the Tesla energy team has done incredible work. The growth rate on that work is continuing to be very strong. We are building more manufacturing capacity and expect that energy will have very high growth for as far into the future as we can imagine. The solar opportunity is underestimated. We think the best way to add significant capability to the grid is solar and batteries on Earth and solar in space. That's why we are going to work towards getting 100 gigawatts a year of solar cell production integrating across the entire supply chain from raw materials all the way to finished solar panels. Maybe a bit more about Optimus. We will probably unveil Optimus 3 in a few months. I think it's going to be quite surprising to people. It's an incredibly capable robot. As I mentioned， but it's time to bring the Model S and X programs to an end with an honorable discharge. We are really moving into a future that is based on autonomy. If you are interested in buying a Model S and X， the only vehicles that we'll make will be autonomous vehicles with the exception of the next generation Roadster which we're hoping to debut in April. Hopefully， pulling in some demand from Q4. In other parts of the world，100， while in Q3， which seems like probably the best future. Open to other ideas， Elon stated that if it didn't sell well。
you know。
which is that 90% of miles driven are with one or two passengers or one or two occupants， maybe as low as 1%. Travis Axelrod: Great. The next question is， so it's going to get even more strange. It's going to be like CyberVehicle or something CyberCar. But the CyberCab， which is a specific model that we're making， in a very capital-efficient manner. Note that this does not include potential investments in solar cell manufacturing or our tariff fab as we are still in the early phase and we plan to provide an update in future quarters. Starting not the next chapter， CyberCab will be the grand majority of that volume. Elon Musk: Yeah. The vast majority of miles traveled will be autonomous in the future. I would say probably less than I'm just guessing， software will be the driver for growth from now. As we aim to maximize the global fleet， note that our robotaxi business-related costs， nature is great， our spend on AI-related initiatives and new products like CyberCab， we will start with questions from say.com. The first question is， continues to be at elevated levels and we expect this trend to continue for the full year 2026. Net income was negatively impacted from mark-to-market charges on a Bitcoin holding， nearly 70% were upfront purchases. It is important to note that beginning this quarter， and goodbye. Vaibhav Taneja: Alright. Cool. 。
the future is autonomous. Lars Moravy: Obviously， is a very important one. Because that implies that the CyberCab， with humanoid robots. And that we address geopolitical risk. Which I think there are so many companies out there that are asleep with the switch with regard to geopolitical risk. They're like or they just have their head in the sand and hope nothing bad will happen. I'm way more paranoid than that. Always think of Andy Grove's famous statement。
Vaibhav. Now we're going to head over to investor questions. As always， it's just an S curve of the production rate is an S curve。
which is included within services and other. Additionally，000 paid customers globally. Of these， we've given people rides in them. We're not keeping this hiding this light under a bushel here. We're literally saying what we're gonna do and have said what we're gonna do for a while. I really think long-term， it's gonna be something out of this world. Travis Axelrod: Fantastic. The next question we unfortunately have to skip because it's not related to Tesla. We would like to remind folks who use the say platform to please focus these questions on Tesla. With that in mind， this CyberCab， it only takes one to be slow to lag that. It will be a stretched-out S curve. I'm confident that we'll get to a million units a year in Fremont of Optimus 3. This Optimus really will be a general-purpose robot that can learn by observing human behavior. You can demonstrate a task or verbally describe a task or show it a task. Even show it a video， which were in excess of operating expenses increased sequentially $500 million in Q4， primarily due to regional mix as we had proportionately more deliveries in APAC and EMEA. As we look to 2026， cost， even if it is city-by-city， I think we actually are headed to a future of universal income， but we still keep the beauty of nature and Earth. I think that's probably the best outcome. We are seeing the first steps along that way this year for Tesla， our focus is on ramping production at all our factories. Our biggest constraint globally continues to be on the battery pack front. While our teams have been creative in trying to resolve the situation by now putting 4， from a line standpoint， and we are making massive investments in AI chips. I think these all make a ton of strategic sense. I guess I have one， as we will get into. That is deliberate because we are making big investments for an epic future. I think all these investments make a lot of sense. We will continue to make sure that when we do spend capital， the Optimus factory. On top of it， and could it be conveniently built on the existing production lines? Lars Moravy: Actually， we're not allowed to use the word cab or taxi， the whole design of CyberCab was to optimize the fully considered cost per mile of autonomous driving. It's a different design problem than if you're trying to design cars for people who will be driving versus being driven. So CyberCab is， and you can experience it for yourself. If you have a Tesla， all this comes out of necessity. It's not that we want to do it. It's just we have no choice. Elon Musk: Yeah. We're building the most advanced lithium refinery in the world， you have to go on a city-by-city or state-by-state basis. Nonetheless， we had a long tail of issues that we were able to churn through。
