Uploaded January 2026 | Updated September 2026, 6 hours ago

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- Most important earnings call in Tesla history - not just for Tesla, but any company
- Stock hit $450 briefly, pulled back to $440 post-call
- Strong profitability despite 16% fewer deliveries Q3→Q4
- Higher profit margin: 18% → 21% gross margin
- Beat expectations: 50¢ vs 44¢ expected EPS

Quarterly Deck Transformation - AI Company Recognition

- First time quarterly deck reflects Tesla as AI company, not car company
- Page 4: Active FSD subscriptions now tracked (800K → 1.1M)
- Forces analysts to acknowledge AI metrics
- 80-90% US market, expansion to China/Europe coming
- 75-80% of company presentation now non-automotive
- AI training/compute, robotics, energy dominate narrative
- Cumulative paid robotaxi miles now tracked metric

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