$Tesla(TSLA.US) (-3% AH) after missing on auto gross margins ex-reg credits (16.3% vs 18.4%) which drove huge miss in non-gaap eps ($.33 vs $.55 WS est). CapExp of $5.8B caused free cash flow to go negative -$1.1B, which was expected. On the positive side, active FSD subs of 1.48M was 16% QoQ vs 1Q (+63% annualized) and the 2Q attachement rate of FSD to North American deliveries was a record 55%. Optimus production is still scheduled to begin late-2026.
Conf call at 530ET. Investors most want to hear how quickly unsupervised autonomy without safety monitors (currently 40 TSLA vehicles vs Waymo 3,500 vehicles) can scale.The copyright of this article belongs to the original author/organization.
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