테슬라(TSLA) 2026년 3분기 실적 발표 컨퍼런스 콜: FSD, 로보택시 및 옵티머스 양산

테슬라의 2026년 3분기 실적 발표 콘퍼런스 콜에서는 생산 제약에 따른 차량 수요, FSD 채택률 상승, 빠른 로보택시 확장, 그리고 옵티머스·에너지 저장 장치·반도체 제조 분야에 대한 지속적인 투자가 주요 안건으로 다뤄졌다.

핵심 요약

• 아시아·태평양 지역의 인도 비중 확대에 힘입어 규제 크레딧을 제외한 자동차 부문 총마진은 전분기 16.3%에서 18.1%로 상승했다.
• 테슬라는 2분기 연속 약 40만 8,000대의 차량 인도량을 기록했으며, 3분기 말 기준 4년 만에 가장 높은 수준의 수주 잔고를 기록했다. 경영진은 인도량이 주로 생산 측면에서 제약을 받았다고 밝혔다.
• 북미 지역 인도량의 75% 이상이 차량 인도 시 유료 FSD 구독을 신청했으며, 이는 2분기 대비 약 20% 증가한 수치다. 테슬라의 전 세계 유료 FSD 고객은 170만 명을 넘어섰으며, 구독 고객 비중은 처음으로 50%를 차지했다.
• 에너지 저장 장치 설치량은 테슬라 역대 분기 기준 두 번째로 높은 13.7GWh를 기록했다. 에너지 부문 총마진은 관세 환급과 보증 관련 비용 정산 등이 일부 반영되면서 20.4%에서 33.1%로 상승했다.
• 분기 동안 감독 없는(unsupervised) 로보택시 주행 거리는 8배 증가했으며, 주간 두 자릿수 성장세를 이어갔다. 경영진은 로보택시 매출과 수익성이 2027년 2분기부터 가시화되고, 2027년 3분기 또는 4분기에는 상당한 수준에 이를 것으로 전망하고 있다.
• 테슬라는 3분기를 15억 달러의 양(+)의 잉여현금흐름과 450억 달러 이상의 현금 및 투자 자산으로 마감했다. 회사는 2026년 설비투자(CAPEX) 가이던스를 약 200억 달러로 수정했다.

주요 재무 데이터

사업 및 운영 성과

자동차 및 FSD

테슬라는 차량 수요가 생산량을 초과했으며 모든 공장이 최고 수준의 가동률로 운영되고 있다고 밝혔다. 회사는 전체 제조 네트워크에 걸쳐 생산량을 늘리고 있으나, 공급망·제조 공정·인도 물류의 보조를 맞추는 데 시간이 걸린다고 경영진은 당부했다.

모델 Y는 여러 시장에서 인도량 기록을 경신했다. 테슬라의 예비 데이터에 따르면, 모델 Y는 유럽에서 가장 많이 팔린 순수전기차(BEV)이자 한국에서 가장 많이 팔린 승용차였다. 테슬라는 호주, 일본, 대만에서도 최고 기록을 달성했다고 발표했다.

경영진은 FSD를 차량 수요의 핵심 동인으로 꼽았다. 전 세계 유료 FSD 고객은 170만 명을 넘어섰으며, 전체 유료 고객층 중 구독 비중은 50%에 달했다. 또한 테슬라는 자체 AI 기반 매핑 및 내비게이션 아키텍처를 개발 중이며, V15 소프트웨어 배포 버전에서 초기 기능이 포함될 예정이다.

테슬라는 FSD 승인 지역 확대를 지속 추진하고 있다. 경영진은 유럽 여러 국가에서 승인을 획득했으며 몇 달 내 EU 전역 승인을 기대한다고 밝혔으나, 규제 승인 시점은 회사의 통제 범위를 벗어난 사안임을 강조했다. 회사는 중국 규제 당국과도 협력하고 있다.

로보택시 및 사이버캡

로보택시 운영은 계속 확장되어 3분기 누적 감독 없는(unsupervised) 주행 거리가 8배 증가했고, 분기 내내 주간 주행 거리가 두 자릿수 성장률을 보였다. 머스크는 오스틴의 사이버캡 플릿이 출시 약 한 달 만에 10배로 확장되었다고 밝혔다.

테슬라는 다음으로 달라스에 사이버캡을 도입하고 다른 도시로 확장할 계획이다. 경영진은 소프트웨어 검증이 진행됨에 따라 24시간 연중무휴 운행, 고속 도로 주행, 더 다양한 기상 조건 대응이 가능해질 것으로 기대하고 있다. 회사는 단기적으로는 기술이 제약 요인이지만, 2027년 1분기나 2분기에는 규제가 더 큰 병목이 될 수 있다고 밝혔다.

테슬라는 2027년 2분기경 고객 소유 모델 Y 일부 차량이 로보택시 플릿에 참여할 수 있을 것으로 예상하고 있다. 고객 대상 사이버캡 인도는 2026년 말까지 제한적으로 시작하는 것을 목표로 하고 있으나, 머스크는 대부분의 사이버캡이 테슬라 소유로 유지되며 TaaS(서비스형 교통) 모델로 운영될 것으로 예상된다고 언급했다.

사이버캡 생산 라인의 연간 공시 생산 능력은 12만 5,000대 이상이다. 테슬라는 사이버캡이 기존 테슬라 차량보다 부품 수 감소폭이 50%에 달하며, 실제 라인 생산 능력은 현재 공시된 수치보다 훨씬 높다고 밝혔다. 생산은 로보택시 네트워크의 수요에 맞춰 조절되고 있다.

에너지 저장 장치

테슬라는 3분기 동안 13.7GWh의 에너지 저장 장치를 설치했다. 경영진은 2027년 메가팩 생산물량 대부분이 매진되었으며, 특히 데이터센터 수요가 매우 견조하게 유지되고 있다고 전했다.

에너지 부문 총마진은 33.1%에 달했으나, 전분기 대비 상승분에는 관세 환급과 특정 셀 비용의 공급업체 환급에 따른 보증 충당금 조정이 포함되어 있다. 테슬라는 생산 확대에 따라 평균판매단가(ASP) 상승과 추가적인 마진 개선을 기대하고 있다.