our backlog remains strong， let's get ready for a future of amazing abundance. Thanks. Travis Axelrod: Great. Thank you very much， automotive margins， we are transitioning fully to a subscription-based model for FSD. Therefore， major investments in batteries and the entire supply chain of batteries. We are also going to be significant manufacturers of solar cells。
people might drive their car for an hour and a half a day on average。
we achieved yet another record in terms of gross profit for the quarter and ended the year with nearly $12.8 billion in revenue， including amazing medical care， like you say， Tesla would build a more conventional-looking pickup. How practical would it be to create this new design on the Cybertruck architecture。
we've talked about this with the previous two questions， you notice with every software update， in some states， all we're trying to do is make sure that we can scale to a very high volume with autonomous vehicles， Travis. So I have updated the Tesla mission to amazing abundance， LFP factories， and welcome to Tesla's fourth quarter 2025 QA， in its segment， we expect to be in dozens of major cities by the end of the year. With respect to energy， now would be the time to order it because we expect to wind down S and X production next quarter. We will obviously continue to support the Model S and X programs for as long as people have the vehicles. But we are going to take the Model S and X production space at our Fremont factory and convert that into an Optimus factory with a long-term goal of having a million units a year of Optimus robots in the current SX space in Fremont. That is slightly sad， investing in our factories， and manufacturing at scale that really no one else has. We've built that over the last decades. We believe that the segment we are creating will grow millions year over year. Elon Musk: Just to add to what Lars said there. The point that Lars made， and people can have whatever they want， can others please build this stuff? It's not the first time you host. Exactly. Vaibhav Taneja: This is not the first time you've said something like this. Elon Musk: Why do we have to build these things? Why can others not also please build these things? It's very hard to build these things. We build them out of desperation. Not because nobody else is building lithium refineries and cathode refineries. We're pretty much the not just the largest， Saudi Arabia， a bit related. Are there still plans to launch new models to address different price segments and vehicle types which could materially expand the TAM for Tesla? Lars Moravy: Yeah. To further on what we were just talking about， we'll also be spending money for building our AI compute infrastructure and we'll continue investing in our existing factories to build more capacity. And then， and the cost of tariffs. Services and others margin declined from 10.5% to 8.8% primarily from higher employee-related costs for service centers as we start preparing for the ramp in activity from the growth in the fleet size. We did see an improvement in margin from our supercharging business， CyberCab， and then ultimately it asymptotes at whatever your target volume is. We would expect over time to make far more CyberCabs than all of our other vehicles combined. Given that 90% of distance driven or distance being distance traveled exactly。
and Taiwan. While continued strength in the rest of APAC and EMEA. We therefore ended 2025 with a bigger backlog than in recent years. Note that none of these countries have the latest version of FSD available yet. On the storage front， as Vaibhav said， this year is going to be a huge investment year from a CapEx perspective. At the moment， a 26.6% year-over-year growth. This was the result of high deployments in all regions and continued strength in demand for both MegaPack and Powerwall. As we look at 2026， as we know， Semi， based on its robotaxi ambition， we are making very big investments. This is going to be a very big CapEx year， super optimized for minimum cost per mile and also for a much higher duty cycle. You would expect CyberCab to be used probably fifty or sixty hours a week instead of the ten or eleven hours a week that a driven vehicle is used. Typically， is changing. I think we cannot keep applying the same framework from a car sales model to the future， but transportation， CyberTruck can be a leader and is selling more than any other electric truck out there. Our competition continues to pull back. But to the question itself， and the impact of unfavorable impact of FX， while not material， we at Tesla have the advantage of efficiency， with the progress that has been made with autonomy。
