PS, if you haven’t yet, check out our Robotaxi Report III deep dive, available exclusively for Tesla Space members. A report on Humanoids is coming next to the members, so consider joining 100+ of us.

Since this ad became the most-clicked ad of all time in this newsletter… thought we’d run it again in case you missed it:

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This one is a short futuristic video that Tesla just posted:

The irony of this being built in Grimes County…

There are updates on the page they shared, with the headline Breaking Ground on Terafab in Texas. Elon really went alien dreadnought with the Terafab…

Tesla has officially produced its 10 millionth vehicle, a black Model Y that rolled off the Fremont Factory production line this week.

Tesla marked the milestone on X, noting that it has only been six years since the company produced its one millionth vehicle. With the ramp of Gigafactories in Shanghai, Berlin and Texas, Tesla dramatically accelerated its vehicle production.

The number that stands out isn't ten million, it's four. Tesla has reached the milestone with just four car factories: Fremont in California, Giga Shanghai, Giga Berlin, and Giga Texas.

Tesla's head of AI Ashok Elluswamy reposted the milestone with three words of correction: "Correction, 10 million robots."

Elon was asked on last week's earnings call whether Tesla and SpaceX would merge. This week, WSJ ran a whole story saying how it would:

Tesla CEO Elon Musk and Tesla China have publicly denied a Wall Street Journal report claiming that the company is considering separating or selling its China business as part of preparations for a potential merger with SpaceX.

Responding to the report on X, Musk first dismissed the claims by writing, "This is fake news." He later issued a stronger denial, stating that selling or spinning off Tesla's China operations had never been discussed:

🇨🇳 Tesla China had its best July on record with 93,579 wholesale sales, up 37.9% on last year and up 5% on June, per CPCA data. That is nine straight months of year-over-year growth.

The same data set carries a split worth watching. Through the first half of 2026, domestic retail fell about 9% year over year while exports out of Giga Shanghai rose 127%. Exports are now roughly 49% of what the plant builds, against 28% a year ago:

Now the less fun part. NHTSA has opened a preliminary evaluation covering 1,198,300 Model 3 and Model Y vehicles, after complaints that the front lower lateral link can detach from the knuckle.

The agency's Office of Defects Investigation logged 156 complaints and says it is not aware of any crashes, injuries or fatalities tied to the alleged defect. The evaluation, PE26-006, covers 2018 to 2020 Model 3 and 2021 to 2023 Model Y. Tesla recalled these same models over suspension issues in 2021 and again in 2023 EVwire has learned.

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🇫🇷 Last week France's transport minister came out against bloc-wide FSD approval. This week Tesla answered with numbers right from France:

Tesla says its Full Self-Driving (Supervised) system has now covered 195,000 km, about 121,000 miles, of testing on French roads without a notable incident. Tesla Europe shared the milestone, adding that more than 60% of that driving happened on urban and rural roads rather than easy highway stretches.

HW3 heads up: some owners who got FSD v14 Lite in the wide release we covered last week are reporting the Autopilot computer running hot. Four owners told Electrek they are seeing a thermal fault code above 90°C, one logging 96°C in service mode, with the car throwing the red hands and refusing to re-engage.

Tesla has not acknowledged anything so far, and this is a handful of owner reports rather than data, but… we do know FSD v14 Lite tries to run on the AI3 chip, which isn’t meant for full driverless, could it be it cannot handle the current new version?

Tesla’s Supercharging for Business program just scored a big customer: the fourth-largest charging network in all of the U.S., EVgo!

EVgo has become the first major U.S. charging network to adopt Tesla's Supercharger for Business program, with the company announcing plans to deploy "EVgo Superchargers" across cities nationwide starting later this year.

The new sites will use Tesla's V4 Supercharger hardware while remaining open to both NACS and CCS vehicles through Magic Dock. EVgo Superchargers will appear directly in Tesla's in-car navigation and Trip Planner, allowing drivers to route to the stations automatically as if they were part of the broader Supercharger ecosystem.

The first EVgo Supercharger locations are expected to open during the second half of 2026.

EVgo's announcement marks the program's biggest expansion yet. Francis Energy, which features ~200 locations, adopted Tesla’s Supercharger for Business first, but EVgo, with 1,200+ stations across 47 states and publicly traded, is by far the largest CPO to do so.

🇭🇺 In Hungary, Tesla is cutting the price of Supercharging to help take pressure off the country's power grid, which has been strained due to extreme heat and peak demand. From August 2, charging at Hungarian Superchargers drops to 80 forint per kWh, roughly $0.25, during off-peak hours, which Tesla Charging puts at 23:00 to 17:00 daily.

The goal is to pull demand away from Hungary's evening peak, when the grid is most strained, and reward drivers who plug in at quieter times.

Add this to the free Supercharging in Spain and France for wildfires, and in Japan for earthquakes, and we see a Starlinkesque pattern forming where Tesla jumps in to help.

Megapack 3 is officially rolling off the line at Tesla’s newest Megafactory in Brookshire, Texas! The factory went from groundbreaking to operation in just 16 months & has a designed capacity of 50 GWh/year dedicated to Megapack 3. This is Tesla’s third operational Megafactory.

SpaceX reported its first quarter as a public company on Tuesday. Here is the full broadcast (audio).

Revenue came in at $7.8 billion, up 92% on the same quarter last year, the net loss narrowed to $541 million from $1.0 billion a year ago, where analysts had penciled in something closer to $1.9 billion.
Adjusted EBITDA nearly tripled to $3.5 billion, and the operating loss came down to $143 million from $970 million.

SpaceX also books more than $6 billion of multi-year US government contracts won in the quarter for Starshield, its secure government satellite network.

AI pipeline was the shocker, even though we already knew of some good deals. Revenue of $2.56 billion is up 247% on the year and 213% on the quarter, and the segment turned adjusted EBITDA positive for the first time, at $1.15 billion.

Cloud services agreements now total $14.1 billion of contracted sales, of which $1.6 billion landed in this quarter.
Nameplate compute reached 1.4 GW, from 1.0 GW in Q1 and 0.4 GW a year ago.

Elon said: “We expect to end this year with over 2 GW of compute. Cumulative, by end of next year, it will be several times higher. Closer to 10GW of compute than 5GW of compute. We've decided to build exclusively on NVIDIA. We think Vera Rubin is the best architecture.”

SpaceX put 78 launches and 1,041 metric tons into orbit across the first half, and says Starship will cut the cost to orbit by 99% or more against the historical average.

So why did the stock fall?

Capital expenditure. SpaceX spent $18.4 billion in the quarter, $15.8 billion of it on AI compute, where the analysts had been looking for about $13 billion. Shares had run up roughly 10% during Tuesday's session and then dropped as much as 8% after hours. The balance sheet is not the worry: the quarter closed with $100 billion in cash and marketable securities and $47.5 billion of backlog, after an IPO that brought in $85.7 billion net and a $25 billion bond issue behind it. Note that the insider stock lock-up lifts on August 6.

And here are some of my notes from the call itself:

And a lovely update here of something you’ll never see elsewhere: six of the Starlink V3 satellites Starship deployed on Flight 13 were carrying cameras, and SpaceX published 65 seconds stitched from four cameras on a single one of them. You can watch Ship drift away with three of its six Raptors lit and the RCS thrusters puffing

The Boring Company has just opened a new station, at the SAHARA hotel in Las Vegas.