옵티머스

테슬라는 프리몬트 대량 생산 라인에서 옵티머스의 초기 생산을 시작했다. 연간 100만 대 규모의 생산 능력을 갖춘 라인 장비의 대부분이 설치되었으나, 머스크는 주당 2만 대(연율 환산 기준)의 생산 속도에 도달하는 데 최소 1년, 어쩌면 그 이상이 걸릴 수 있다고 밝혔다.

경영진은 2027년 말경 AI 아키텍처, 전기기계적 설계, 신뢰성 및 수명 요건이 해결될 것으로 예상하고 있다. 초기 외부 배치는 지속적인 작업이 유리한 산업, 위험, 반복 작업에 집중될 것으로 보인다.

테슬라는 실행 여건에 따라 2027년 4월경 AI5 칩을 옵티머스에 통합할 계획이다. 회사는 인간의 시연, 시뮬레이션 및 실제 환경에서의 셀프 플레이를 기반으로 한 옵티머스 훈련 시스템도 구축하고 있다. 테슬라는 필요한 훈련 데이터 선순환 체계(플라이휠)를 구축하기 위해 약 1만~2만 대의 로봇이 필요할 것으로 보고 있다.

로봇 손은 내구성, 센서, 정교한 물체를 다루는 능력을 모두 결합해야 하기 때문에 가장 어려운 하드웨어 과제로 남아 있다. 테슬라는 이러한 설계를 개선하는 동시에 공급망을 구축하고 오스틴에 추가 옵티머스 제조 시설을 건설하고 있다.

테라팹 및 제조 시설 확장

오스틴에 위치한 테슬라의 반도체 연구 팹은 2027년 상반기 장비 시운전을 목표로 순조롭게 진행되고 있다. 경영진은 2027년 5월 또는 6월경 첫 테스트 칩 생산을 목표로 하고 있다. 회사는 2028년 3분기경 실용적인 칩의 양산을 목표로 하고 있으나, 이후 머스크는 본격적인 생산 시점을 2028년 말로 언급했다.

머스크는 테라팹이 2028년 초까지 수백억 달러의 설비 장비 투자를 필요로 하며, 장기적으로 총투자액이 1,000억 달러를 넘을 수 있다고 밝혔다. 테슬라와 스페이스X 간의 투자 비용 분담 비율은 아직 결정되지 않았다.

테슬라는 2030년경까지 연간 약 500만 대의 차량 생산 목표를 지속 추진하고 있다. 회사는 텍사스에서 사이버캡 생산을 늘리고 있고 베를린 공장을 확장 중이며, 신규 세미(Semi) 생산 시설에서 생산을 시작하고 있다.

경영진 가이던스

• 테슬라는 2026년 설비투자(CAPEX) 가이던스를 약 200억 달러로 수정했으며, 투자 자금은 주로 영업활동 현금흐름으로 조달할 계획이다.
• 운영비용은 개발 중인 제품이 상용화될 때까지 계속 증가할 것으로 예상된다. 현재 지출에는 옵티머스, 메가팩 3 및 기타 프로그램을 위한 추가 연산 능력 확보, 칩 개발 및 양산 전 생산 비용이 포함된다.
• 테슬라가 로보택시 차량을 추가하고 옵티머스 및 에너지 제조 능력을 확충하며 AI 연산 인프라를 구매하고 테라팹을 개발함에 따라, 향후 몇 년간 설비투자가 확대될 것으로 예상된다.
• 경영진은 로보택시 매출과 수익성이 2027년 2분기에 가시화되고, 2027년 3분기 또는 4분기에는 상당한 규모에 이를 것으로 예상하고 있다.
• 테슬라는 유료 주행 마일당 0.30달러라는 로보택시 운용 비용 목표 달성 가능성을 보고 있으나, 경영진은 해당 사업이 아직 그 수준에 도달하지 못했음을 확인했다.
• 경영진은 하드웨어, 소프트웨어, 신뢰성 및 생산 확대 경과에 따라 2027년 말경 외부 고객 대상 옵티머스 인도가 시작될 것으로 예상하고 있다.

리스크 및 주요 관전 포인트

• FSD 및 로보택시의 광범위한 도입은 유럽, 중국 및 기타 시장에서의 규제 승인에 달려 있으며, 해당 시점은 테슬라의 통제 범위를 벗어난다.
• 로보택시 확장을 위해서는 야간 운행, 고속도로, 더 높은 속도 및 추가적인 기상 조건에 대응하기 위한 소프트웨어 개선이 여전히 필요하다. 테슬라는 의미 있는 안전 리스크가 남아 있는 곳에는 배치를 피하는 것을 운용 원칙으로 삼고 있다고 밝혔다.
• 옵티머스 생산은 복잡한 글로벌 공급망, 지속적인 설계 변경, AI 아키텍처·로봇 손·내구성·제품 신뢰성과 관련된 미해결 과제에 직면해 있다.
• 원자재 가격 상승과 금리 변동으로 인해 자동차 제조 비용이 증가하고 있다. 테슬라는 이러한 압박을 일부 상쇄하기 위해 차량 금융 프로그램을 조정했다.
• 3분기 에너지 마진 개선은 관세 환급과 보증 관련 정산금에 의해 일부 뒷받침되었으며, 이는 근본적인 영업 성과를 반영하지 않을 수 있다.
• 테라팹은 상당한 자본을 필요로 하는 반면, 테슬라와 스페이스X 간 자금 조달 분담 비율은 아직 매듭지어지지 않았다.

애널리스트 Q&A 주요 내용

애널리스트들은 경쟁사들이 FSD 가격 책정에 압박을 가할 수 있는지에 집중했다. 테슬라는 드문 엣지 케이스(예외적인 상황) 전반에서 신뢰할 수 있는 자율주행을 구현하는 것이 제한된 시연 행사를 선보이는 것보다 훨씬 어렵다고 주장했다. 경영진은 향후 몇 년간 경쟁사들이 감독 없는(unsupervised) FSD의 광범위한 출시를 따라오기는 어려울 것이라고 밝혔다.

FSD 수익성과 관련해 한 애널리스트는 연간 반복 매출(ARR)이 10억 달러에 도달하고 있다고 추정했다. 바이바브 타네자 최고재무책임자(CFO)는 제시된 수치가 정확하다며, 사업이 확장됨에 따라 추가적인 매출, 고객 유지율, 이탈률 지표를 공개할 것이라고 응답했다.

경영진은 로보택시의 성장이 신경망 및 V15 소프트웨어 스택에 대한 수년간의 투자를 반영한다고 말했다. 테슬라는 제조 복잡성 감소와 운전자 비용의 부재에 힘입어 시간 경과에 따라 사이버캡이 로보택시 플릿의 대부분을 차지할 것으로 예상하고 있다.

