AutomotiveNarrow moat

Tesla (TSLA) — moat facet

Fewer cars at lower prices for two years: the margin without credits was 16.3% in June, and credits are disappearing.

Automotive is still most of Tesla, and it has been getting smaller. Revenue was $69,526 million in 2025, against $77,070 million in 2024 and $82,419 million in 2023, and its gross margin fell from 19.4% to 18.4% to 17.8% over the same three years.1 The line grew in every year from 2015 to 2023; the two years since are the only declines in the series.2345

Automotive gross margin excluding regulatory credits, by quarter (%)15.0%Q2 2515.4%Q3 2517.9%Q4 2519.2%Q1 2616.3%Q2 26Tesla Q2 2026 update, non-GAAP reconciliation
The March 2026 recovery did not hold into June, even as deliveries rose 25%.

What is inside the line is three things. Automotive sales, $65,821 million in 2025, covers new cars delivered for cash or financing, including connectivity, access to FSD (Supervised) features, free Supercharging programmes and software updates. Regulatory credits, $1,993 million, are credits sold to other carmakers that need them to meet emissions rules. Leasing, $1,712 million, is cars Tesla keeps on its own balance sheet.6 The company builds five consumer models, the Model 3, Y, S and X and the Cybertruck.7

The history starts with the Model S, first delivered in June 2012.8 In 2015 the line brought in $3,741 million.9 The Model 3 and then the Model Y turned it into a volume business: $18,515 million in 2018, $47,232 million in 2021 and $71,462 million in 2022.1011 The gross margin peaked at 29.3% in 2021 and 28.5% in 2022.1213

It is paid for per car, once. That makes price the lever, and Tesla has pulled it downward: revenue per car sold outright fell from about $53,100 in 2022 to about $41,300 in 2025.141516 In 2025 automotive sales fell 9% on about 8% fewer cash deliveries and a lower average price from mix and incentives such as cheap financing.17 Total deliveries were 1,636,129, against 1,808,581 in 2023.18

The growth record since the peak is the weak part. Deliveries rose from 936,222 in 2021 to 1,313,851 in 2022 and 1,808,581 in 2023, then fell to 1,789,226 and 1,636,129.19 Revenue fell faster than volume: from 2023 to 2025 deliveries dropped about 10% and automotive revenue about 16%, which is the price cut showing up in the line.20

Profitability is thinner than the headline margin suggests. The 17.8% of 2025 includes credits, which cost Tesla almost nothing to produce. Take them out and the margin was 15.4%.21 Credits are now shrinking as rules loosen: $146 million in the June 2026 quarter against $439 million a year earlier, which the company reports as 0.6 points of margin against 2.2.2223 In the March 2025 quarter credits of $595 million were larger than Tesla's whole net income of $409 million.24 Leasing is shrinking too, with the new-vehicle lease fleet down to 141,876 cars from 172,882.25

The latest two quarters show volume coming back. Automotive revenue was $16,234 million in the March quarter and $20,516 million in June, up 23%, on 480,126 deliveries against 384,122.26 Automotive sales rose 27% on about 25% more cash deliveries, a comparison flattered by the prior year's factory changeover to the new Model Y.27 Margin did not follow: 21.1% in March and 16.9% in June, or 19.2% and 16.3% without credits.28

The outlook depends on price holding while volume grows. Tesla has installed capacity for more than 550,000 Model 3 and Y a year in California, more than 950,000 in Shanghai, more than 375,000 in Berlin and more than 250,000 in Texas, plus more than 125,000 each of Cybertruck and Cybercab.29 Annualised, the June quarter's deliveries would fill about 85% of that capacity, leaving out the Cybercab.30 The rest of the case, robotaxis and a cheaper car, is argued under The Future Bets and Waymo: Already Running What Tesla Is Promising.