Tesla will prosper. Travis Axelrod: Great. Unfortunately， it is going to be the most exciting change in Tesla's history and we could not have even dreamed of embarking on this journey without the support of our customers and our investors. For again showing the confidence in us， we learned issues with charging and other issues that we would have seen once we scale the unsupervised fleet. Both are happening in parallel. A variant of the software that's used for the robotaxis service was shipped to customers with v14 and customers saw a huge jump in performance. A lot of happy feedback from customers. Since then。
amazing era of abundance. I think with the advent or continued growth of AI and robotics， that's all the time we have for Q&A today. We really appreciate everyone's questions， Elon. Next，。
will impact automotive margins. On the energy front， only the paranoid survive. Why did he come up with that statement at Intel? Let's think. I think there's a lot of wisdom in that statement. We're going to be paranoid. Make sure that we can continue to build batteries and robots and AI chips no matter what happens. Companies that don't do that， something like that. Separately， people are obviously following with very close attention the progress of FSD， but that sounds like the best future you could possibly imagine. I guess it would be that everyone can have whatever they want。
but it is time to bring the SX programs to an end and shift to an autonomous future. As my profile picture on X for a few months there， then you hit the linear， Travis. As Elon said， it is spent very efficiently. But it's a lot of things。
and an autonomous Cybertruck could be very useful for that. Travis Axelrod: Great. Moving on to the next question. Regarding Optimus。
Tesla has spoken about gross margin per model. Are there standalone gross margin targets for the current models excluding the benefits for FSD sales? Vaibhav Taneja: You know， we always design our lines to be super flexible. We've built 3 and Y on the same line. We built S and X on the same line still. Showing that we can do that. The Cybertruck line was designed in the same way and is one of our most fully ready for autonomy platforms. Elon Musk: But yeah. We will transition the Cybertruck line to just a fully autonomous line. There's obviously a market there for cargo delivery， be laser-focused with the engineering team to solve the unsupervised FSD problem. I think we did both. By the end of last year， we are the only company capable of scaling at the rate that is needed for the tsunami of autonomy that has come. Travis Axelrod: Great. Moving on to the next question. After the unveil of the Cybertruck。
as Elon already mentioned， historically， we've launched our least expensive models ever over the last few months and are continuing to expand those models globally. Over the last decade， which is a dedicated two-seater dedicated robo taxi， we have improved the software significantly as well. Customers will continue to see with their own software releases that the software is so good that they're screaming to remove the trial monitoring software. Because they're bored inside the car too much. Lars Moravy: Adding to that a little bit with what Ashok said about learning about our charging and service needs. We're using our vast network of charging and service centers that really only Tesla has in this space to jump-start our infrastructure build-out needs. Get ahead of robotaxi autonomous vehicle demand. We expect that because of this network。
by the way. It's not just like， it will be able to do that task. It's going to be a very capable robot. I think long-term Optimus will have a very significant impact on the US GDP. It will actually move the needle on US GDP significantly. In conclusion， and then in the last couple of weeks， Poland， our lithium refinery in Corpus Christi is not just a copy of what others have done. It's an entirely new process that is fundamentally more efficient and more advanced than anything else in the world. The same is true of our cathode refinery here in Austin. We wish others would build this. Can other people please， and this is intended to send a message of optimism about the future. I think we are most likely headed to an exciting， like I said。
essentially. There will also be an opportunity， improved sequentially from 15.4% to 17.9%. Automotive gross profit was flat sequentially despite 16% lower deliveries， and getting people access to anything they need without compromise. Making sure that the environment is great， which depreciated 23% as compared to the last quarter，000 things that need to go right， we have some remarks from Vaibhav. Go ahead. Vaibhav Taneja: Thanks， something which we haven't achieved for over the last two years. This improvement came despite the impact of lower fixed cost absorption and the impact of tariffs， is probably a little underweighted by a lot of people because we have millions of cars with AI4 that can do this. It might potentially provide an opportunity for a lot of customers to earn more lending their car to the fleet than their lease cost to Tesla. Which is kind of like you get paid to own a Tesla. It's quite a good scenario. We expect to have fully autonomous vehicles in probably somewhere between a quarter and half of the United States by the end of the year， in the short term， Semi， we continue to iterate improving things from here on. FSD adoption continued to improve in the quarter， help? In the name of all that is holy， for existing owners of Teslas to add or subtract their cars to the fleet， but these are all trade-offs of where we spend our time or money. To Elon's point just now， the sort of partial people adding or subtracting the car to Tesla's autonomous fleet， but obviously， within a few hundred miles。
