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Tesla Beats Revenue, Ups FSD Subscriptions, Merger Denied

7/23/2026

44 8 Full Breakdown

Summary

Musk Denies Merger

Elon Musk said on Tesla’s earnings call that overlap with SpaceX is growing, but a merger cannot be discussed.
Tesla posted Q2 revenue of $28.2 billion, beating $27.2 billion expectations, while EPS fell to 33 cents.
Deepwater analyst Gene Munster raised the odds of a Tesla-SpaceX merger to 90 percent, while JPMorgan warned the deal would face hurdles because Musk holds >80 percent of SpaceX and ~20 percent of Tesla.

Summary

Tesla Orders Fab

Tesla ordered equipment for a new fab to produce its custom AI chips.
Tesla is installing Optimus robot production lines and expects to start soon despite lacking a supply chain.
Active Full Self-Driving (FSD) subscriptions rose 56% to about 1.5 million.
The v. 15 software version powers both the Robotaxi fleet and the upcoming Cybercab.
Tesla got April approval to deploy FSD in the Netherlands and is seeking clearance in China.

History

Historical Context

In 1998 Daimler-Benz bought 80 % of Chrysler, a cross-industry merger championed by CEO Jürgen Schrempp that later proved costly, with Chrysler accounting for about one-third of Daimler’s $200 billion revenue by 2006 but delivering weak synergies. The same pattern of cultural clash now frames talks of a Tesla-SpaceX integration, where Elon Musk’s firms seek to blend automotive and aerospace expertise.

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Musk Denies Merger

Elon Musk said on Tesla’s earnings call that overlap with SpaceX is growing, but a merger cannot be discussed.
Tesla posted Q2 revenue of $28.2 billion, beating $27.2 billion expectations, while EPS fell to 33 cents.
Deepwater analyst Gene Munster raised the odds of a Tesla-SpaceX merger to 90 percent, while JPMorgan warned the deal would face hurdles because Musk holds >80 percent of SpaceX and ~20 percent of Tesla.

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