estimate of $2.76 billion by 1.45%. Autoliv maintained its 2026 guidance for roughly flat organic sales, an adjusted operating margin of 10.5-11% and operating cash flow of around $1.2 billion. Autoliv’s capital expenditure, net, is expected to remain below 5% of sales.

Genuine Parts (GPC - Free Report) reported second-quarter 2026 adjusted earnings of $2.15 per share, beating the Zacks Consensus Estimate of $2.10 by 2.38%. The bottom line increased 2.4% from $2.10 in the year-ago quarter. Revenues rose 6% year over year to $6.54 billion and surpassed the consensus estimate of $6.39 billion by 2.36%. Genuine Parts reaffirmed its 2026 adjusted earnings guidance of $7.50-$8 per share and total sales growth outlook of 3-5.5%. Genuine Parts ended June with $2.3 billion of liquidity, including $559 million in cash.

HomeEarnings AnalysisConsumer 

SummaryTesla, Inc. delivered record Q2 revenue and units, but earnings declined and margins compressed, reinforcing my Strong Sell rating.TSLA's Q2 delivery beat was driven by an inventory drawdown and heavy financing subsidies, pushing gross margins down to 16.3% ex-credits despite higher volumes.Capex surged 142% YoY to $5.79B, turning free cash flow negative; management signals further spending increases as major buildouts remain underway.FSD subscription growth and regulatory progress offer TSLA upside, but EU-wide approval is delayed and current autonomy revenues are not enough to offset core margin pressures. jetcityimage/iStock Editorial via Getty Images

Tesla, Inc. (TSLA) just posted its best second-quarter deliveries in company history, yet the stock dropped around 7.5% on the news- the worst day for the shares in nearly a year.

Then, four days later, the

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On Wednesday’s earnings call, Elon Musk stopped short of confirming a Tesla-SpaceX merger and did something arguably worse for shareholders of Tesla (NASDAQ:TSLA | TSLA Price Prediction): he refused to shut the door.

Asked about synergies between his automaker and SpaceX, Musk told analysts, “Well, as you can tell from all the many collaborations on so many fronts with SpaceX, there’s more and more overlap, especially with Terafab, that’s really going to be a gigantic project.” He then pulled back, adding, “But obviously, we can’t talk about combining companies and that kind of thing on an earnings call, it has got to be done with the appropriate process.” Nothing was confirmed. Nothing was denied.

The overlap Musk referenced is already visible. Starlink connectivity is built into Cybertruck and planned across Tesla’s fleet, including Cybercab. The Grok chatbot is embedded in Tesla vehicles, Tesla is supplying batteries and manufacturing know-how to SpaceX, and Terafab is a jointly relevant AI chip facility. Q1 disclosures flagged a semiconductor fab under construction in Austin, and Tesla previously took a $2 billion equity stake in SpaceX. The integration is already operational.

The Dilution Problem Here is the part that should worry Tesla holders. BNP Paribas notes SpaceX’s cash flow is sharply negative. SpaceX is expected to burn roughly $30 billion this year and as much as $194 billion cumulatively through 2030. Folding that into Tesla would almost certainly require fresh equity raises, diluting existing shareholders. BNP Paribas has separately argued a merger “won’t save investors.”

That warning lands on top of a quarter that already rattled the base. Tesla posted Q2 2026 revenue of $28.24 billion, up 25.52% year over year and ahead of consensus, but non-GAAP EPS of $0.33 missed the $0.5367 estimate by 38.51%. Operating margin compressed to 1.4%. Gross margin slipped to 16.8% from 17.2% a year earlier. Free cash flow swung to a negative $1.092 billion as capex jumped 141.81% year over year to $5.789 billion. Shares fell nearly 3% in after-hours trading, and TSLA is now down 16.83% year to date.

