特斯拉2026Q2財報：利潤同比暴跌57% Q2 2026 Update

Q2

2026

Update1Highlights

03Financial

Summary04Operational

Summary

05Manufacturing&

Hardware

06Supporting

Infrastructure

07AI&Software08Services

09Outlook

10Photos&

Charts

11Key

Metrics

23Financial

Statements

26Additional

Information

322S

U

M

MA

R

YQ2

wasa

strongquarter

for

our

corevehicle,

energy

andservices

businesses

aswell

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.Cybercab

began

production

at

Gigafactory

Texas,

and

Tesla

Semi

remains

on

trackfor

production

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.FSD(Supervised)4

penetration

continued

to

grow

in

the

quarter

with

more

customers

opting

forsubscriptionatthe

time

ofvehicle

purchase.

Robotaxi

rollout

continued

inthe

U.S.

and

is

nowlive

in

seven

major

metros5

.

Construction

at

our

Fremont

FactoryforOptimus

began

afterwedecommissioned

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.$0.4B

GAAP

operating

income$1.1B

GAAP

net

income$1.2B

non-GAAP

net

income1Operating

cash

flow

of$4.7BFree

cashflow2

of

negative

$1.1B$1.2B

decrease

in

our

cash

and

investments3Record

Q2vehicle

deliveriesLaunched

Robotaxi

inthree

cities

in

Florida

inJulyBegan

production

of

CybercabH

I

G

H

L

I

G

HT

SProfitabilityCashOperations(1)

RefertotheReconciliationofGAAPto

Non–GAAP

Financial

Information

slide

(2)

Free

cashflow

=

operating

cashflow

less

capex;

(3)

Includes

cash,

cash

equivalents

and

short-term

investments;

(4)Active

driver

supervision

required;

does

not

make

the

vehicle

autonomous;

(5)

BayArea

operations

use

FSD

(Supervised)

pursuant

toCATCP

permit#TCP0046782–A;

Note:

all

information

herein

refersto

the

current

quarter

unless

otherwise

noted.3($

in

millions,except

percentages

and

persharedata)Q2-2025Q3-2025Q4-2025Q1-2026Q2-2026YoYTotalautomotive

revenues16,66121,20517,69316,23420,51623%Energygeneration

andstorage

revenue2,7893,4153,8372,4083,13913%Servicesand

other

revenue3,0463,4753,3713,7454,58150%Total

revenues22,49628,09524,90122,38728,23626%Totalgross

profit3,8785,0545,0094,7204,75123%TotalGAAPgross

margin17.2%18.0%20.1%21.1%16.8%-41

bpOperatingexpenses2,9553,4303,6003,7794,35347%Incomefromoperations9231,6241,409941398-57%Operatingmargin4.1%5.8%5.7%4.2%1.4%-269

bpAdjusted

EBITDA3,4014,2274,1543,6683,273-4%Adjusted

EBITDA

margin15.1%15.0%16.7%16.4%11.6%-353

bpNetincome

attributabletocommonstockholders(GAAP)1,1721,3738404771,114-5%Netincome

attributabletocommonstockholders(non-GAAP)1,3931,7701,7611,4531,153-17%EPS

attributableto

common

stockholders,diluted

(GAAP)0.330.390.240.130.32-3%EPS

attributableto

common

stockholders,diluted

(non-GAAP)0.400.500.500.410.33-18%Netcash

provided

byoperating

activities2,5406,2383,8133,9374,69785%Capitalexpenditures(2,394)(2,248)(2,393)(2,493)(5,789)142%Free

cashflow1463,9901,4201,444(1,092)-848%Cash,

cashequivalentsand

short-term

investments36,78241,64744,05944,74343,52418%4

F

I

NA

N

C

IA

L

S

U

M

M

A

R

Y(Unaudited)Q2-2025Q3-2025Q4-2025Q1-2026Q2-2026YoYModel3/Y

production396,835435,826422,652394,611442,93612%Othermodels

production13,40911,62411,70613,7758,822-34%Totalproduction410,244447,450434,358408,386451,75810%Model3/Y

deliveries373,728481,166406,585341,893467,76225%Othermodels

deliveries10,39415,93311,64216,13012,36419%Totaldeliveries384,122497,099418,227358,023480,12625%ofwhichsubjectto

operating

leaseaccounting6,67010,23010,9963,4307,58014%Cumulativedeliveries(1)

