Tesla (TSLA.O) will report Q2 results after the close on Wednesday. Investors
are prioritizing management signals on Robotaxi, the Optimus humanoid robot and
broader AI strategy over headline revenue and profit figures. Morgan Stanley
analyst Andrew Percoco said Robotaxi and Optimus remain the main drivers of
share performance; he expects positive updates in the quarter but says they may
be insufficient to produce a decisive re-rating. Tesla is increasing investment
in data centers, AI infrastructure and robot manufacturing, with capex this year
seen around $25 bln. LSEG consensus shows Q2 free cash flow expected to be a net
outflow of $3.3 bln, the first quarterly cash-flow deficit in over two years.
Morgan Stanley added investors are watching whether large-scale spending
materially enhances Tesla’s physical-AI competitive edge and when it will
convert into profit.