Markets are pricing this ambiguity in real time. Deepwater Asset Management’s Gene Munster raised his odds of a Tesla-SpaceX merger from 80% to 90% after the call. Kalshi shows 52% odds of a merger by roughly May 2027. On Polymarket, the year-end 2026 announcement contract sits at 22.5%, with the September deadline at 9.5%.

No terms, structure, or timeline have been confirmed. That is the point. With operating income already down 56.88% year over year and a $25 billion capital budget in flight, Tesla investors now carry a second, unquantified risk: an equity-funded absorption of the most capital-hungry company in Musk’s orbit. Until Musk says otherwise, that risk is priced in and rising.

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Horizon Gold Ltd (ASX:HRN, OTC:HZGLF, FRA:HO0) has invited shareholders to attend an investor briefing webinar on MarketOpen Direct Connect.

Managing director and CEO Scott Williamson will provide an update on the recently released definitive feasibility study for the company’s 100%-owned Gum Creek Gold Project in Western Australia.

The briefing will be followed by an interactive question-and-answer session.

Webinar: https://bit.ly/4wh5dqc
Date: Wednesday, July 29, 2026
Time: 9.00am AWST / 11.00am AEST

Gum Creek DFS outlines robust development pathway The Gum Creek definitive feasibility study outlines a financially robust development pathway targeting first gold production in the second half of 2028.

The open-pit development is forecast to produce an average of 98,000 ounces of gold annually during its first five years, with total recovered production of 880,000 ounces over an initial 10-year mine life.

Based on a gold price of A$5,500 per ounce, Gum Creek is expected to generate A$1.85 billion in pre-tax free cash flow, a pre-tax net present value of A$1.31 billion and an internal rate of return of 53.1%.

Pre-production capital is estimated at A$350 million, including mine development, a new processing plant, supporting infrastructure and contingency.

The project has an estimated all-in sustaining cost of A$2,995 per ounce and a 23-month payback period from first production.

Wall Street is set for a moderately lower open on Thursday after mixed results from Alphabet and Tesla, while a fresh surge in oil prices revived concerns about inflation and interest rates.

Futures for the Dow Jones, S&P 500 and Nasdaq were all down around 0.3%.

This would see losses extended from the day before, when the Nasdaq dropped 0.6% to 25,691, the S&P fell 0.1% to 7,499, and the Dow finished essentially flat, down six points at 52,219.

After the closing bell, Alphabet Inc (NASDAQ:GOOG) beat revenue and earnings forecasts, with cloud revenue surging 82%, but its shares fell in after-hours trading after the Google owner raised its planned capital expenditure to as much as $205 billion this year. Shares were down 4.1% in pre-market trading.  

Tesla Inc (NASDAQ:TSLA) shares declined 6.2% after reporting its first quarter of negative free cash flow in more than two years as operating costs surged.

European markets were also lower, led by a 1.7% decline in Milan as semiconductor manufacturer STMicroelectronics (NYSE:STM) fell sharply after weaker second-quarter earnings and soft third-quarter guidance disappointed investors following a three-month rally.

In commodities, WTI crude has jumped 4.1% on Thursday morning to above $90.65 a barrel, its highest level in six weeks, as US Central Command confirmed another round of strikes against Iran.

"Strikes between the US and Iran show no sign of easing, and the Houthis said they targeted two oil tankers in the Red Sea yesterday, raising fears that the conflict is widening," said Henry Allen at Deutsche Bank. 

This has raised fresh supply fears as Saudi Arabia has redirected oil exports to the Red Sea port of Yanbu, prompting "fresh concerns about a more prolonged stagflationary shock", with investors pricing in higher inflation and a more hawkish path for central banks.

Fed futures now indicate a 36% chance of an interest-rate increase next week. The European Central Bank is expected to leave rates unchanged when it announces its latest decision later today.

Before the bell, earnings are due from defence groups RTX and Lockheed Martin, telecoms names T-Mobile and Nokia, and other heavyweights including Thermo Fisher, TotalEnergies, Blackstone, Freeport-McMoRan, Comcast and Honeywell.

