Tesla reported record deliveries and its largest order backlog since 2023, yet automotive margins excluding one-offs fell to 16.3 percent amid rising commodity and financing costs. Energy storage deployments surged 68 percent year over year to 13.5 GWh with a 22 percent market share, though Chinese competition threatens to compress margins into the mid-teens. The company is pivoting aggressively toward AI and robotics via Optimus and robotaxi initiatives, but meaningful revenue is unlikely before 2028, contributing to a 16 percent post-earnings stock drop as investors question stretched timelines and regulatory risks.

Company: Tesla, Inc. (TSLA) — Q2 FY2026

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