(all-time;

mil)8.08.58.99.29.721%Active

FSDSubscriptions(2)

(mil)0.951.041.101.281.4856%Totalendofquarter

operating

lease

(newvehicle)

count(3)172,882167,163163,075151,991141,876-18%Globalvehicle

inventory

(daysofsupply)(4)2410152715-38%Storagedeployed

(GWh)9.612.514.28.813.541%Superchargerstations7,3777,7538,1828,4638,70418%Superchargerconnectors70,22873,81777,68279,91882,35717%(1)

Inaccordancewith

our

2025

CEOPerformanceAward,

metric

includesallnewTeslavehicles

delivered

tocustomers

plus

any

unsupervised

Robotaxis

placed

into

commercialoperation.

For

further

detail

see

our

2025

Proxy

Statement.(2)

Inaccordancewith

our

2025

CEOPerformanceAward,

metricincludes

both

upfront

paymentand

monthly

subscriptions

and

excludes

freetrials.

Forfurther

detail

see

our

2025

Proxy

Statement.(3)

Beginning

inQ4,25,endofquarter

operating

lease

count

pertains

onlyto

new

vehicles.

Q3,25

has

been

adjusted

to

exclude

used

vehicles.5

(4)

Daysofsupplyis

calculated

by

dividing

newvehicle

ending

inventorybythe

relevant

quarter,s

deliveries

and

using

75trading

days

(aligned

withAutomotive

News

definition).O

P

E

RA

T

IO

N

A

L

S

U

M

M

A

R

Y(Unaudited)TInstalledAnnualManufacturingCapacityRegionProductCapacityStatusAutomotiveCaliforniaModel3/

Model

Y>550,000ProductionShanghaiModel3/

Model

Y>950,000ProductionBerlinModelY>375,000ProductionTexasModelY>250,000ProductionCybertruck>125,000ProductionCybercab>125,000ProductionNevadaTesla

Semi-CommissioningTBDRoadster-DesigndevelopmentEnergyGenerationandStorageCaliforniaMegapack40

GWhProductionNevadaPowerwall>6

GWhProductionShanghaiMegapack20

GWhProductionTexasMegapack-CommissioningRoboticsCaliforniaOptimus-ConstructionTexasOptimus-ConstructionEnergy

generation

andstorageWe

achieved

record

energy

storage

deployments

in

EMEA,

supported

by

record

deploymentsfrom

Megafactory

Shanghai,whichcontinuesto

ramp

production.Wearealso

on

track

to

beginproductionof

Megapack3

and

Megablockthisyearat

our

new

Megafactory

Texas.Powerwall3P

(three-phase)

is

now

available

in

Germany

and

isdesignedto

meetthe

powerneedsof

homeswiththree-phasepower

with

a

single

unit.

It

includes

a

native

three-phaseinverter

bringingthe

cost

savingsandenergy

securityofour

residential

energy

productsto

morecustomers.We

arefocusedon

bringing

Powerwall3P

toother

three-phase

markets

as

quickly

as

possible.RoboticsWe

havedecommissionedthe

manufacturing

linesfor

ModelsS&Xat

our

Fremont

Factory

andare

installingthefirst-generation

linesforOptimus,where

we

expecttostart

production

soon.TheinitialOptimus

buildswill

be

used

inourOptimus

Academy

for

training

data

collection

andfurther

functionality

development.Additionally,we

continued

site

development

at

GigafactoryTexaswith

buildingconstruction

now

infull

swing.AutomotiveOuroverallQ2

record

deliverieswere

supported

by

record

deliveries

in

several

markets,including

South

Korea,Australia,Colombia,Japan,Taiwan,Thailand,

Portugal,the

Philippines,Chile,

Sloveniaand

Lithuania.We

launchedthe

ModelYL

inthe

U.S.

market

inJuly.

Consistent

with

launches

in

other

markets,we

have

seena

positive

responsefrom

customers.Installedcapacity

≠current

production

rateandthere

may

be

limitationsdiscoveredas

production

rates

approachcapacity.

