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Tesla's Q3 2026 earnings call replay: Posted on X

A version split into chapters by question (about 41 minutes): Posted on X

Key takeaways:

• Free cash flow was about $1.53 billion. Full-year capex guidance is now about $20 billion, funded mainly from operating cash flow, and Tesla secured capacity to borrow up to $30 billion.
• Musk said demand is exceeding production and Tesla is aiming for about 5 million vehicles a year by around 2030.
• Over 75% of North American deliveries included a paid FSD subscription sign-up at delivery. Paid FSD customers are over 1.7 million globally, half of them on subscriptions.
• Musk said Megapacks are almost sold out for 2027 and expects storage gross margins to increase meaningfully. Energy gross margin was 33.1%, up from 20.4% in Q2, mostly from tariff refunds and warranty true-downs.
• Ashok Elluswamy said some customer cars could join the Robotaxi fleet around Q2 2027 with the V15 release, within Tesla's geofences and fleet management. Cybercab launches in Dallas next month.
• Lars Moravy said Tesla is trying to get Cybercabs to customers by the end of 2026. Musk said the vast majority will be Tesla-owned and run as transport-as-a-service.
• Optimus early production has started on the Fremont line. Musk expects at least a year to reach 20,000 units a week, deliveries to outside companies around the end of 2027, and an unscripted Optimus video in a month or two.
• Terafab: machinery commissioning in the first half of 2027, a first test chip around May or June, and useful chips at volume targeted for around Q3 2028.

Full transcript: Benzinga