The line has a narrow moat and it is losing ground: the brand still sells more than 1.6 million cars a year, historically without relying on traditional advertising, but the price per car and the margin have both fallen for three years. The figure that would change that view is the automotive gross margin excluding credits, 16.3% in the June 2026 quarter. Back above 20% with deliveries still rising would mean the price cuts are over; below 15% would mean volume is being bought.

Moat trajectory: Narrowing

Revenue per car and gross margin have fallen for three years, and the credits that padded the margin fell to $146M in the June 2026 quarter.

The number that tests this moat
Reported
Automotive gross margin excluding regulatory credits, latest quarter
16.3% in Q2 2026, against 15.0% a year earlier and 19.2% in Q1 2026

Credits are shrinking toward zero, so this is the margin the car business will have to live on. Above 20% with rising deliveries would mean the price cuts are over; below 15% would mean volume is being bought.

Source: Tesla Q2 2026 update (non-GAAP reconciliation) ↗
References
  1. ReportedRevenue was $69,526 million in 2025, against $77,070 million in 2024 and $82,419 million in 2023, and its gross margin fell from 19.4% to 18.4% to 17.8% over the same three years.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  2. ReportedThe line grew in every year from 2015 to 2023; the two years since are the only declines in the series.
    Tesla Form 10-K, FY2017 - revenue by line 2015-2017 (automotive $3,741M/$6,351M/$9,641M; energy generation and storage $14M/$181M/$1,116M; services and other $291M/$468M/$1,001M) and cost of revenues; SolarCity acquired 21 November 2016; Model S deliveries began June 2012 — FY2015-FY2017 · publ. February 2018 · source ↗
  3. ReportedThe line grew in every year from 2015 to 2023; the two years since are the only declines in the series.
    Tesla Form 10-K, FY2020 - revenue and cost of revenues by line 2018-2020 (automotive $18,515M/$20,821M/$27,236M; energy $1,555M/$1,531M/$1,994M; services and other $1,391M/$2,226M/$2,306M); 3.02 GWh of storage deployed in 2020 — FY2018-FY2020 · publ. February 2021 · source ↗
  4. ReportedThe line grew in every year from 2015 to 2023; the two years since are the only declines in the series.
    Tesla Form 10-K, FY2022 - revenue and cost of revenues by line 2020-2022 (automotive $27,236M/$47,232M/$71,462M, credits $1,580M/$1,465M/$1,776M; energy $1,994M/$2,789M/$3,909M; services and other $2,306M/$3,802M/$6,091M); automotive sales $67,210M in 2022; 6.5 GWh of storage deployed in 2022 — FY2020-FY2022 · publ. January 2023 · source ↗
  5. ReportedThe line grew in every year from 2015 to 2023; the two years since are the only declines in the series.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  6. ReportedLeasing, $1,712 million, is cars Tesla keeps on its own balance sheet.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  7. ReportedThe company builds five consumer models, the Model 3, Y, S and X and the Cybertruck.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  8. ReportedThe history starts with the Model S, first delivered in June 2012.
    Tesla Form 10-K, FY2017 - revenue by line 2015-2017 (automotive $3,741M/$6,351M/$9,641M; energy generation and storage $14M/$181M/$1,116M; services and other $291M/$468M/$1,001M) and cost of revenues; SolarCity acquired 21 November 2016; Model S deliveries began June 2012 — FY2015-FY2017 · publ. February 2018 · source ↗
  9. ReportedIn 2015 the line brought in $3,741 million.