Production

rates

dependona

varietyoffactors,

includingequipmentuptime,

componentsupply,downtimerelatedtofactory

upgrades,

regulatory

considerationsandotherfactors.Construction

includes

factoryand

infrastructure

buildoutaswell

astoolinstallation.6

MA

N

U

FA

CT

U

R

I

N

G

&HA

R

DW

A

R

EInstalledAnnualCapacityRegionAssetCapacityStatusAITrainingComputeTexasCortex

1>90

MWProductionCortex

2>115

MWProductionBatteryCell

ManufacturingNevadaLFP7

GWhEarly

RampTexas4680>40

GWhProductionCathode

Materials10

GWhEarly

RampLithium

Refining30

GWhEarly

RampBerlin4680-ConstructionBatteryWe

continueto

work

on

initiativesto

increase

battery

pack

capacity

as

it

remainsthe

limitingfactoron

rampingourvehicleproductionglobally.

Our

teams

madefurther

progress

ontheramp

of

new

battery

and

material

factories,includingvehicle

pack

capacity

in

Berlin,

cathodematerial

productionand

lithium

refining

inTexasand

LFPcells

in

Nevada

for

our

energystorage

products.We

arealso

increasing

production

of

4680

cellsto

support

production

rampsof

both

Cybercab

andTeslaSemi

and

increased

production

of

ModelY.Other

Supporting

InfrastructureWe

addedover

2,400

net

newSuperchargingstalls,growingthe

network

by

17%

year-over-year.We

continueto

innovateourSuperchargerdesignand

production

process,helping

us

scale

thenetworkmore

cost-effectively.We

arefurther

reducingSuperchargerwait

times

throughimprovedTrip

Planner,forecasted

stall

availabilityanddynamicwaitlisting

integrated

intotheTesla

app.AI

Training

ComputeWe

have

morethan

doubledouronsitecomputeinTexas

(in

terms

of

MW

of

compute)

duringthefirst

halfof

2026.

Cortex

2supportsthe

developmentof

both

vehicle

and

humanoid

robotautonomy

software

and

will

rampfurtheroverthe

rest

oftheyeartoensurewe

have

sufficient

compute

resources.Installedcapacity

≠current

production

rateandthere

may

be

limitationsdiscoveredas

production

rates

approachcapacity.

Production

rates

dependona

varietyoffactors,

includingequipmentuptime,

componentsupply,downtimerelatedtofactory

upgrades,

regulatory

considerationsandotherfactors.

Early

rampcapacity

includesexpectedcapacity.Construction

includesfactory

and

infrastructure

buildout

aswell

astoolinstallation.TeslaAITrainingCapacity

Ramp

(MW

of

Compute)S

U

P

PO

RT

I

N

GI

N

F

R

AST

R

U

C

T

U

R

E4003002001000

FuturePlanned

CapacityExistingCapacity7Automotive

and

Other

SoftwareInJuly,we

began

rollingout

ourSummer

Release,

with

additional

functionalityaimed

atenhancing

the

customer

experience

and

further

promoting

our

autonomous

capabilities.Customerscan

nowview

and

share

Self-Driving

Stats,

making

FSD(Supervised)

1

moresocialandinteractive.The

Summer

Release

also

includesadditionalGrokfunctionality

such

as

making

phonecalls,searchingand

playing

music

andadjustingclimate

controls.Automatic

Navigation

expandsbeyond

home

andworktosupport

anydestination

basedon

personal

habits

and

schedule,including

schooldrop-offsonthewayto

work.CustomerViewof

FSD

(Supervised)1

UsageStats8

(1)Active

driver

supervision

required;does

not

makethevehicle

autonomousT

-

-AI

SoftwareWe

began

delivering

FSDv14

liteto

customers

inthe

U.S.

and

South

Korea

(the

latter

inJuly)withAI3

hardware.Thissoftwarebuild

distillsthe

driving

behaviorfromAI4,sv14

series

into

boththecameraandcompute

configurationofAI3and

includes

destination

options

(parking

in

a

lot,

onthe

street,

inadriveway

oratthe

curbside)

andspeed

profiles.