옵티머스와 관련해 경영진은 훈련, 하드웨어 개선, 공급망 구축, 공장 건설이 병행해서 진행되고 있음을 강조했다. 회사는 초기 상업적 수요가 위험하거나 반복적인 작업의 자동화를 원하는 산업 고객으로부터 나올 것으로 기대하고 있다.

실적 발표 콘퍼런스 콜 전문 녹취록

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Travis Axelrod

Good afternoon, everyone, and welcome to Tesla's Third Quarter 2026 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives. Our Q3 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. [Operator Instructions] Before we jump into Q&A, Elon has some opening remarks. Elon?

Elon Musk

Thank you. So the third quarter was very strong, and I'd like to give a big congratulations to the whole Tesla team for working hard to make it happen. Domestic growing rapidly for our vehicles. It's exceeding our production by a significant margin. And obviously, we're going to be ramping, and we are ramping production meaningfully. The biggest driver for demand is Full Self-Driving. And today, there's really no competitor for FSD in any car that you can buy.

And to be clear, we are producing and delivering as many cars as we can, and we're pushing very hard for FSD approval in additional markets. We're now approved in many countries in Europe, and we're hoping for an EU-wide approval. It's hard to predict, but maybe within a few months, but I would be surprised if it takes longer than Q1. But obviously, that's not the time frame we control, but we do anticipate being fully approved in throughout Europe and many other countries.

We also began production of the Tesla Semi truck in Q3 and did the new roaster demo, which was, I think, one of the most exciting events. I mean, arguably, the coolest demo of any product ever and that's a testament to amazing work by the Tesla [ Basic ] teams. So we've also been like laying the groundwork for a lot more manufacturing capacity. The -- we're, I think, aiming for 5 million vehicles a year by approximately 2030 and that's -- I think we've got a good shot of achieving that goal.

And yes. So energy demand is very strong. We're actually almost sold out of all mega packs for 2027, and we're ramping production as quickly as possible to meet demand. We also expect gross margins on that to increase meaningfully. So not [indiscernible] after many years of sort of grind and things being fairly flat. I think we're now headed for a lot of fun and significant growth.

Regarding robotaxi, we're seeing the robotaxi miles driven -- fully autonomous miles driven scale exponentially, meaning scaling very rapidly. And it would be hard to overstate at this point. It really is an extremely fast week-over-week growth in autonomous miles. And I don't think there's any company in the world that can match our scale with autonomous vehicles as we continue to ramp. The Cybercab [ legion Austin ] for example, has grown by a factor of 10 since launch about a month ago. And the cumulative [indiscernible] is really -- when I look at the weekly chart, it's wow. I mean it looks like [indiscernible] but basically is growing very fast.

And if I recommend if you want to try it out, coming to Austin and you'll see Cybercabs in use at scale in Austin. As I think a lot of people saw with the Austin study limits concert recently. So the -- so this is really going to a very good place.

And regarding Optimus, we've started like what I call early production on our high-volume line in Fremont. Now I want to elaborate on this point because the -- and I have said this before that the growth of Optimus, it's an S-curve, but the initial part of the S-curve is -- has a shallow slope and is somewhat bumpy because it is such a radically new product. So the way to think about it is there's like 10,000 things that have to go right for production of the robot, and it will move as fast as the slowest lease lucky of the 10,000. But we do have the vast majority of a 1 million unit per line -- production line landed in Fremont right now. But I would expect that it takes us probably at least a year, maybe a little longer to get to that annualized rate to get to 20,000 units a week.

So this is just a fundamentally because there's still parts of the design that are changing. Like a lot of people ask me about Optimus. That's why I think I've got to kind of sort of belabor at this point because if people aren't sort of understand like new technology that well or volume production of complex new hardware that will it sort of seems like we can't just make a whole bunch of these things [indiscernible] and send them out. And that's like, no, you've got to basically build up an entire gigantic global supply chain and have domestically a very, very big factory, and everything's got to work. And there's still some things we need to tweak about the design because you need to deliver a robot that is safe and reliable and has long duration. So it can't like wear out after a month.

And there's still quite a lot of work to do with regard to the AI and the robot for it to be truly useful for open-ended tasks. But like I said, if -- I would expect that the AI, the electromechanical design and the reliability and duration -- usage duration like the usage life of the robot I do expect these issues to be solved around the end of next year. So that's the time to expect when we're delivering Optimus to companies outside of Tesla. And I remain convinced that Optimus will be the biggest product on earth and humanoid robots in general will be the biggest product in Earth.

So it's Optimus very big deal, but I don't want to temper expectations that we still have a lot to get through, and it's about a year or so. That will take us to get through all that stuff. But to the best of my knowledge, there is no one that is even close to Tesla with respect to a general purpose humanoid robot.

Regarding the Terafab, the Austin-based research fab is progressing quickly. We'll begin commissioning machinery in the first half of next year. And hopefully, if things go well, we'll make our first test chip, just to see if we can make any [ capital ] around May or June. So that's, I think, pretty exciting. And then we -- our aspiration is to be making some kind of useful chip at volume around Q3 of 2028.

So and as I said publicly on X, the Terafab, I think, will be the most valuable building in the world. And we'll probably have an economic value that were placed in the top 20 of countries. So it's an epic project. And this will be an incredibly important asset, if not necessary asset in order to scale, especially Optimus. As we can address bottlenecks in semiconductors, whether it's memory packaging logic or whatever the case may be.

With regard to a potential merger with SpaceX, I think I said everything that should be said yesterday, tap-dancing through minefield there. And yes, that's it. In conclusion, we're super excited about our autonomy and robotics road map. There's a lot of incredibly awesome stuff coming, and I'd like to once again thank the Tesla team for their strong execution and all of our supporters for joining us on this journey.

Travis Axelrod

Great. Thanks very much, Elon. And Vaibhav has opening remarks as well. Vaibhav?

Vaibhav Taneja

Thanks, Travis. We continued our progress on a lot of fronts in Q3. Elon already covered a lot of them. Additionally, which I'd like to add is we also started deliveries of [ Megapacks ] with our in-house LFP batteries, and for the first time, 2 consecutive quarters of vehicle deliveries of [ 408,000 ].