    Tesla Form 10-K, FY2017 - revenue by line 2015-2017 (automotive $3,741M/$6,351M/$9,641M; energy generation and storage $14M/$181M/$1,116M; services and other $291M/$468M/$1,001M) and cost of revenues; SolarCity acquired 21 November 2016; Model S deliveries began June 2012 — FY2015-FY2017 · publ. February 2018 · source ↗
  10. ReportedThe Model 3 and then the Model Y turned it into a volume business: $18,515 million in 2018, $47,232 million in 2021 and $71,462 million in 2022.
    Tesla Form 10-K, FY2020 - revenue and cost of revenues by line 2018-2020 (automotive $18,515M/$20,821M/$27,236M; energy $1,555M/$1,531M/$1,994M; services and other $1,391M/$2,226M/$2,306M); 3.02 GWh of storage deployed in 2020 — FY2018-FY2020 · publ. February 2021 · source ↗
  11. ReportedThe Model 3 and then the Model Y turned it into a volume business: $18,515 million in 2018, $47,232 million in 2021 and $71,462 million in 2022.
    Tesla Form 10-K, FY2022 - revenue and cost of revenues by line 2020-2022 (automotive $27,236M/$47,232M/$71,462M, credits $1,580M/$1,465M/$1,776M; energy $1,994M/$2,789M/$3,909M; services and other $2,306M/$3,802M/$6,091M); automotive sales $67,210M in 2022; 6.5 GWh of storage deployed in 2022 — FY2020-FY2022 · publ. January 2023 · source ↗
  12. ReportedThe gross margin peaked at 29.3% in 2021 and 28.5% in 2022.
    Tesla Form 10-K, FY2022 - revenue and cost of revenues by line 2020-2022 (automotive $27,236M/$47,232M/$71,462M, credits $1,580M/$1,465M/$1,776M; energy $1,994M/$2,789M/$3,909M; services and other $2,306M/$3,802M/$6,091M); automotive sales $67,210M in 2022; 6.5 GWh of storage deployed in 2022 — FY2020-FY2022 · publ. January 2023 · source ↗
  13. Moat Explorer calcThe gross margin peaked at 29.3% in 2021 and 28.5% in 2022.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  14. ReportedThat makes price the lever, and Tesla has pulled it downward: revenue per car sold outright fell from about $53,100 in 2022 to about $41,300 in 2025.
    Tesla Form 10-K, FY2022 - revenue and cost of revenues by line 2020-2022 (automotive $27,236M/$47,232M/$71,462M, credits $1,580M/$1,465M/$1,776M; energy $1,994M/$2,789M/$3,909M; services and other $2,306M/$3,802M/$6,091M); automotive sales $67,210M in 2022; 6.5 GWh of storage deployed in 2022 — FY2020-FY2022 · publ. January 2023 · source ↗
  15. ReportedThat makes price the lever, and Tesla has pulled it downward: revenue per car sold outright fell from about $53,100 in 2022 to about $41,300 in 2025.
    Tesla Q4 2025 update - deliveries 936,222 / 1,313,851 / 1,808,581 / 1,789,226 / 1,636,129 for 2021-2025, of which 41,617 leased in 2025; Q1 2025 regulatory credits $595M against net income $409M — FY2021-FY2025 · publ. January 2026 · source ↗
  16. Moat Explorer calcThat makes price the lever, and Tesla has pulled it downward: revenue per car sold outright fell from about $53,100 in 2022 to about $41,300 in 2025.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  17. ReportedIn 2025 automotive sales fell 9% on about 8% fewer cash deliveries and a lower average price from mix and incentives such as cheap financing.
    Tesla Form 10-K, FY2025 - revenue by line 2023-2025 (automotive sales $65,821M, credits $1,993M, leasing $1,712M, total automotive $69,526M; energy $12,771M; services and other $12,530M); gross profit total automotive $12,361M at 17.8% (18.4%, 19.4%), energy $3,802M; operating income $4,355M; 46.7 GWh deployed; services and other consists of used vehicles, non-warranty maintenance and collision, paid Supercharging, insurance, parts and merchandise; five consumer models; Megapack 3 and Megablock introduced 2025; historically sales achieved without relying on traditional advertising — FY2023-FY2025 · publ. January 2026 · source ↗