It

also

addresses

challengingdrivingscenarioswith

improved

proactiveand

reactive

responsiveness

including

navigationhandling,mergesandforks,

pedestrian

interactions,traffic

lights

and

vehicle

cut-in.AI

Inference

ComputeWe

continueto

make

progressonconstruction

andequipment

procurementforoursemiconductorfab

inAustin.While

still

in

itsearlystages,this

project

is

criticalto

building

ourown

chipmaking

capabilitiestoensure

reliable

long-termsupply

ofessential

logic

and

memorychipsforour

products.0.0

CumulativeMiles

DrivenwithFSD

(Supervised)

1

(billions)12.010.08.06.04.02.0A

I&

SO

FT

W

A

R

EFSD

MilesonV12

and

BeyondFSD

MilesonV11

and

BeforeStateMetroStatusCaliforniaSF

BayAreaSafety

Driver2TexasAustinRamping

UnsupervisedDallasRamping

UnsupervisedHoustonRamping

UnsupervisedArizonaPhoenixPreparations

UnderwayFloridaMiamiRamping

UnsupervisedOrlandoRamping

UnsupervisedTampaRamping

UnsupervisedNevadaLasVegasPreparations

UnderwayRobotaxiWe

started

production

of

Cybercab,our

purpose-built

autonomous

EV

designedto

betheworkhorse

ofour

Robotaxi

fleet.

Engineering

test

drivesof

productionCybercabson

public

roadsalso

began

duringthe

quarter,

andwe

began

offeringemployee

rides

inCybercabson

ourGigafactoryTexas

campus

inJuly,

both

important

precursorstoCybercabdeploymentinourRobotaxifleets.We

expandedthe

unsupervisedoperation

area

inAustinand

launched

unsupervised

rides

inMiami,

OrlandoandTampa

inJuly.

Preparationforexpansionof

our

Robotaxi

service

to

additionalU.S.

metroscontinued,includingtesting,permittingand

first

responder

training.AutomotiveServicesServicesand

Othergross

profitgrew

$302M

sequentiallyto

a

record

$648M,

achieving

a

14%gross

margin,with

growth

driven

byall

major

segments.Asourvehiclefleetgrows

andwefurtherimprove

businessefficiency,we

expect

continued

profitgrowth.9

(1)

Active

driver

supervision

required;does

not

make

the

vehicle

autonomous.(2)

PursuanttoCATCP

permit#TCP0046782

-AFSD

(Supervised)1FSD

adoption

grew

inthe

quarter,

including

record

net

new

subscriptions.We

alsoachievedrecord

FSDattach

rates

in

NorthAmerica,with

over

55%

of

new

deliveries

including

FSDsubscriptions.

Buildingonthe

approvalto

deploy

FSDinthe

Netherlands,

we

received

additionalapprovals

in

Lithuania,

Estonia,

Denmark

and

Belgium,withcustomers

inthese

countriesdriving

over

50

million

kilometers

(31

million

miles)

on

FSD

as

ofJuly.We

are

seeingelevated

interest

in

ourvehicles

in

marketswith

FSD

approval.2,500,0002,000,0001,500,0001,000,000500,0000AnnouncedRobotaxi

CoverageCumulative

Paid

Robotaxi

MilesCumulative

Paid

Robotaxi

MilesS

E

R

V

I

C

E

SO

UT

L

O

O

KVolume

We

arefocused

on

maximum

capacity

utilizationatourfactories.

Deliveriesand

deployments

will

be

impacted

by

aggregate

demand

forour

products,

supplychain

readinessandallocation

decisions

betweensaleto

customers

or

use

for

our

owned

and

operatedfleet.Cash

Wewill

managethe

businesssuch

thatwe

ensure

a

strong

balance

sheet,

maintaining

sufficient

liquidity

to

fund

our

productroadmap,long-term

capacity

expansion

plans–

including

furthervertical

integration–and

otherexpenses.Profit

Whilewecontinuetoexecute

on

innovationsto

reducethe

cost

of

manufacturingand

operations,

over

time,

we

expect

our

hardware-related

profitsto

be

accompanied

byanacceleration

ofAI,softwareandfleet-based

profits.Product

We

continueto

evolve

and

augment

our

product

lineup

with

a

focus

on

cost,

scale

andfuture

monetization

opportunities

via

se

rvicespowered

byourAI

software.Weremainfocusedon

growing

our

sales

volumes

through

a

differentiated

and

efficiently

managed

productportfolio,which

includes

leveragingand

optimizingourexisting

productioncapacity

before

building

new

factories

and

production

lines.TeslaSemiand

Megapack3

remain

onschedulefor

production

starting

in

2026.

First-generation

production

linesfor

Optimus

are

beinginstalled

in

anticipationof

production

in2026.Capacity

buildoutand

ramp

relatedtoour

multi-year

infrastructure

initiatives,

includingAI

compute,

solar,

battery

material

andsemiconductor

manufacturingare

underway.10

P

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