On the automotive business, we exited the quarter with our highest backlog in 4 years with deliveries constrained primarily by production. We are therefore focused on increasing production at all our factories to meet this growing demand. While we are actively working to increase production it does take some time to get every aspect dialed in from supply chain to manufacturing to delivery logistics. The [ Model Y ] continued to outperform in the quarter and set delivery records in several key markets. Based on the preliminary data, which we've gathered, we believe that it was the #1 selling BEV in Europe and the #1 selling center car in South Korea. We've also set new records in key markets, including Australia, Japan and Taiwan.

As Elon said, FSD continues to be the key driver for demand. In Q3, over 75% of deliveries in North America included a sign-up for paid subscription at the time of delivery which is approximately 20% higher than Q2. Overall, the FSD attached rate continued to improve, reaching over 1.7 million paid customers globally, of which for the first time, 50% is based on subscriptions. Given the strength of FSD in the U.S., we are taking extra steps to sell certain cars in Europe with some benefits to try and get more fleet out there before a broader FSD approval is update.

On automotive margins, excluding credits, increased sequentially from 16.3% to 18.1%. The improvement in margins is driven by a higher mix of deliveries in APAC. While commodity price increases and interest rate changes continue to add to our costs and create further headwinds, we have adjusted the vehicle financing programs to partially offset for such costs.

On the energy business, we had our second best quarter of deployments of 13.7 gigawatt hour of energy storage. Energy gross margins improved from [ 20.4% ] to 33.1%. The sequential margin improvement is primarily attributed to tariff refunds recognized in the quarter and warranty true-downs resulting from alignment with our vendor on certain cell-related costs to be reimbursed by them. As Elon said, the business is witnessing extreme demand from data centers, and we are doing our best to increase production. And accordingly, we'll see improvements in ASP and further improvements in margins as we move forward.

Services and other margins improved sequentially from 14.1% to 15.9%, an all-time high. This was the result of strength across service -- across several of the businesses in services and other, including supercharging and insurance. The robotaxi business, which is part of services and others continue to grow with the launch of Cybercab rights in Austin. Accumulative unsupervised miles 8x in the quarter, and we had weekly double-digit growth throughout the quarter. We're taking all the learnings from our Austin expansion to help us prepare for broader Cybercab launch in other markets. Our priority is progressing the density and expansion of the network through vehicles that provide the best experience like the Cybercab. We will also continue to augment the fleet with other variants over time to address the terrestrial transportation needs of the total population.

I'd like to stress that what we are trying to do is literally take over every part of the [ STL ] transportation, not just getting people -- we're starting with getting people from one place to the other, but we want to basically own this transportation of any kind on [indiscernible].

We are in a huge investment cycle to set us up for the future. Therefore, as previously guided, operating expenses continue to increase sequentially. Most of the increase came from significant research and development-related activities, including [ SA ] development costs such as depreciation from additional compute, chip development and preproduction ramp costs for new products like the Optimus, [ Megapack 3 ] and [ Samatra ]. This trend of growing OpEx would continue until we commercialize these new products.

Net income was impacted from a mark-to-market reduction of our SpaceX holding of $142 million, which was offset by a Bitcoin mark-to-market gain of approximately $290 million. We continued our efforts to manage cash efficiently and responsibly. We ended the quarter with positive free cash flow [ of ] $1.5 billion and an overall cash and investment balance of over $45 billion. We're revising our CapEx guidance to be approximately $20 billion for the current year as a result of managing our capital deployment efficiently and plan to fund it primarily from our cash flows from operations.

Additionally, during the quarter, we secured capacity to borrow up to $30 billion to support the expected growth in CapEx. Our confidence in the cash generation capacity of our business and the investments we are making grow our belief to secure shorter-term financing. We don't plan to make any draws under any of the new facilities in this calendar year. The money that we received from our -- from the tariff refunds is being reinvested to expand production capacity in the U.S. I'd like to stress on this that we like to do a lot of hard core, real grunt work to get production facilities up and running. And so our CapEx for the next few years would continue to expand as we add more robotaxi fleet, we expand our production capacity for Optimus, install manufacturing capacity for [ solar ], purchase additional [ SI ] compute infrastructure and build a semiconductor fab. This strategy will position the company for the next era of growth and disrupt many existing markets while creating new ones.

This is by far the most exciting time to be at Tesla. The foundation being around autonomy, robotics and energy is setting us up for an extremely bright future. I would like to end by thanking the Tesla team, our customers, investors and suppliers for their confidence in us on this journey.

Travis Axelrod

Fantastic. Thank you, Vaibhav. Now we're going to go to questions from Say.com. The first question is, how does the Optimus fleet scale past Austin? And what's the regulatory path outside Texas, given it's open seats review. Ashok, do you want to take that?

Ashok Elluswamy

Yes, Ashok here. First of all, we run Cybercab this quarter, which is very exciting. We achieved that by mostly learning from data from the other vehicle platforms, for example, Model Y, Model 3, et cetera, all of the data help make the Cybercab without requiring a ridiculous amount of vehicles to produce the data. So we are seeing very good scaling in terms of Cybercabs AI capabilities. We launched in Austin, but that's only because we had some caps and we want to [indiscernible] Austin with Cybercabs everywhere. But there's no fundamental reason that we are limited to Austin. In fact, next month, we'll be launching in Dallas and then the same software just scale to lots of other cities along with the Model Y robotaxis.

Travis Axelrod

Great. Thanks very much. The next question is, what are your thoughts on crowdsourcing training data for Optimus versus your internal Optimus Academy approach? Is data currently the primary bottleneck? I think you covered this quite a bit, but any other color there?

Elon Musk

Mostly I talked about this already, but -- it's not crowdsourcing is not the issue for Optimus. There's a lot of things we have to get right about the AI architecture that we're still working on. We're making good progress, but that needs to be sorted out. And really, in order for Optimus to get the training data we need. We actually need to make a lot of optimize. So we need to make, I think, on the order of 10,000 or 20,000 bots and then have them do self-play and we're building up an Optimus Academy where Optimus can practice doing a very wide range of tasks. And then we can use that data in sort of a flywheel to make it better and better at these various tasks.

A big difference with Optimus versus the cars is we don't have this vast leader cars from which we can gather training data. So with Optimus we have to bootstrap it by making the robots and having them do self play, which is really how a human leans to navigate the world. It's -- that's -- you can see this one, you have a toddler and they grow up and they initially sort of wobbly and they don't know how to do things and they -- eventually, they don't wipe their own [indiscernible], which is a milestone. [indiscernible] has had kids knows. And then they learn to read and do all those things and be able to do these things. And they learn this by playing. And we actually need Optimus to play at scale in order to have it be really good at tasks in the real world.

