2026年第二季度更新

Highlights03Financial Summary04Operational Summary05Manufacturing & Hardware06Supporting Infrastructure07AI & Software08Services09Outlook10Photos & Charts11Key Metrics23Financial Statements26Additional Information32 Profitability Q2 was a strong quarter for our core vehicle, energy and services businesses as well as ourmanufacturing, infrastructure and AI initiatives. Our focus remains on strengthening these corebusinesses and making the necessary investments that will deliver Amazing Abundance. Tesla generated over $100B in revenue on a trailing twelve-month basis for the first time. Weachieved record second-quarter vehicle deliveries, with continued growth in new markets andstrength in established markets. Our Energy Storage business returned to growth, achieving itssecond-best quarterly deployment number and record deployments on a trailing twelve-monthbasis. The Services and Other business achieved record profitability and margin in the quarter. $1.2B non-GAAP net income1 Cybercab began production at Gigafactory Texas, and Tesla Semi remains on trackforproduction this year at our new factory in Nevada. Progress also continued on battery packcapacity expansion–the main limiting factor to near-term vehicle production volume increase.Megafactory Texas is nearing completion, with start of production planned for this year.Additionally, site selection, preparation, construction and equipment procurement progressedin the quarter for solar and semiconductor manufacturing. Cash Operating cash flow of $4.7B Free cash flow2of negative $1.1B $1.2Bdecrease in our cash and investments3 FSD (Supervised)4penetration continued to grow in the quarter with more customers opting forsubscription at the time of vehicle purchase. Robotaxi rollout continued in the U.S. and is nowlive in seven major metros5. Construction at our Fremont Factory for Optimus began after wedecommissioned the Model S & X lines, with anticipated production later this year. Tesla is in its largest and most exciting period of investment. From here, there remains muchhard work as we aim to revolutionize transportation, energy and productivity through ourleading real-world AI. Scaling will be non-linear, and we are focused on long-term valuecreation. We’ve never been more optimistic about the future. Began production of Cybercab Automotive Our overall Q2 record deliveries were supported by record deliveries in several markets,including South Korea, Australia, Colombia, Japan, Taiwan, Thailand, Portugal, the Philippines,Chile, Slovenia and Lithuania. We launched the Model YL in the U.S. market in July. Consistentwith launches in other markets, we have seen a positive response from customers. Energy generation and storage We achieved record energy storage deployments in EMEA, supported by record deploymentsfrom Megafactory Shanghai, which continues to ramp production. We are also on track to beginproduction of Megapack 3 and Megablock this year at our new Megafactory Texas. Powerwall 3P (three-phase) is now available in Germany and is designed to meet the powerneeds of homes with three-phase power with a single unit. It includes a native three-phaseinverter bringing the cost savings and energy security of our residential energy products to morecustomers. We are focused on bringing Powerwall 3P to other three-phase markets as quickly aspossible. Robotics We have decommissioned the manufacturing lines for Models S & X at our Fremont Factory andare installing the first-generation lines for Optimus, where we expect to start production soon.The initial Optimus builds will be used in our Optimus Academy for training data collection andfurther functionality development. Additionally, we continued site development at GigafactoryTexaswithbuilding construction now in full swing. AI Training Compute We have more than doubled our onsite compute in Texas (in terms of MW of compute) duringthe first half of 2026. Cortex 2 supports the development of both vehicle and humanoid robotautonomy software and will ramp further over the rest of the year to ensure we have sufficientcompute resources. Battery We continue to work on initiatives to increase battery pack capacity as it remains the limitingfactor on ramping our vehicle production globally. Our teams made further progress on theramp of new battery and material factories, including vehicle pack capacity in Berlin, cathodematerial production and lithium refining in Texas and LFP cells in Nevada for our energy storageproducts. We are also increasing production of 4680 cells to support production ramps of bothCybercab and Tesla Semi and increased production of Model Y. Other Supporting Infrastructure We added over 2,400 net new Supercharging stalls, growing the network by 17% year-over-year.We continue to innovate our Supercharger design and production process, helping us scale thenetwork more cost-effectively.We are further reducing Supercharger wait times throughimproved Trip Planner, forecasted s