After the close, attention turns to Intel and SAP, along with gold miner Newmont.

23.7.2026 11:47, TSLA

Výrobce elektromobilů Tesla zveřejnil hospodářské výsledky za druhé čtvrtletí roku 2026, ve kterém zisk na akcii zaostal za průměrným odhadem analytiků, zatímco tržby odhady překonaly. Analytici zároveň upozorňují, že může trvat déle, než se výdaje do segmentu fyzické AI (robotika, autonomní vozidla) promítnou do výnosů a zisků firmy.

Výsledky společnosti Tesla (TSLA) za 2Q 2026   2Q 2026 Konsensus 2Q 2026 2Q 2025 Tržby (mld. USD) 28,24 26,32 22,50 Čistý zisk (mld. USD) 1,11 -- 1,17 Očištěný zisk na akcii (EPS, USD/akcie) 0,33 0,51 0,40 Výsledky za 2Q Tržby meziročně vzrostly o 26 % na 28,24 mld. USD, nad odhadem 26,32 mld. USD.

Tržby z automobilového segmentu dosáhly 20,52 mld. USD, meziročně +23 %, nad odhadem 18,68 mld. USD. Tržby ze segmentu energetiky a úložišť činily 3,14 mld. USD, meziročně +13 %, pod odhadem 3,77 mld. USD. Tržby ze služeb a ostatní vzrostly o 50 % na 4,58 mld. USD, výrazně nad odhadem 3,72 mld. USD.

Hrubá marže dosáhla 16,8 % oproti loňským 17,2 %, pod odhadem 19,4 %.

Provozní zisk meziročně klesl o 57 % na 398 mil. USD, výrazně pod odhadem 1,39 mld. USD.

Volný hotovostní tok byl záporný ve výši 1,09 mld. USD oproti kladným 146 mil. USD ve stejném období loňského roku, nicméně lépe než odhadovaná záporná hodnota 3,64 mld. USD. Kapitálové výdaje vzrostly na 5,79 mld. USD z loňských 2,39 mld. USD, pod odhadem 6,59 mld. USD.

Počet aktivních předplatných FSD (Supervised) dosáhl 1,48 mil., meziročně +56 %, nad odhadem 1,40 mil.

Komentář vedení Společnost v rámci výsledků uvedla, že penetrace FSD (Supervised) ve čtvrtletí dále rostla a Tesla obdržela další schválení pro nasazení FSD v Litvě, Estonsku, Dánsku a Belgii, přičemž zákazníci v těchto zemích ujeli na FSD od července přes 50 mil. km. Firma rovněž pokračuje ve stavbě a přípravě zařízení pro polovodičovou továrnu v Austinu.

V oblasti energetiky Tesla dosáhla rekordních instalací úložišť v regionu EMEA a je na dobré cestě zahájit letos výrobu Megapacku 3 a Megablocku v nové Megafactory Texas.

V robotice společnost demontovala výrobní linky pro Modely S a X ve Fremontu a instaluje první generaci linek pro Optimus, přičemž výroba by měla začít později v tomto roce. Kapacita bateriových článků zůstává podle společnosti limitujícím faktorem pro navyšování výroby vozidel.

Komentáře analytiků Analytik Steve Man z Bloomberg Intelligence uvedl, že rostoucí výdaje Tesly do fyzické AI se mohou promítnout do smysluplných tržeb a zisků s větším zpožděním, i když vedení podle něj zachovává očekávání ohledně Cybercabu a Optimu. Dodal, že kapitálové výdaje by měly v příštích dvou až třech letech dále růst v souvislosti s rozšiřováním Cybercabu, Robotaxi, Optimu a AI infrastruktury.

Analytik Andrew Percoco z Morgan Stanley označil zrychlující se cyklus kapitálových výdajů Tesly za nezbytnou investici k zajištění vedoucí pozice v autonomii a robotice. Podle něj tyto investice dále prohlubují záporný volný hotovostní tok, což zvyšuje důraz na konkrétní milníky u Robotaxi a Optimu.