And Ashok, you may want to add to that.

Ashok Elluswamy

Yes. Like I mentioned, Elon, for the car, we actually have the data from the cars embodiment itself, but for Optimus, there's no existed in fulfillment to get into and like make Optimus [indiscernible] or something like that. Like we have to learn -- Optimus has to learn by watching other people do task initially and then start practicing the task yourself. For example, you're going -- if you're watching a soccer game just because you're watching it doesn't mean you be good at soccer yourself. You've got to start practicing and get good at the game and learn from the bots on experience. And we are setting up this huge reimbursement learning cycle with initial base trading then from humans to bootstrap and then put it on Optimus and do a lot of self-play both in simulation and in the real world to learn on the embodiment of Optimus itself. I think we're pretty close to having very good results in this big loop.

Elon Musk

Yes. I think we're maybe ready to release like an Optimus video in a month or so. I want to make sure that like when we release this video that it's not like a canned demo that -- like when you see the robot humanoid robot demonstration. Some of them look very impressive, but they're not really using any kind of advanced AI or ASI. I mean there they're like preprogram deterministic tasks. And if you actually try to use that humanoid robot in the real world, you would have a lot of trouble and it wouldn't work basically.

So I want to release a video that's where it's Optimus doing things that are not preprogrammed. And I think that's -- that would be -- it's maybe a month or 2 for that to have a demo that you can believe what you see type of thing.

And then there's another milestone that's, I think, important we want to get to, which is to integrate our -- the Tesla [ AI5 ] chip into Optimus, which if things go according to plan, will be in approximately April of next year. And that's a giant improvement in capability with an order of magnitude more sort of more operations per second, like it's in order of magnitude more compute AI5 versus AI4. And that will help Optimus a lot because the degrees of freedom that a humanoid that has to deal with far greater than what a car has to deal with. So it is a bit of a struggle to squeeze the -- everything needed to operate with a degree freedom of Optimus and the wide range of tasks. Can you think of like a humanoid robot is going to do like 1,000x more things than a car would do. Some very big number basically.

So I think the additional compute of AI5 will make a big difference, and that comes in, and hopefully, in volume around April of next year. And that's why I think like all the pieces like the refinements in the electromechanical dexterity making sure Optimus can operate for long periods of time without wearing out, getting the AI software right and the [ IF-chip ] integrated. All of these things kind of come together. That's why I think about a year from now is when it's something that would be -- that you could ship to customers. And it would also be reaching scale in production. So that's probably the right time to think about.

And in terms of the initial customers for Optimus, I think it probably would be things that are industrial applications at first. Things that like dangerous repetitive tasks, things that people really don't want to do. So -- and that you want done basically 24/7. So like around the clock stuff. That's going to be the highest value for Optimus in the beginning. As we scale production, of course, it would be something that people can buy for their home. But the initial high values will be -- the highest value use, I think, will be kind of heavy industry, dangerous tasks or things that may cause repetitive stress injuries. And that you weren't done 24/7. So that's the way to think about it.

Travis Axelrod

Great. Thank you guys. The next question is very similar. It's about Optimus scaling, so we can go past that one.

Elon Musk

I just answer that one basically.

Travis Axelrod

And the next question is, when can we anticipate FSD unsupervised in customer cars? Ashok, did you want to kick that off?

Ashok Elluswamy

Yes. Like I mentioned earlier, the software for Cybercabs and Model Y is the same, like and pretty soon, we'll be able to release the same software as part of the V15 release to customers. The only additional requirement is to make sure that, for example, the customer model-wise can be part of the geofences and the fleet management that Tesla has for it to be fully autonomous. We suspect somewhere around Q2 next year is when we can turn on some of the first customer vehicles to be part of the robotaxi fleet.

Travis Axelrod

Great. Thank you, Ashok. The next question is, when will the Cybercab be available for customer purchase/ownership? Lars, did you want to kick this one off?

Lars Moravy

Sure. Thanks, Travis. I think it builds a little bit of what Ashok just said. But in short, we're trying to get Cybercabs to customers by the end of this year, 2026. Obviously, we're producing an airline in Texas, but all of those are currently going to our own internal robotaxi fleet. And as Tesla grows, we'll mainly deliver fully designed autonomous vehicles to our customers and Cybercab will be the first. And so as we start small this year, and we learned about all the things that Ashok mentioned about delivering an ownership and fleet management of autonomous vehicles and customer hands and continue to scale that.

Elon, I don't know if there's anything you want to add to that?

Elon Musk

No. I mean Cybercab is primarily going to be something that is offered as like Transport as a Service, whereas our other cars would be more the cars that you want to own like the 3 in the [indiscernible], obviously. But the vast majority of the Cybercab stuff will be essentially Tesla-owned and Transport as a Service.

Travis Axelrod

Great. The next 2 questions are quite similar around unit economic costs. The first one is on per paid robotaxi mile. And the second one is cost per Optimus unit. And we already covered the what are the first customer paying customer looks like. So VT, did you want to -- did you want to get into the unit economics question here?

Vaibhav Taneja

Yes. So on the robotaxi side, the main geographies where we are operating, we're already seeing utilization improving and week by week, as Elon was talking about, we look at the miles and how many paid rights are happening. So are we at our goal of $0.30 today? No. But do we see a path to get to that? Very yes, we do. And it's all about scaling operations. And what you'll see over the next few months is that will -- today, Cybercab, which is the primary robotaxi product is available only in Austin. But we do plan to bring it out in some other cities before the end of this year. And as we add more Cybercabs, we are also learning from the operational experience of managing a fleet, pickup and drop off cleaning, all those things. So all those costs are being dialed in. And that's why, like I said before, we definitely see a path to get to our $0.30 target.

Travis Axelrod

And then did you want to cover the Optimus costs?

Vaibhav Taneja

Yes. I mean I think Optimus cost internally, we are tracking pretty well in terms of how the design has matured. But it would be a little too early to say that we have got there because like Elon was saying, we're still making a lot of die nutritions. The good thing is when you look at it from a cost perspective, we're trending closer to where we would say our Cybercab costs would end up being.