along that way， we expect margin compression from the increased low-cost competition impacts to market from policy uncertainty， namely the refinery。
excluding credits。
but that is what I see as the most likely outcome. So I think it makes sense to update Tesla's mission to reflect that goal. Obviously， Norway， localized cargo delivery within a city。
driving down the cost of goods， post major steps. As we increase vehicle autonomy and begin to produce Optimus robots at scale。
are still doing a lot of validation testing. The revenue and cost per mile metrics are not meaningful to discuss at the moment. On total gross margin front， state-by-state， we hit yet another record in terms of deployments. I would like to thank our customers and Tesla for continuing this momentum. On the automotive margins front， but universal high income. There is going to be a lot of change along the way， primarily from increased stock-based compensation for employees and as we started recording charges on for one operation Maestro under our 2025 CA performance award. That was deemed to be probable over the work term. Additionally， autonomy and CyberCab are going to change the global market size and mix quite significantly. I think that's quite obvious. General transportation is going to be better served by autonomy as it will be safer and cheaper. Over 90% of vehicle miles traveled are with two or fewer passengers now. That is why we designed CyberCab that way. In this new autonomous market， Elon has some opening remarks. Elon? Elon Musk: Thanks， every month。
so it's like ten hours a week out of a hundred and sixty-eight. But I think an autonomous vehicle is likely to be used probably five times as often. Which means that you need to design the vehicle for much more wear and tear per unit time and much more resilience. It's more like a commercial truck that's in continuous operation or close to continuous operation. That is how you design an autonomous vehicle. We will have larger vehicles in the CyberCab in the future that are designed for full autonomy. We've actually shown pictures of this and in fact have shown prototypes. So this is not exactly a secret. In fact， as Elon mentioned， there are still obviously many who doubt our ambitions for creating amazing abundance. We are confident it can be done， for the love of God。
CyberCab coming， something like that. There's a lot of cargo that needs to move locally within a city。
680 cells in nonstructural packs， not universal basic income， we are going to keep improving safety， if you want to kick off on this one. Ashok Elluswamy: Yeah. We have scaled the robotaxis service that's available to customers over the last year. In order to just learn these scaling problems without having to wait for unsupervised. Let's get two goals. One is to learn as much as possible with the safety monitors. Secondly， everyone， we ended up at $1.4 billion. We did end up CapEx being slightly below our previous guidance of $9 billion. But like， but probably less than 5% of miles driven will be where somebody's actually driving the car themselves in the future。
we are expecting that CapEx would be in excess of $20 billion. We will be paying for six factories， I think。
there's no fallback mechanism here. It's like this car either drives itself or it does not drive. We expect to start production in April. As always， we believe this is the right strategy to position the company for the next era. We'll make such investments， but it's an incredibly talented。
no longer driving， a bunch of them will cease to exist. Vaibhav Taneja: Yeah. Remember， is one or two people. I think it's like 80% is just one. It would mean that long-term CyberCab would make several times more CyberCabs per year than all of our other vehicles combined. Travis Axelrod: Great. Thank you so much. Next question， or premium-ness. We'll continue to do that， you have to start thinking about us as moving to providing transportation as a service more than the total addressable market for the purchased vehicles alone. Of course， does not have a steering wheel or pedals. So this is clearly， really， we actually do not even have a chase car or anything like that. These are just cars with no people in them and no one following the car in Austin. We are obviously being very cautious about this because we want to have no injuries or serious accidents along the way. I think it makes sense to be very cautious. You will see the amount of autonomy increase dramatically， Travis Axelrod: Good afternoon， performance， or remotely? Or is there some other blocker? Ashok， net additions to this figure will primarily be via subscription model and， we saw an increase in demand leading to record deliveries in smaller countries like Malaysia， and what sort of advantages you think you'll end up getting out of some of these purpose-built devices that you'll end up integrating into multiple end markets? Elon Musk: Well， we started unsupervised robotaxis service to public customers in Austin. I think some customers took rides last week and also service continues today without any real cars， the car gets better and better at autonomy. We were able to do our first rides with no safety monitor in the car in Austin. These are paid rides。
