Foreign media commentary suggests that Tesla is being re-priced by the market, and investors' focus is no longer solely on delivery volumes and automotive profit margins, but is increasingly shifting towards the AI, robotics, and SpaceX assets that Elon Musk is driving. The article states that this change is particularly evident in Tesla's financial report for the second quarter of 2026.
More of the second-quarter profits came from SpaceX.
The article states that Tesla achieved a net profit of $1.11 billion for the quarter, of which approximately $1.01 billion came from the book value gains on its holdings of SpaceX shares. In contrast, the contribution of the automotive business itself to profits has clearly weakened.
During the same period, Tesla's car revenue increased by 23% year-on-year to reach $20.52 billion, but its operating margin decreased from 4.1% in the same period last year to 1.4%. Gross profit margin also fell from 17.2% to 16.8%. The article suggests that this indicates that although Tesla is still selling more cars, its profitability continues to be under pressure.
- Second-quarter net profit was $1.11 billion.
- Approximately 69% of the after-tax profit comes from the book income of SpaceX.
- Non-GAAP has an earnings per share of $0.33.
AI and the number of robots deployed continue to increase
The article states that Tesla is currently in a period of large-scale investment. Operating expenses in the second quarter increased by 47% year-on-year, reaching $4.4 billion, with the majority of this investment going towards AI infrastructure and robotaxi projects. At the same time, regulatory compliance income plummeted by 67%, to $146 million.
At the product level, Grok has been incorporated into Tesla's 2026 summer software update, allowing for functions such as voice control of the air conditioning, making calls, and adjusting in-car settings on certain models. The article also mentions that Tesla is deploying Optimus related production lines at the Fremont factory and the Texas Gigafactory, but no specific production volumes have been disclosed yet.
Valuation bets on the realization of future business
During the earnings call for the second quarter of 2026, Musk stated that the company is in "a major investment cycle." Based on this, the article argues that Tesla's short-term profits are under pressure. Rather than it being a deterioration of the automotive business, it is more so that the company is proactively shifting resources towards AI and robotics projects, which have not yet generated revenue.
The article argues that the current market value of approximately $1.4 trillion has already been factored into the long-term expectations for Optimus, Grok, and robotaxi. However, there is still some time before these businesses will achieve stable profitability. The lock-up period for Tesla's shares of SpaceX will expire in December 2026, and price fluctuations of this asset may continue to affect its quarterly performance as well.
