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Tesla’s $25 Billion Capex Surge: Can AI and Robotaxis Outrun Margin Pressure?

Tesla, Inc. reported record vehicle deliveries in the second quarter of 2026, with sequential growth across the Americas (60%), Asia-Pacific (27%), and Europe, Middle East, and Africa (12%). The Model Y continues to be a top-selling vehicle globally, with strong adoption of the Full Self-Driving (FSD) feature, which accounted for 55% of North American deliveries and nearly 1.5 million paid customers worldwide. The company highlighted a growing order backlog and is focused on increasing production capacity, although supply chain constraints—particularly in batteries and electronic components—remain a limiting factor. Automotive gross margins, excluding regulatory credits, declined sequentially from 19.2% to 16.3%, largely due to the absence of one-time warranty true-downs and tariff relief that benefited the prior quarter. Controlling for these items, margins were relatively stable, despite inflationary pressures including commodity costs and rising interest rates impacting subvention expenses. The energy storage segment showed significant deployment growth of 13.