Analytik Alexander Potter z Piper Sandler uvedl, že marže za 2Q byly pod konsensem, což zatížilo akcie. Aby se Tesla vymanila ze současné situace, bude podle něj muset vyvrátit pochybnosti ohledně Optimu a Cybercabu. Dodal, že zůstává i nadále pozitivně naladěný, i když je obtížné odhadnout načasování katalyzátorů.

Akcie Tesla Akcie Tesla (TSLA) v předburzovní fázi obchodování klesají o 5,46 % na 353,58 USD.

Akcie Tesla Inc (TSLA) před výsledky uzavřely na 374,01 USD Ukazatel   Ukazatel   Kapitalizace (mld. USD) 1404,7 P/E 374,2 Vývoj za letošní rok (%) -16,8 Očekávané P/E 200,1 52týdenní minimum (USD) 297,8 Prům. cílová cena (USD) 416,5 52týdenní maximum (USD) 498,8 Dividendový výnos (%) -- Zdroj: Tesla, Bloomberg

Michal Šnobl, Fio banka, a.s.

Tesla Inc (NASDAQ:TSLA) managed the unusual feat of selling more cars than ever before and being punished for it, with shares falling 4% after hours and wiping roughly $71 billion from the electric carmaker's value.

Start with the good, because there genuinely is some. Revenue of $28.24 billion was up 26% year-on-year and comfortably ahead of the $25.71 billion analysts had pencilled in.

Deliveries of 480,126 vehicles were a second-quarter record and the first annual growth in two years, ending a slump driven by Chinese competition and a consumer backlash against Elon Musk's politics.

The services division, which includes out-of-warranty repairs, grew revenue 50% to $4.58 billion at record margins, a reminder that the most boring part of the business is quietly among the healthiest.

Subscriptions to Full Self-Driving, which despite the name still requires a human ready to grab the wheel, rose 56% to 1.48 million, generating $791 million of annual recurring revenue.

Chief financial officer Vaibhav Taneja said the company left the quarter with its biggest order backlog since 2023.

Now the bad. Adjusted earnings of 33 cents a share came in barely two-thirds of the 51 cents Wall Street expected.

Gross margin fell to 16.8%, against forecasts of 19.4%, as average selling prices dropped and revenue from selling regulatory credits to rival carmakers collapsed from $439 million to $146 million.

That last line matters more than it looks, because those credits were nearly pure profit and are not coming back.

Tesla is now selling cheaper Model 3 and Y variants after retiring the pricier Model S and X, which is a fine way to move metal and a poor way to defend margins.

Operating expenses rose 47% to $4.35 billion, roughly twice the pace of revenue growth, dragging operating margin down to 1.4% from 4.1%.

Then the ugly, or at least the expensive.

Capital expenditure jumped 142% to $5.79 billion and free cash flow swung to a deficit of $1.09 billion, from a $146 million surplus a year earlier.

Taneja has guided to more than $25 billion of capex this year, close to three times the 2025 figure, and warned that operating costs will keep climbing into 2027.

In fairness to Tesla, the burn was smaller than the $3.6 billion analysts had feared, which is the sort of consolation prize that only makes sense in this stock.

The money is going into artificial intelligence compute, six new factories, Optimus humanoid robot lines at Fremont, and Terafab, a semiconductor project run jointly with SpaceX.

Musk described Optimus as the hardest product Tesla has ever tried to manufacture, noting there is no existing supply chain for it, which is true and also not obviously reassuring.

None of it generates revenue yet, and Musk has conceded robotaxi income will not become meaningful until 2027.

The strategic subtext was harder to miss than usual.

Asked whether Tesla and SpaceX might merge, Musk cited the growing overlap around Terafab before observing that one cannot discuss combining companies on an earnings call, having just spent an hour describing two companies that increasingly cannot function without each other.

