Tesla is scheduled to release its first-quarter 2026 financial results after the bell on Wednesday, April 22, and industry observers expect the company to report numbers showing it remains in a pitched battle with Chinese electric vehicle maker BYD.
“Tesla has seen sharp swings over the past year, with multiple 5%+ moves in a single session, while still ranking among the most actively traded names in the market,” Will Rhind, CEO of GraniteShares, said in an email. “That hasn’t changed heading into this report, even with ongoing pressure on deliveries and margins.”
Rhind added that “investors aren’t focused on the auto numbers.”
“They want to see whether Tesla can show real progress in the businesses that justify its valuation,” he said. “That means energy, where scale is starting to matter, and concrete updates on autonomy and robotics. If those areas move forward, investors will look past the headline print.”
Tesla was overtaken in late 2025 by Chinese electric vehicle maker BYD as the world’s largest electric vehicle maker. But the Texas-based company bested its Chinese rival in Q1 2026 with sales of 336,681 cars, compared to 310,389 EVs reportedly sold by BYD.
The latest Tesla projections come as the company has announced major moves like ending production of its Model S and Model X vehicles to build more robots and expanding its Robotaxi service to more cities in Texas.
Where Will Tesla’s Earnings Land?
Analysts predict Tesla will report $22.34 billion in revenue and an adjusted earnings per share of $0.36, according to Yahoo Finance.
Tesla experienced a decline in revenue earlier in 2025 while CEO Elon Musk partnered with President Donald Trump to spearhead the Department of Government Efficiency. During a Tesla earnings call last April, Musk sounded dejected as he announced he would allocate significantly less of his time to DOGE.
He officially left the Trump administration in May 2025.
“I don’t think so,” Musk admitted when asked if he would repeat the experience of serving in the Trump administration with DOGE during a December appearance on “The Katie Miller Podcast.” “Instead of doing DOGE, I would’ve basically worked on my companies, essentially,” he said.
On April 2, Tesla said it had produced over 362,615 vehicles and delivered over 336,681 cars, which fell slightly below most Wall Street estimates.
What Happens to the Model S and Model X?
Tesla ended production of its Model S luxury electric sedan and Model X luxury electric SUV in favor of building robots, Musk confirmed.
Musk said in an April 8 social media post that his company is down to “only a few hundred” of its Model S and Model X vehicles now that new production has ended.
Musk told investors in the last earnings call that Tesla plans to convert space at its Fremont, California, factory into an Optimus robot factory. Investors are likely to ask Musk for updates on the plant conversion.
Full Self-Drive: How Are Subscriptions Doing?
Tesla has discontinued its controversial Autopilot system, which was once standard on its cars, in favor of a new subscription model for its Full Self-Drive (FSD) software.
Teslas now come standard with cruise control features common on other manufacturers’ vehicles. Musk’s most recent compensation package from Tesla includes an operational milestone of 10 million FSD subscriptions.
The earnings call presents an opportunity for Musk to update investors on how the company’s February 14 move to a monthly FSD subscription model has been received.
Cybertruck’s Commercial Future
Musk told investors on Tesla’s Jan. 28 earnings call that the unconventional Cybertruck may soon be heading for an autonomous, commercial future.
In response to a question about whether he would design “a more conventional looking pickup” given sluggish Cybertruck sales, Musk said the company will “transition the Cybertruck line to just a fully autonomous vehicle.”
“There’s obviously a market there for cargo delivery … localized cargo delivery within a city,” Musk said. “There’s a lot of cargo that needs to move locally within a city, an autonomous Cybertruck could be very useful for that.”
Tesla’s Cybertruck sales were cut nearly in half in 2025, according to Cox Automotive. The company sold 20,237 Cybertrucks in 2025 — 48.1% fewer than the 38,965 it moved in 2024. The decline came as Trump and Congress eliminated the popular $7,500 tax credit for EV buyers.
Investors will look to see if Cybertruck sales have rebounded in early 2026.
Cybercab and Robotaxi: What’s the Timeline?
Tesla said it plans to begin mass production of the Cybercab in April 2026. The company describes it as a “purpose-built fully autonomous vehicle” that will “offer rides in your area in the future.”
Musk has said the Robotaxi will be a big part of the company’s “overall shift to an autonomous future.” Rides will be ordered through a cell phone app similar to Uber and Lyft — currently available only on Apple iOS.
The company currently operates its Robotaxis using Model Ys in limited areas of Texas and California, and recently announced an expansion to Dallas and Houston.
Contributing: Thao Nguyen, USA TODAY
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