$Tesla(TSLA.US) will report 2Q earnings tomorrow 7/23 after the close. We expect TSLA to achieve WS 2Q consensus Adj EPS of $.39 and auto gross margin ex-reg credits of 13.3%. More important will be management commentary during the conference call of when safety drivers will be taken out of robotaxis in Austin, which would allow TSLA to attest that its robotaxis are at L4 autonomy and expand its network beyond Austin, pending “regulatory approvals.” 4 of the past 5 TSLA earnings releases have been positive surprises - not because of great numbers (earnings have largely missed - see below) but because of management’s upbeat commentary about unsupervised autonomy. The one caveat may be an announcement about the new more affordable model, which is likely to be a more affordable version of Model Y, which unless it’s a new form factor is unlikely to expand TAM. We don’t view a 6-seat Model Y (the Model Y L) with a longer wheel base as a new form factor. Still, we expect a positive stock reaction tomorrow in keeping with past recent earnings calls.