Analysts have put the odds of a combination at 80% to 90% by early 2027.

Investors have already marked Tesla down 17% this year against a rising Nasdaq, and SpaceX has shed more than 40% from its post-listing peak.

The pitch is that the spending buys a robotics and autonomy platform worth far more than a carmaker.

The problem is that shareholders are being asked to fund it out of a business whose margins are going the wrong way.

Record Q2 Deliveries: Achieved record deliveries globally with sequential growth in the Americas (60%), APAC (27%), and EMEA (12%).Model Y Performance: Set rec

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Tesla said Robotaxi operates in seven US markets, with six now offering unsupervised rides. Tim Goessman/Bloomberg via Getty Images Tesla has some numbers to tout for its progress on Robotaxi.

CEO Elon Musk and other executives said during Tesla's second-quarter earnings call on Wednesday that the company continues to expand its autonomous ride-hailing platform, adding more cities and more unsupervised rides.

Since Tesla first launched Robotaxi in June 2025 with a small fleet of Model Ys and safety monitors, the rollout of the company's ride-hailing service has been slower than Musk's predictions.

The CEO said in July 2025 that Tesla could reach half the US population by the end of 2025, pending regulatory approval.

Tesla now lists seven US metropolitan regions, including two Florida cities — Orlando and Tampa — announced on the eve of the company's Q2 earnings call.

The company has yet to disclose the size of its overall fleet, number of paid rides, intervention rates, or the economics of each trip.

Musk said during the earnings call that safety is central to the constraints on Robotaxi's deployment scale.

"If we injure even one person, it will be worldwide headline news, and regulators will immediately clamp down on our activities," he said. "We're going as fast as humanly possible in scaling Robotaxi, but while trying to ensure that we do not harm anyone at all and ideally do not even run over a pet."

Here are seven numbers that demonstrate Tesla's Robotaxi progress:

1. Nearly 2.5 million total paid milesTesla said in its shareholder deck that Robotaxi had reached nearly 2.5 million cumulative paid miles by the end of the second quarter.

The figure includes trips with a safety monitor — a human supervisor who oversees the autonomous software — in the car. In the San Francisco Bay Area, a safety monitor remains behind the wheel.

2. More than 380,000 unsupervised milesAshok Elluswamy, Tesla's VP of AI, said Robotaxi has driven more than 380,000 unsupervised miles across six cities in two different states.

This is one of the more concrete figures Tesla has provided around its progress for unsupervised rides. Tesla has yet to reveal how many cars are operating without a safety monitor.

For comparison, Alphabet's Waymo has driven more than 200 million fully autonomous, rider-only miles.

3. More than 10% weekly mileage growthMusk said Robotaxi has seen a growth rate of more than 10% for miles driven per week.

Similarly, Elluswamy said unsupervised mileage has increased at "double-digit growth rates" per week since the beginning of the year.

"We expect to continue growing at such a large rate through the rest of this year," Elluswamy said.

4. Seven US metropolitan regionsTesla said Robotaxi is now active in seven US markets: Austin, Dallas, Houston, Miami, Orlando, Tampa, and the San Francisco Bay Area.

All regions except for the Bay Area are "ramping unsupervised" rides, the company said in the shareholder deck.

Tesla is also targeting Phoenix and Las Vegas, with "preparations underway."

Meanwhile, Waymo operates in 11 US regions.

5. Zero 'notable incidents' from RobotaxiElluswamy said that there have been "zero notable incidents" over the more than 380,000 unsupervised Robotaxi miles driven. He added that the known incidents involved other road users hitting stationary Teslas.

Tesla has reported crashes to federal regulators, including two low-speed crashes that occurred after Tesla's teleoperator assumed direct control of the car. Both incidents had a safety monitor behind the wheel.

Elluswamy said the progress was a "huge validation of Tesla's entire AI approach."