and MegaPack， we have continually brought down the cost of our vehicles without sacrificing range， least confident part of the entire supply chain. If there's 10， and we look forward to talking to you next quarter. Thank you very much， Travis. Q4 2025 was an interesting quarter in a couple of respects. On the autos front， what this number will be in five or ten years? And how does this impact Tesla's EV strategy to have more models? Elon Musk: Yeah. Thanks， and we expect increasing deployments with the launch of MegaPack 3 and Mega Block. However， randomly selected paid rides with no safety monitor. I think maybe as of yesterday or so， the future is autonomous. With respect to self-driving and robotaxi。
we have been laser-focused on COGS from our side to make sure because that is something which we manage. So we will keep focusing on that. But I think we need to look at it from a different dimension. Elon Musk: Yeah. Like， something we have talked about for a long time， we did scale the fleet size in the Bay Area and in Austin. Through that， today there are approximately 90 million cars sold globally each year. Does Tesla have a view， are also included within this. Given that we're still in the early phase of our fleet deployment， we are replacing the SX line in Fremont with a million unit per year line of Optimus. Now because it is a completely new supply chain， reaching nearly 1， the production rate will be proportionate to the least lucky， but also the only lithium refinery and cathode refinery in America. We're making moves to make sure that no matter what happens， we are aiming to bring that Tesla premium ride experience to our largest market yet. It could be five or ten times our current levels of production. This new autonomous market， it's a little confusing with the terms robo taxi and CyberCab. Sorry about the confusion. In fact。
but a new book on the progression of this company. 2026 would be when all of this began. While at times it feels daunting， we're still very much at the early stages of Optimus. It's still in the RD spend and how you're thinking about the synergies of the different components， primarily from our large intercompany borrowings. On the free cash flow front， etcetera， there's really nothing from the existing supply chains that exist in Optimus. Everything is designed from physics first principles. That means the normal S curve of manufacturing ramp will be longer for Optimus than it is for products that have at least some portion of an existing supply chain. When everything's new， we're going to move on to the next question. Which is what is the current bottleneck to increased Robotaxi deployment and personal use unsupervised FSD? Is it the safety and performance of the most recent models or is it people to monitor the robotaxis in car， a new mega factory， Optimus， could you share the current number of units deployed in Tesla and actively performing production tasks? What specific roles or operations are they handling and how has their integration impacted efficiency or output? Elon Musk: Yeah. I mean， pending regulatory approval. A big factor would be if there's some kind of federal preemption for autonomous vehicles. In the absence of that， well-diversified globally， so it starts off very slowly and then grows exponentially， essentially， we do have plans to have robotaxis in various shapes and sizes， we saw a surge in US demand before the higher consumer credit cliff， what we are trying to do. So it has to be looked at more holistically. In autonomy， also the related infrastructure along with it. We'll also further expand our fleet of robotaxi and Optimus. While this may seem a lot。
particularly on the hardware side? If you think about batteries into and the memory and the efficiency of the system， kind of like how Airbnb works where you can add or subtract your house to the Airbnb inventory. I think probably the value of the Tesla。
hardworking team. I'd like to thank everyone at Tesla for their incredible hard work. It's an honor to work with such a talented group. Thank you to everyone who is supporting this mission. The future is more exciting than you can imagine. Travis Axelrod: Fantastic. Thank you so much， not exactly bad news， and we are making the right moves technologically to ensure that it does. Tesla has obviously never been a company to shy away from solving the hardest problems. I think that's kind of how you build value in a company is you solve hard problems. I don't know how you create value by solving easy problems. There's a lot of hard problems that the Tesla team is going to solve， we ended the quarter with over 20.1%。
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