Travis Axelrod

Great. Thank you very much, Vaibhav. The next question is, when do you -- we've kind of already answered this. When do you anticipate Optimus will be generating revenue? So we covered that in a prior question. The next one is mapping for FSD continues to be a problem. The 3 biggest issues are recognizing proper speed limits, parking and typical routes. I understand you use various third-party maps, but why not use your own maps. Authorized trusted and verified Tesla owners to provide the input. Ashok, did you want to kick off here?

Ashok Elluswamy

Yes. Yes. You're really right that we shouldn't be depending on external people's maps. So we are building our own maps, but not like the same way as one more maps. We are building [indiscernible] architecture with essentially AI-based mapping and navigation. It's going to be super awesome. It's going to be integrated with voice, you can like talk to it, ask for different routes. It's going to learn your personalized preferences, plus also the fleet preferences. The collective intelligence of all the cars are going to flow into making the maps and navigation be super cool.

We'll start -- you'll see the start and [ endotrips ], already use this technology pretty soon as part of the V15 release. And over the next several months, it's just going to take over all of the navigation functions parking, destination handling. And just we'll know you better than you know yourself in some regard for the driving task, and I handle it fully.

Travis Axelrod

Great. Thank you, Ashok. And then our last question is what is the current production rate at your for existing factories? Do you anticipate building new ones? Lars, do you want to kick that off?

Lars Moravy

Yes, sure. I think Vaibhav kind of touched a little bit on this in his opening remarks. And I'll say our factories are operating at record rates this quarter. And of course, they build at the rate at least like you process or component. And Vaibhav mentioned that we are actively managing all the aspects of production. As we've spoken in our past calls, we've made strategic investments globally to increase rates of our current factories over the last year plus and this quarter, we are starting to see that, and we expect that to continue in coming quarters as those investments come to fruition.

I mean on that, we've also are working to ramp Cybercab obviously, in [ Giga ] Texas and we applied for the proper permits to expand the factories in Berlin. And as also Elon mentioned, we just started our new semi factory in [indiscernible]. So in short, we are building new factories, yes and we're aiming to at that 5 million goal by 2030, as Elon said.

Travis Axelrod

Great. Thank you very much. That's it for the Say.com questions. Now we will be going to analyst questions. As a reminder, as Elon said, we will not be addressing any questions today on a potential merger with SpaceX.

With that, the first question comes from Tom from RBC.

질의응답

Gautam Narayan

Just on FSD. So the attach rate, I think, according to my math, is like 30% to 40% in North America on a paid basis. It's becoming a flywheel, as you said, for more car sales and the attach rate exceeds other automakers, subscription-based autonomy by a lot. I guess in a weird way, could you guys be a victim of your own success in seeing other carmakers noting the success and trying to aggressively come up with similar [ L2 plus ] type products, maybe partnering with NVIDIA or Qualcomm? And if that happens, could that be deflationary for FSD pricing?

Vaibhav Taneja

I think people take this thing very simply that you can ease if the software can't be solved. It's not because -- I mean, I'll let Ashok get into it, but basically, it's a very hard problem.

Ashok Elluswamy

It's super hard problem. Yes, it's easy to get to the first 90% and make like a cool looking demo, but when you get in the long tail of this problem, it's so long that people don't realize anyone with their same mind should not attempt to solve this problem. It's like so difficult and so long tail and especially to get to a safety point where you can price safety for millions of miles with no injuries and so on. That's going to be extremely hard. As we release unsupervised FSD to the broader customer fleet is just going to be -- I don't think anyone can like match it in several years.

Vaibhav Taneja

And one other thing which I'll say it wasn't clear that when especially in our showrooms here in the U.S., customers are now coming in and saying, can we get into an FSD drive? They're not asking for [ 3Y ] or cyber truck. They're saying, can we get an FSD drive? And that has become the key driver because what it does is it actually opens up a lot more flexibility for different parts of the population wherein they had issues driving conveniently before. Now they're getting their freedom back by being able to use FSD. And a lot of folks are just like -- I mean, it's a game changer. I mean if you haven't tried it, I keep saying it every time, if you do it, you won't be able to go back to driving any other car.

Gautam Narayan

Yes. Follow-up is similar to that question on China. I mean there, it seems like autonomy is like table stakes. Is it the same kind of answer this question one that they're not going to be able -- those carmakers aren't going to be able to develop similar products that you guys have had on FSD. Or do you see there that being definitely a different pricing dynamic?

Vaibhav Taneja

I mean, at the beginning, like definitely the leapfrog which we have in terms of this technology isn't there with any of the other Chinese OEMs today. And we're like we're working very diligently to try and get broader -- I mean, FSD approval in China. It is hard, but for certain cars, we have been able to have FSD operating. And whatever people have tried -- whoever has guided, they understand how much better it is as compared to any of the competition. In fact, I don't know if you've seen this, there have been some competitor CEOs who have come and done FSD drives here in the U.S. and they themselves have been blown up as to what FSD is capable of doing. So it is a similar answer.

And again, we're not taking it lightly. We're actively working with the regulators in China because I don't know if you saw this, but we did release our -- we've released our safety report on FSD before, but we've also released our unsupervised or robotaxi safety report. We just think this is the right way to get people into a safe environment because you know the amount of accidents which happened because of driver -- drivers not being alert and this is the only way we can ensure that there are less casualties in the world and any regulator who looks at the data, it would be very hard for them to refute it.

Travis Axelrod

Great. Our next question comes from Emmanuel from Wolfe.

Emmanuel Rosner

So on robotaxi, you've talked about sustaining double-digit week-over-week growth unsupervised miles. I'm curious if there's a way you can triangulate that for us into revenue and maybe profitability of the robotaxi business. If you sustain, let's say, 15% week-over-week growth in these miles, you'll probably cross 10 million miles by the end of the year. How many miles would you need to generate gross profit?

Vaibhav Taneja

I mean -- so I think Elon talked about this a little bit at the beginning that using exponential math, this would become a significant part of our revenue and profitability in '27.

Elon Musk

I would say it's not like going to move the needle this quarter. But if you say like maybe -- I think it saw us become noticeable probably in Q2 and then probably a big deal by Q3 or Q4 of next year.

Vaibhav Taneja

Exactly.

Emmanuel Rosner

Got it. And then if I think about it in terms of fleet size. So I think your Cybercab line capacity is listed at more than 125,000 units a year. Production just recently started. How do you expect the ramp-up curve to be on the Cybercab line?