6. More than 125,000 Cybercabs in manufacturing capacityTesla said it installed an annual manufacturing capacity of more than 125,000 Cybercabs — the company's purpose-built robotaxi — at Gigafactory Texas. Production began during the second quarter.

For comparison, Zoox, Amazon's robotaxi venture, says its factory in Hayward, California can assemble more than 10,000 purpose-built robotaxis a year once it operates at full scale. Waymo has said that its Arizona plant can build "tens of thousands" of robotaxis at full buildout.

Tesla's number does not represent the current production rate, which was not disclosed.

Musk said the Cybercab needs to accumulate more driving data specific to its chassis before the company can put more on the road.

Employees have started taking autonomous rides in the car at Gigafactory, Tesla said.

7. Nearly 1.5 million paid FSD customersTesla reported 1.48 million paying customers of Full Self-Driving, the automaker's advanced driver-assistance system. That represents a 56% year-over-year increase.

While FSD for personally owned vehicles requires constant human supervision, one of Tesla's long-standing promises is that the tech will no longer require driver monitoring.

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Tesla

Tesla said Wednesday that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" safety incident.

Ashok Elluswamy, Tesla’s vice president of AI software, highlighted the fleet’s safety record during the electric vehicle maker’s second-quarter earnings call, telling investors it had recorded "zero notable incidents."

Any reported incidents involved "other actors impacting us when we were stationary," Elluswamy said.

"I'd like to emphasize how safe the operation has been so far," Elluswamy said. "Zero notable incidents over 380,000 miles."

MUSK SAYS TESLA, SPACEX TO BUILD ADVANCED CHIP MANUFACTURING FACILITY

A Tesla robotaxi travels along South Congress Avenue in Austin, Texas, June 22, 2025. Tesla said that its robotaxi fleet has logged more than 380,000 unsupervised miles across six cities in two states without what the company described as a "notable" (Reuters/Joel Angel Juarez / Reuters)

Elluswamy said the results support Tesla’s camera-based approach to autonomous driving.

"Historically, the so-called experts have always claimed that you need lidars, radars, HD maps and the entire kitchen sink to drive safely," he said. "Here, we show that such is not true. You can have safe, comfortable and affordable autonomy with just cameras."

Tesla said mileage traveled by its unsupervised robotaxi fleet has grown at a double-digit weekly rate for months.

"We have grown at such a high compounding rate on a week-over-week basis over the last several months," Elluswamy said. "Not only that, we expect to continue growing at such a large rate through the rest of this year."

ELON MUSK REVEALS PRICE OF TESLA'S CYBERCAB

A Tesla robotaxi operates on South Congress Avenue in Austin, Texas, on June 22, 2025.  (Reuters/Joel Angel Juarez / Reuters)

The remarks came one day after Tesla expanded its robotaxi service to Orlando and Tampa, according to Reuters.

Tesla launched the service in Austin in June 2025, initially placing safety monitors inside the vehicles. 

It later began offering fully unsupervised rides in Austin and expanded the service to Dallas, Houston and Miami, Reuters reported.

Stocks In This Article: SELF-DRIVING CAR COMPANIES WAYMO, TESLA TO TESTIFY AT KEY SENATE COMMITTEE ON REGULATING GROWING INDUSTRY

Passengers exit a Waymo self-driving car, Dec. 26, 2025, in San Francisco. Unlike Waymo, which uses lidar sensors, Tesla relies mainly on cameras and AI software. (John J. Kim/Chicago Tribune/Tribune News Service via Getty Images / Getty Images)

Unlike Waymo, which uses "light detection and ranging" or "lidar" sensors, Tesla relies mainly on cameras and AI software, according to the outlet.

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"We expect that the time to launch to a new city will continue to trend towards zero, towards an end where we operate in entire states as a whole, instead of going city by city," Elluswamy added.

Tesla could not immediately be reached by FOX Business for comment.

Reuters contributed to this report.

Tesla CEO Elon Musk on Wednesday left the door open to the EV ‌maker merging with his other trillion-dollar-plus-valued firm SpaceX , declining to dismiss the possibility and citing growing overlap between the companies.

