Tesla Q2: Robotaxi Scrutiny and Capex

Tesla reported Q2 results with 480,126 deliveries and revenue of $28.24 billion, but profitability remained pressured as it deepened AI and robotics spend with about $5.8 billion in capex and guidance above $25 billion for the year. Robotaxi miles driven by paid rides edged lower despite expansion to six cities, while Musk assured rapid scaling. Earnings came in at 33 cents per share vs roughly 50 cents expected, as margins narrowed and regulatory-credit income fell. Services and Other grew the fastest among segments, while automotive core remained solid but pressured by discounts and competition, prompting questions about sustainability of topline growth tied to discounting. The market reacted with a sharp stock decline as investors weighed near-term profitability against long-term AI-enabled services potential. Executives said the company is balancing near-term financial strain with bets on Optimus, a scaled Robotaxi network, and new initiatives like Cybercab, amid ongoing capex demands.