  18. ReportedTotal deliveries were 1,636,129, against 1,808,581 in 2023.
    Tesla Q4 2025 update - deliveries 936,222 / 1,313,851 / 1,808,581 / 1,789,226 / 1,636,129 for 2021-2025, of which 41,617 leased in 2025; Q1 2025 regulatory credits $595M against net income $409M — FY2021-FY2025 · publ. January 2026 · source ↗
  19. ReportedDeliveries rose from 936,222 in 2021 to 1,313,851 in 2022 and 1,808,581 in 2023, then fell to 1,789,226 and 1,636,129.
    Tesla Q4 2025 update - deliveries 936,222 / 1,313,851 / 1,808,581 / 1,789,226 / 1,636,129 for 2021-2025, of which 41,617 leased in 2025; Q1 2025 regulatory credits $595M against net income $409M — FY2021-FY2025 · publ. January 2026 · source ↗
  20. Moat Explorer calcRevenue fell faster than volume: from 2023 to 2025 deliveries dropped about 10% and automotive revenue about 16%, which is the price cut showing up in the line.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  21. Moat Explorer calcTake them out and the margin was 15.4%.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
  22. ReportedCredits are now shrinking as rules loosen: $146 million in the June 2026 quarter against $439 million a year earlier, which the company reports as 0.6 points of margin against 2.2.
    Tesla Form 10-Q, quarter ended 30 June 2026 - revenue and cost by line (automotive $20,516M, credits $146M against $439M; energy $3,139M against $2,789M; services and other $4,581M against $3,046M; six months $36,750M, $5,547M, $8,326M); energy gross margin 20.4% against 30.3% on sales mix and unfavourable warranty adjustments; 22.3 GWh deployed through June; automotive sales +27% on about 25% more cash deliveries; services growth from used vehicles, maintenance and collision, and paid Supercharging — Q2 2026 · publ. July 2026 · source ↗
  23. ReportedCredits are now shrinking as rules loosen: $146 million in the June 2026 quarter against $439 million a year earlier, which the company reports as 0.6 points of margin against 2.2.
    Tesla Q2 2026 update - five-quarter revenue and gross margin by line, automotive margin excluding credits 15.0%/15.4%/17.9%/19.2%/16.3%, deliveries 480,126, cumulative 9.7M, lease fleet 141,876, storage deployed 9.6/12.5/14.2/8.8/13.5 GWh, Supercharger stations 8,704 and connectors 82,357, installed capacity by factory, services and other gross profit a record $648M at 14% — Q2 2025 - Q2 2026 · publ. July 2026 · source ↗
  24. ReportedIn the March 2025 quarter credits of $595 million were larger than Tesla's whole net income of $409 million.
    Tesla Q4 2025 update - deliveries 936,222 / 1,313,851 / 1,808,581 / 1,789,226 / 1,636,129 for 2021-2025, of which 41,617 leased in 2025; Q1 2025 regulatory credits $595M against net income $409M — FY2021-FY2025 · publ. January 2026 · source ↗
  25. ReportedLeasing is shrinking too, with the new-vehicle lease fleet down to 141,876 cars from 172,882.
    Tesla Q2 2026 update - five-quarter revenue and gross margin by line, automotive margin excluding credits 15.0%/15.4%/17.9%/19.2%/16.3%, deliveries 480,126, cumulative 9.7M, lease fleet 141,876, storage deployed 9.6/12.5/14.2/8.8/13.5 GWh, Supercharger stations 8,704 and connectors 82,357, installed capacity by factory, services and other gross profit a record $648M at 14% — Q2 2025 - Q2 2026 · publ. July 2026 · source ↗
  26. ReportedAutomotive revenue was $16,234 million in the March quarter and $20,516 million in June, up 23%, on 480,126 deliveries against 384,122.