HomeEarnings AnalysisConsumer 

SummaryTesla, Inc. delivered a solid revenue result in Q2, but earnings fell dramatically short of street estimates.Short-term performance was driven by strong auto sales amid high gas prices, shifting focus from long-term autonomous ambitions.TSLA stock trades at a substantial premium to the auto space and tech giants, but recent results don't justify this valuation. jetcityimage/iStock Editorial via Getty Images

After the bell on Wednesday, we received second quarter results from Tesla, Inc. (TSLA). The electric vehicle maker had a strong sales period thanks to higher gas prices amidst the U.S.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Investors are always reminded that before making any investment, you should do your own proper due diligence on any name directly or indirectly mentioned in this article. Investors should also consider seeking advice from a broker or financial adviser before making any investment decisions. Any material in this article should be considered general information, and not relied on as a formal investment recommendation.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Tesla reported Q2 earnings with a massive profit miss and significant margin deterioration. TSLA achieved solid delivery numbers, but only by sacrificing profitability. The high valuation is not justified given the deteriorating financial metrics revealed in this report.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of TSLA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Robotaxi Mode Engaged: Tesla Starts Monetizing Its Florida FleetTesla NASDAQ: TSLA executives used the company’s second-quarter 2026 earnings webcast to highlight record quarterly deliveries, rising interest in Full Self-Driving, rapid energy storage growth and a major multiyear capital spending cycle tied to autonomy, robotics, semiconductor capacity and manufacturing expansion.

Elon Musk said Tesla had “a great quarter” and achieved record second-quarter deliveries. He said the Model Y continues to set records and described Full Self-Driving, or FSD, as a significant demand driver in markets where it is approved.

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Bank Earnings Are Roaring, But Wall Street Isn't Ready to Celebrate“For a lot of people, they’re actually buying Tesla Full Self-Driving with a car attached, as opposed to a car with FSD,” Musk said, adding that Tesla expects demand to increase as FSD gains approval in additional countries.

Vehicle Demand Rebounded Across Regions Vaibhav Taneja said the second quarter continued a demand recovery that began late in the first quarter. Tesla posted sequential delivery growth of 60% in the Americas, 27% in APAC and 12% in EMEA, he said. Model Y also set records in several markets, including the Netherlands, Australia and New Zealand.

Tesla’s Delivery Surprise Was Big—Earnings Need to Be BiggerTaneja said Tesla exited the quarter with its largest order backlog since 2023 and is focused on increasing production across its factories. He cautioned that production growth will be limited by supply chain constraints, including batteries and electronic components.

FSD was a recurring focus of the call. Taneja said about 55% of North American deliveries had an FSD subscription enabled at the time of delivery in the second quarter. He said FSD attach rates reached nearly 1.5 million paid customers globally, with 55% coming from upfront purchases and 45% from subscriptions. Tesla expects future FSD monetization growth to come primarily from subscriptions, he said, as the company has removed the purchase option in most markets.

Margins Reflect Warranty, Tariff and Pricing Dynamics Automotive gross margin excluding regulatory credits declined sequentially to 16.3% from 19.2%. Taneja said the first quarter had benefited from a $230 million warranty true-down and tariff relief that did not repeat in the second quarter. Adjusting for those first-quarter benefits, automotive gross margin excluding credits would have been approximately flat, he said.

Taneja also said commodity price increases and interest rate changes continued to add costs. Higher interest rates raised the cost of subvention programs, which are recognized upfront as a revenue offset and negatively affected automotive margins.

Tesla’s energy business deployed 13.5 GWh of energy storage in the quarter, up 53% sequentially and the company’s second-largest quarter for the business. However, energy gross margin fell to 20.4% from 39.5%. Taneja attributed the decline to a roughly $240 million warranty true-up tied to vendor cell issues for legacy deployments, the absence of more than $200 million in tariff benefits recognized in the first quarter and lower average selling prices for industrial storage amid increasing competition.