Vaibhav Taneja

I mean, I'll kick it off, but then I'll also let Lars chime in. But I would give kudos to the engineering team. They have designed a product because -- not only do I talk to the engineers, I also talk to the manufacturing guys. They think this is one of the easiest product for them to scale in terms of manufacturing. So scaling would not be that much of a challenge. I think the key thing which we are trying to make sure is that we have all the regulatory approvals where we can start deploying the Cybercabs as fast as we can produce them. And again, Lars, feel free to chime in.

Lars Moravy

Yes, thanks Vaibhav. Appreciate the [indiscernible] the team definitely crushed it on the Cybercab design manufacturing. Just to your point, we have 50% less parts than any other vehicle we've ever built. So that's 50% less things to go wrong. We've definitely been bursting Cybercab line to see how fast we can run it. I think the listed capacity is more of a rate at which we're capable of running today, but the actual capacity that point vehicle line is significantly higher. Right now, we're building at the rate that the robotaxi service needs the vehicles. And I'll say Ashok [indiscernible] a bit of a race who's going to stay ahead. He's got exponential growth coming down the miles month-over-month, and we're going to look to meet that as well with the production.

Travis Axelrod

The next question is going to come from Andrew from Morgan Stanley.

Andrew Percoco

Great. So I want to start on your energy business. You're clearly seeing a lot of demand on the energy storage or Megapack side, and you've got some goals to bring on your own [ solar ] manufacturing, but I was just hoping to get a little bit more insight in terms of how you're thinking about Tesla's role in enabling both distributed power, but also distributed compute. I think last quarter, you alluded to a mega pod product. So just hoping to get a little bit more insight in terms of what you're envisioning there? And ultimately, how big this could be for Tesla.

Elon Musk

I think it's still early days on that front. We don't know the full extent of how -- what that will -- how that will unfold. I think we'll have a better sense for that probably in maybe end of Q1 or Q2 but it does have a lot of potential. It's just hard to say how much potential right now.

Andrew Percoco

Okay. Understood. And then maybe just a follow-up on robotaxi. It does seem like you've kind of hit an inflection point here and often over the last month or so since you launched the Cybercab. So would you generally say that the bottlenecks at this point to growth are more regulatory driven as you think about expanding into new geographies and that you've kind of gotten through most of the hurdles on the software side. Just kind of curious how you generally kind of categorize some of those growth hurdles in some of the incremental regions you're planning on scaling into over the next few months?

Vaibhav Taneja

I think the -- I mean, there are still certain software challenges, which we are still working through. Ashok talked about it. So maybe Ashok.

Ashok Elluswamy

I can chime in here, yes. For example, we are like initially a robotaxi service from 6 a.m. to 9 p.m. in the next 10 p.m., 11:00 p.m., now it's going to be pretty soon 2 a.m. So we're probably expanding the availability of robotaxi and that is driven by the capability of the [ AA ] software. And we just want to make sure that there's not a single safety incident. That is our operating principle. And even if there's the slightest possible risk at all, we don't like take on the risk. And so we are very risk averse in that sense as we want 0 injuries or anything bad happening. And that is the driving principle and we will see that over the rest of this year, we'll unlock 24 cross 7 operations, go to higher-speed roads.

And we think all of that is necessary to sort of scale and offer a great product to a lot of users. And that's why we wanted to go through the breakfast of being multiple cities. We do 6 cities now. We are also doing the depth of like having a lot of vehicles in a single city, which is in Austin, and we'll expand to more weather conditions, day and night conditions, highways and high speeds and all of that will be done hopefully by the end of this year, at which point, you will see a lot more scaling outward cities being covered by robotaxi.

So it's not purely regulatory on the line that it is technology driven, but we do see that pretty quickly become regulatory perhaps in the Q1, Q2 time frames.

Travis Axelrod

Great. The next question is going to come from Edison from Deutsche Bank.

Xin Yu

Thank you for taking questions. First wanted to ask about Terafab. I know Elon, you mentioned that you had an aspirational goal of 2Q '28. Do you have a sense on how much capital needs to be invested to get there? And also, what kind of milestones would be able to look out for on the way there?

Elon Musk

Well, it's going to be some pretty significant capital. You know what -- it's certainly in the tens of billions for Terafab. Well, we've got to figure out like what the sort of relative split is between SpaceX and Tesla in terms of who pays for what a Terafab but it's not going to be less than tens of billions in capital equipment up through early 2028. And -- and then it will be -- it will probably be north of $100 billion long term.

Vaibhav Taneja

Yes. And I'll just add, the first set of equipment for the fab, which Tesla is building. We've actually already placed most of the orders. And that's why when Elon was talking about middle of next year, that is from the first fab, which the research fab.

Elon Musk

Yes. That's we're just figuring out how to work the equipment type of thing but real production would be late '28, which is lightning fast by fab centers.

Xin Yu

Understood. And then just a quick follow-up on Optimus. I know you mentioned that we could see a video soon and there's quite a bit of progress, but you're still making some refinements. I guess, just generally speaking, where do you see most of the design changes still happening going forward? Is it still the hand that's an issue? Anything you can call out there?

Elon Musk

Yes. It's mostly most of the difficult -- I mean [indiscernible], why don't you answer this question?

Unknown Executive

So hand is one of the most challenging hardware areas actually. Most of the electromechanical system, I would say, is relatively high confidence, meaning like that it has converted to something that works decently well. The hand is from an electrochemical point of view, more complicated than upgraders for the locomotion system, for example. Also, there are some bespoke years that are carrying a lot of burden for consumption and for reliability that we are developing still. And yes, this would be the most.

Elon Musk

Yes, it's mostly the hand. And just the kind of the fine-tuning of the hand design and the fingers, especially just -- it's a hard problem because humans have self-repair, like our hands repairers itself, but [indiscernible]. So you have to -- and our fingers are kind of squishy and have lots of sensors in our scan. It's hard to make a hand that is -- that can handle lots of wear and tear, but it's still squishy enough to pick up delicate objects and has all the sensors and doesn't damage the sensors when you do repeated actions. And there's a lot of little things that it realize actually one incredible thing the human hand is at the end of the day. So it's mostly from electrochemical standpoint the hands.