    Tesla Q2 2026 update - five-quarter revenue and gross margin by line, automotive margin excluding credits 15.0%/15.4%/17.9%/19.2%/16.3%, deliveries 480,126, cumulative 9.7M, lease fleet 141,876, storage deployed 9.6/12.5/14.2/8.8/13.5 GWh, Supercharger stations 8,704 and connectors 82,357, installed capacity by factory, services and other gross profit a record $648M at 14% — Q2 2025 - Q2 2026 · publ. July 2026 · source ↗
  27. ReportedAutomotive sales rose 27% on about 25% more cash deliveries, a comparison flattered by the prior year's factory changeover to the new Model Y. Margin did not follow: 21.1% in March and 16.9% in June, or 19.2% and 16.3% without credits.
    Tesla Form 10-Q, quarter ended 30 June 2026 - revenue and cost by line (automotive $20,516M, credits $146M against $439M; energy $3,139M against $2,789M; services and other $4,581M against $3,046M; six months $36,750M, $5,547M, $8,326M); energy gross margin 20.4% against 30.3% on sales mix and unfavourable warranty adjustments; 22.3 GWh deployed through June; automotive sales +27% on about 25% more cash deliveries; services growth from used vehicles, maintenance and collision, and paid Supercharging — Q2 2026 · publ. July 2026 · source ↗
  28. ReportedAutomotive sales rose 27% on about 25% more cash deliveries, a comparison flattered by the prior year's factory changeover to the new Model Y. Margin did not follow: 21.1% in March and 16.9% in June, or 19.2% and 16.3% without credits.
    Tesla Q2 2026 update - five-quarter revenue and gross margin by line, automotive margin excluding credits 15.0%/15.4%/17.9%/19.2%/16.3%, deliveries 480,126, cumulative 9.7M, lease fleet 141,876, storage deployed 9.6/12.5/14.2/8.8/13.5 GWh, Supercharger stations 8,704 and connectors 82,357, installed capacity by factory, services and other gross profit a record $648M at 14% — Q2 2025 - Q2 2026 · publ. July 2026 · source ↗
  29. ReportedTesla has installed capacity for more than 550,000 Model 3 and Y a year in California, more than 950,000 in Shanghai, more than 375,000 in Berlin and more than 250,000 in Texas, plus more than 125,000 each of Cybertruck and Cybercab.
    Tesla Q2 2026 update - five-quarter revenue and gross margin by line, automotive margin excluding credits 15.0%/15.4%/17.9%/19.2%/16.3%, deliveries 480,126, cumulative 9.7M, lease fleet 141,876, storage deployed 9.6/12.5/14.2/8.8/13.5 GWh, Supercharger stations 8,704 and connectors 82,357, installed capacity by factory, services and other gross profit a record $648M at 14% — Q2 2025 - Q2 2026 · publ. July 2026 · source ↗
  30. Moat Explorer calcAnnualised, the June quarter's deliveries would fill about 85% of that capacity, leaving out the Cybercab.
    Moat Explorer calculation from Tesla's Forms 10-K FY2017-FY2025, the Q4 2025 and Q2 2026 updates and the Q2 2026 10-Q: line shares of 2025 revenue (73%/13%/13%) and gross profit (72%/22%/5%); automotive margin excluding credits 15.4% (2025); margins 2021 29.3%, 2022 28.5%; revenue per car sold outright $53,077 (2022: $67,210M / 1,266,269) and $41,280 (2025: $65,821M / 1,594,512); energy margins 12.2% (2018), 0.9% (2020), -4.6% (2021), 7.4%, 18.9%, 26.2%, 29.8% (2022-2025), about 39.5% in Q1 2026; energy revenue per GWh about $410M, $321M, $273M (2023-2025), $232M (Q2 2026) and $290M (Q2 2025); services gross profit -$228M to -$104M (2017-2021), +$211M (2022) and margins 3.5%, 5.9%, 5.8%, 7.4%, 11.9% for H1 2026 against 4.7%; services CAGR 2021-2025 35%; June-quarter deliveries annualised at 85% of consumer-car capacity excluding Cybercab — 2015 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026