TSLA - Earnings call Q3 2025

Good afternoon, everyone, and welcome to Tesla's Third Quarter 2025 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives.

Our Q3 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.

During this call, we will discuss our business outlook and make forward-looking statements.

These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. We urge shareholders to read our definitive proxy statement, which contains important information about the matters to be voted on at the 2025 Annual Meeting. [Operator Instructions] Before we jump into Q&A, Elon has some opening remarks. Elon?

Thank you. We're at a critical inflection point for Tesla and our strategy going forward as we bring AI into the real world.

I think it's important to emphasize that Tesla really is the leader in real-world AI. No one can do what we can do with real-world AI. I have pretty good insight into AI in general.

I think that Tesla has the highest intelligence density of any AI out there in the car, and that is only going to get better. And we're really just at the beginning of scaling at quite massively full self-driving and Robotaxi and fundamentally changing the nature of transport.

I think people just don't quite appreciate the degree to which this will take off where it's -- honestly, it's going to be like a shock wave.

So it's because the cars are all out there. There -- we have millions of cars out there that with a software update become full self-driving cars. And we're making a couple of million a year. And in fact, with the advent of -- with what we see now as a clarity on achieving full self-driving, unsupervised full self-driving, I should say, I feel confident