Tesla’s $28B quarter fueled by record deliveries, Semi production ramp

Tesla reported second-quarter revenue of $28. 24 billion, up 26% year over year, while executives highlighted progress toward launching production of the Tesla Semi Class 8 electric truck at its Nevada manufacturing facility.

Austin, Texas-based Tesla (Nasdaq: TSLA) released its second-quarter earnings and held a conference call with analysts after the market closed on Wednesday. The company generated $20. 5 billion in automotive revenue during the quarter, delivered a record 480,126 vehicles worldwide and reported diluted earnings per share of 32 cents.

Operating income totaled $398 million, reflecting higher research and development spending in artificial intelligence, robotics, battery manufacturing and commercial vehicle production.

Tesla CEO Elon Musk said the company is entering what they described as its largest investment cycle, with spending focused on expanding manufacturing capacity across several businesses, including the Tesla Semi program.

“We have started production with the Tesla semi-truck,” Musk said during Wednesday’s earnings call, adding that Tesla is simultaneously ramping battery production, lithium refining, cathode manufacturing and future solar manufacturing capacity.

The company’s shareholder update said that the Nevada Tesla Semi factory remains on schedule, with production expected to begin later this year. Tesla also said increased production of its 4680 battery cells is supporting planned production ramps for both the Cybercab and Tesla Semi programs.

In the manufacturing section of the report, Tesla listed its Nevada Semi facility as being in the commissioning phase while noting the company continues expanding battery manufacturing capacity to support higher vehicle production.

Chief Financial Officer Vaibhav Taneja said development costs associated with the Semi contributed to higher operating expenses during the quarter.

“The increase came primarily from significant research and development-related activities, including pre-production ramp costs for new products like the semi-truck, Optimus, CyberCab and other AI initiatives,” Taneja said. Tesla said capital expenditures more than doubled from the previous quarter to $5.

8 billion as the company expands manufacturing capacity. Management expects capital spending to exceed $25 billion this year and continue increasing over the next several years. Supply chain expansion Executives said supply chain constraints remain the primary limitation on increasing vehicle production going forward.

Taneja said production growth continues to be limited by battery availability and electronic components, but Tesla is working to secure strategic supplier agreements to support future growth.

During the analyst Q&A, Musk highlighted supplier investments supporting Tesla’s manufacturing expansion, citing semiconductor production from Samsung and TSMC, battery investments from Panasonic, and memory supply commitments from Micron. Tesla Q2 2026 key metrics MetricQ2 2026YoY ChangeTotal revenue$28. 24 billion+26%Automotive revenue$20.

52 billion+23%Vehicles produced451,758+10%Vehicles delivered480,126+25%Diluted EPS (GAAP)$0. 32-3% Source: Tesla Q2 2026 Shareholder Update. Why it matters: Tesla’s continued investment in the Semi program signals growing competition in the Class 8 truck market while highlighting the industry’s broader shift toward domestic manufacturing and electrification.

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