Tesla Sees Q1 Profits Jump 17 Percent, “Excited” About 2026
Tesla reported its earnings and revenues jumped by double digits in the first quarter of 2026 despite overall EV sales in the U.S. dropping significantly. Officials expressed excitement about its “positioning” this year as CEO Elon Musk later revealed his new $25 billion investment plan.
The EV maker beat analyst expectations, reporting total revenue of $22.4 billion, up 16 percent compared to the year-ago period while its net income came in a $477 million, an increase of 17 percent. On an adjusted basis, Tesla reported earnings of $3.7 billion, a jump of 30 percent.
Investors initially expressed happiness with the numbers as the stock price jumped more than $9 a share, then it took a massive slide midmorning and in lunch-hour trading is down just over 2 percent from its opening price.
Many investors want Tesla to focus on making new EVs, like the rumored Model 2 small compact and the long-awaited second-generation Roadster. However, Tesla CEO Elon Musk appears ready to double down on more non-automotive ventures centering on robotics, the next-gen version of its Optimus human-like robots, in particular. Regardless, he plans to spend quite a bit to make things happen: $25 billion in 2026.
Musk told investors, analysts, and others listening to the Q1 earnings call Wednesday evening the company will continue to forge ahead on Cybercab production as well as securing federal government approval for Full Self-Driving.
“It’s going to make sense for our whole lineup to be different autonomous vehicles of different sizes,” Musk said during the call. “In fact, long term, the only manually driven car will be the new Tesla Roadster.”
In the meantime, the company is going to focus on making the Cybercab — and other fully autonomous vehicles — its primary automotive endeavor. He also seemed to throw a wet blanket on the idea of a new compact car for the public, saying the “Cybercab is the compact vehicle. It’s very roomy, but it’s a two-person vehicle.”
He added Cybercab production would start slowly because it’s an entirely new model, and it required a new supply chain. Officials have declined to set a launch date for the car, although with Musk’s past when it comes to predicting starting dates for past vehicles, most would assume it was later.
[Images: Tesla]
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Michael Strong has spent more than 25 years writing about the automotive industry. A Detroit-area native, he’s written about everything from local car shows to product reviews to financial news. Currently he writes and edits for a variety of national and local publications. He’s also a longtime member of the Automotive Press Association and the International Motor Press Association, and a graduate of Georgia Southern University. Hail Southern! Despite a love for ’70s land yachts and BMWs from the late ’80s and early ’90s, his personal vehicle is neither of those.
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FSD didn’t work on my Tesla, so in skeptical about Elon’s claims about autonomy.
The evidence shows that EVs are the future, but that we have to drive our own super-fast electric cars. I’m OK with that!
What's really helping Tesla's bottom line is using their plant in China as an export hub.
^ EBF just continuing to be sore (like ANAL) after getting schooled repeatedly... lol