23 April 2026
If you are covering Tesla's latest results, please see the following comment from Mamta Valechha, consumer discretionary analyst at Quilter Cheviot:
At a headline level, numbers were better than expected, but there were a number of one-offs such as tariff reliefs and credits. Stripping those out, earnings were broadly in line or slightly below expectations.
Free cash flow was better than expected, helped by lower capex in the quarter. However, full-year capex has been raised again to $25bn from $20bn. Physical AI is expensive, and this implies a significant step-up in spend, around three times last year’s level, with Tesla likely burning cash for the rest of the year.
Tesla’s physical AI ventures, such as robotaxi and Optimus, offer large potential revenue opportunities, but commercialisation still looks some way off, with timelines once again pushed further out.
On EVs, Musk pointed to continued demand in APAC and South America, rebounding demand in EMEA and North America, and said the line-up remains advantaged against rising petrol prices.