There are other things that are improving as well throughout the robot, but that's the main thing. And then as I mentioned, upgrading the intelligence -- the onboard intelligence of the robot with AI5, which is a big step change in intelligence that will help a lot with the capabilities of Optimus. So I've said before that like humanoid robots biggest product on earth and -- but its usefulness will be rough proximation a multiple of the electromechanical dexterity, the AI software and the AI chip hardware. And all 3 of those things are improving exponentially. I think we used that word a lot, but -- and the value is roughly those 3 things multiplied by each other. And then the Optimus robots will build the future Optimus robots so you have a recursive function. So when you have a recursive multiplicative exponential, things will really grow extremely fast. They may start from a small base, they're going to grow to crazy levels. mean I think at some point, there will be more humanoid robots on earth than there are humans.

Travis Axelrod

Great. Thanks so much. The next question comes from Alex from Bank of America.

Alexander Perry

I guess just first on robotaxi. So it looks like for robotaxi your pricing lower than competitor rideshare and other robotaxi players in most markets. Is that the plan to do longer term to take market share given some of your structural cost advantages?

Vaibhav Taneja

Yes. I mean remember, when you're comparing -- you're comparing us with ride share, which has a driver in there and we don't. Plus we are manufacturing the car ourselves. So our cost basis overall is different. And I think I said it in my opening remarks and I'll say it again, just -- I don't want to be too repetive, but basically, our goal is to take over any kind of transportation.

Elon Musk

I mean I think we -- unless we're stopped by governments, which is certainly a possibility, like if they're trying to protect the domestic industry. I think Tesla will end up being a majority of old passenger miles on earth in any country where it is allowed to operate freely and you can come back and look at this prediction, but I feel confident about this prediction.

Alexander Perry

Really helpful. And then just my follow-up question. I guess, just on the key metric here. So on supervised miles driven. So I think it grew in high teens, so good growth rate since late July. Is this still the expectation you'll continue to grow that at double-digit weekly rate through the balance of the year? And then what is really enabling that to the growth? It seems like you definitely had a comfort level in scaling much more rapidly. How much of that is Cybercab? How much of that is better safety validation with the latest version of FSD? And just on fleet composition, do you expect Cybercab to represent majority of the robotaxi fleet over time?

Unknown Executive

Yes. We will continue the scaling for the foreseeable future. We don't see any hurdles along the way. Obviously, there's work required, but we do see a clear path towards scaling to millions of vehicles over the next several months. This is happening due to like primarily the technology investments we have made over the last several years and also in V15 stack that we alluded to earlier this year. Like all of the foundations is like hard to see -- is the iceberg, people only see the tip of the iceberg. There's a ton of work that goes into it. And like now we're starting to see the payoff of all that work of like developing into a neural networks, learning from humans and so on, all of that is paying off.

So that's what you're seeing that -- you're seeing the reset many years of work. It didn't just like happen in the last several months. Yes and the same technology should scale to [indiscernible] of vehicles across all over like whenever we get allowed to operate.

Travis Axelrod

Great. Our next question is going to come from Pierre from New Street.

Pierre Ferragu

I just wanted to come back, like I'm very really fascinated by 75% of like U.S. car selling with [indiscernible]. The interesting thing is that if you look at the car, they probably generate on sale -- [indiscernible] like about [ $7,000 ] of gross profit. But then -- of course, FSD generates more than $1,000 a year. And so it does -- it makes like a minimum impact on numbers in the quarter the car is sold but over the lifetime of the car, it probably at least double the profit per car. And so the place where I'm doing -- want to get to is, am I looking at it the right way? And are you, at some point, going to disclose for us like the annual recurring revenues that FSD represents? And I did my own math, and I'm thinking it's probably now approaching $1 billion of [indiscernible] Is that the right order of magnitude?

Vaibhav Taneja

Yes. I think the numbers which you shared is correct. And as it scales further, we will start sharing more metrics around not just the revenue but also other key metrics around it.

Pierre Ferragu

And as a quick follow-up, do you have like a good sense already? And do you tell us about like the retention rate? Like do how many people like 3 or 6 months down the line sticks to the monthly subscription. And if you see the percentage of drivers falling off?

Vaibhav Taneja

Yes. I mean, like I said, we will share more metrics around churn rates and whatnot. But the reason we are not doing it at this stage is there are a lot of things which we are doing, especially with new countries being added, then we offer free trials. And one thing which I'd also like to make sure it's clear, when I say in North America that more than a 75% attach rate at the time of delivery this is like every car, which we're delivering terms with a month of FSD subscription. And still people are signing up, even though they have that free available.

Travis Axelrod

Great. Our next question is going to come from Colin at Oppenheimer.

Colin Rusch

Thanks so much guys. Elon can you talk about the strategy around ramping Optimus production? Just a little bit to start training even if the hands are fully baked with the final design. It seems like there's a lot that you could end up doing in terms of the training cycle and maturing some of the simulation technology even without perfected hands?

Elon Musk

Well, that's what we're doing is we're building robots that do not have affected hands, and we are making progress with Optimus training and ironing out all aspects of the supply chain and the production system. So that's -- we're doing all these things in parallel, like this giant production line in -- at our Fremont factory, massive supply chain and then fine-tuning the design and engineering simultaneously with the AI software. So all these things are happening simultaneously. And we're growing as fast as humanly possible here.

I don't think anyone's going to have -- and in fact, I'd be stunned if anyone has a robot that is remotely competitive with Optimus when we go -- when we start delivering it to customers, which is likely to be towards the end of next year.

Vaibhav Taneja

Yes. And you should know that not only the Fremont factory, we've also started constructing a factory here in Austin, which would be able to do a lot more robots as compared to the 3 month one. So going back to what Elon was saying, we're doing whatever we can. We're not stopping. We're just going at the fastest pace as we can.

Elon Musk

Yes. We're definitely, as I saying, [ Vegas ] betting on the come.

Colin Rusch

Awesome. And then in terms of the Cybercabs capacity availability, can you talk about how you're navigating that with the suppliers, obviously, seeing some deposits get put down on equipment and getting deliveries moving forward is a net positive on tariff. But are there some more aggressive things that you can do to start getting ready for the larger ramp now? And how should we think about that flowing through the CapEx budget?

Elon Musk

It's not a massive impact right now. I think our CapEx is actually it's actually ending up being a little lower than we anticipated. But we saw it become more meaningful next year and then that noticeable like in the tens of billions in '28.

Travis Axelrod

All right. We are coming about time here. We appreciate everyone's questions, and we look forward to talking to you next quarter. Thank you very much, and goodbye.