TSLA - Earnings call Q4 2025

Good afternoon, everyone, and welcome to Tesla's Fourth 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 Q4 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. [Operator Instructions] Before we jump into Q&A, Elon has some opening remarks. Elon?

Thanks, Travis.

So we've updated the Tesla mission to amazing abundance, and this is, this is intended to send a message of optimism about the future.

I think we're most likely headed to an exciting, amazing era of abundance. And I think with the with the advent or with the continued growth of AI and robotics, I think we actually are headed to a future of universal high income, not universal basic income but universal high income. I mean there's going to be a lot of change along the way, but that is what I see as the most likely outcome.

So I think that's -- it makes sense to update Tesla's mission to reflect that goal. And obviously, along that way, we're going to keep improving safety, driving down the cost of goods and getting people access to anything they need without compromise. And still making sure that the environment is great, nature is great and people can have whatever they want, which seems like probably the best future. I'm open to other ideas, but that sounds like it sounds like if you could say what is the best future you could possibly imagine. I guess it would be that everyone can have whatever one, including amazing medical care, and -- but we still keep the beauty of nature and earth.

I think that's