Long term, Taneja said Tesla expects energy gross margins to normalize in the mid- to low-20% range. He described the energy order backlog as robust and said the company is building for existing demand as well as expected future demand from data centers and broader electrification.

Service and other gross margin improved to 14.1% from 9.2%, an all-time high, driven by higher volume and better cost management across used vehicles, Supercharging, service centers and insurance, Taneja said.

Robotaxi Expansion Centers on Safety and Reliability Musk said Tesla is scaling Robotaxi “as fast as humanly possible” while prioritizing safety. He said the company is trying to avoid any harm as it expands the service, noting that any injury involving Robotaxi would draw significant scrutiny from regulators and the public.

Ashok, Tesla’s vice president of AI, said the Robotaxi program has driven more than 380,000 miles of unsupervised operation across six cities in two states with “zero notable incidents.” He said the fleet is already running early versions of Tesla’s V15 FSD software, with about 40% of planned major improvement tracks merged into current builds.

Taneja said Tesla has expanded its Robotaxi fleet to seven U.S. markets and expects the ramp to accelerate through the rest of the year. Musk said the constraint on growth is the “march of nines” of reliability, describing the need for increasingly high safety and reliability levels before broader scaling.

Executives said Tesla plans to keep Robotaxi vertically integrated. Musk said he does not expect demand challenges and believes the service’s economics will make demand exceed Tesla’s ability to serve it.

Optimus, Cybercab and AI Chips Drive Investment Plans Musk said Optimus could be “the biggest product ever,” but emphasized that scaling manufacturing will be difficult because there is no established supply chain for many of the robot’s parts. He said Tesla has in-sourced a significant amount of production and is building an Optimus line in Fremont where Model S and Model X production had previously been located.

Ashok said Optimus training will use data from factory workers, dedicated demonstrations, internet video and eventually robots practicing tasks in an “Optimus Academy.” He said Tesla is applying the same end-to-end AI strategy used in FSD: “pixels in, controls out.”

Musk also discussed Tesla’s planned Terafab initiative and said the company expects to announce a location soon. He said Terafab is necessary to avoid AI chip constraints that would limit Optimus production. Tesla has placed equipment orders for a development fab in Austin intended to combine lithography mask production, logic, memory, packaging and chip testing under one roof.

On Cybercab, executives said the vehicle will use the same V15 models as other Tesla platforms. Musk said Tesla needs to accumulate driving data specific to the Cybercab chassis before putting large numbers on the road. He also said Starlink will be integrated into Cybercab and, in markets where available, Tesla vehicles generally, because Robotaxis need reliable connectivity.

CapEx to Rise as Tesla Pursues Manufacturing Build-Out Taneja said free cash flow was negative in the quarter, largely because capital expenditures more than doubled sequentially. Tesla continues to expect 2026 CapEx of more than $25 billion, with spending set to rise further in the second half of the year.

He said CapEx will grow for the next two or three years as Tesla expands its Robotaxi fleet, Optimus production capacity, semiconductor fab investments, solar manufacturing capacity, AI compute infrastructure and automotive manufacturing. Tesla is also pursuing debt facilities that could provide borrowing capacity of up to $30 billion to accelerate those investments.

Musk said he has asked Tesla’s team to spend on CapEx “as fast as we can without it being too wasteful,” balancing capital efficiency against speed. He described the current effort as one of the fastest industrial scale-ups in modern U.S. history.

Net income in the quarter was positively affected by a $1 billion mark-to-market gain on Tesla’s SpaceX holdings, offset by about $300 million in foreign exchange losses and roughly $100 million in Bitcoin losses, Taneja said.

About Tesla (NASDAQ:TSLA)Tesla, Inc NASDAQ: TSLA is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company's stated mission is to accelerate the world's transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla's automotive business includes a lineup of battery‑electric vehicles and related services.

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