I’ve just gone through Tesla’s Q4 2025 financial results, and frankly, it’s a mix of excellent news and difficult goodbyes. This quarter marks a major strategic turning point for the company: on one hand, automotive margins are finally rebounding after months of pressure, on the other, Tesla is definitively turning the page on its iconic Tesla Model S and Tesla Model X models. But what stands out most is the rapid acceleration towards autonomy and robotics. Between mixed financial performance, the discontinuation of legendary vehicles, and a massive bet on the robotaxi, Tesla continues to challenge all norms. A complete breakdown of this historic quarter.
Mixed Financial Results, But Margins Finally Rebounding
On the surface, Q4 figures might disappoint: GAAP EPS stands at just $0.24, 38% below analysts’ consensus. But be careful, it would be a mistake to stop there. Non-GAAP EPS reached $0.50, and most importantly, the real good news lies in the margins.
The automotive gross margin jumped to 17.9%, compared to 15.4% in the previous quarter. This is the best level recorded in two years! For me, who monitors these indicators closely, this rebound shows that Tesla still knows how to optimize its production despite an increasingly fierce competitive environment.
This improvement is explained by several factors: a better regional sales mix, continuous optimization of manufacturing processes, and sustained demand for energy solutions. For the full year, Tesla delivered 1.636 million vehicles for revenues of $94.83 billion.
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Energy Becomes a Strategic Pillar
The Energy division is literally off the charts with $12.78 billion in revenue for the year (+26.6%) and a record quarterly profit in Q4. Tesla deployed 46.7 GWh of storage capacity for the full year, driven by explosive demand for Megapack (for utilities) and Powerwall (for residential customers).
This branch now actively offsets pressures on traditional automotive. It’s a strong signal: Tesla is intelligently diversifying its revenue streams and no longer relies solely on vehicle sales.
The End of an Era – Tesla Discontinues the Tesla Model S and Tesla Model X
The announcement came as a bombshell: Tesla will cease production of the Tesla Model S and Tesla Model X during Q1 2026, after more than ten years of loyal service. Elon Musk speaks of an “honorable discharge” for these vehicles which, according to him, have fulfilled their mission.
As an enthusiast, it breaks my heart. The Tesla Model S Plaid and its spectacular performance literally launched the premium electric car revolution. But strategically, I understand the decision: sales of these models were declining, and Tesla must focus its efforts on volume (Model 3 and Y) as well as on the future $25,000 compact vehicle.
The Fremont production line dedicated to S and X will not remain idle: it will be transformed into an Optimus production line with an impressive capacity of 1 million units per year. Tesla is freeing up capacity for its new robotics bet.
What Happens to Tesla Model S and Tesla Model X Owners?
Rest assured if you own one of these models: Tesla assures that technical support will continue, as will the availability of spare parts. Software updates should also continue, although the intensity might decrease over time.
On the used market, the last units produced could become collector’s items. These models will remain iconic in the history of the electric car, marking the beginning of a revolution that is only just starting.
Heading for Autonomy – The Robotaxi Accelerates Without a Safety Net
The unsupervised deployment in Austin marks a major symbolic milestone. Tesla now operates a fleet of over 500 vehicles in 100% autonomous mode between the Bay Area and Austin. This is Elon Musk’s big bet: if it works, Tesla will completely change its economic dimension.
The FSD (Full Self-Driving) figures are impressive: 1.1 million paying subscribers worldwide, 70% of whom opted for direct purchase rather than a monthly subscription. Production of the Cybercab begins in April 2026, with an ambitious goal: to cover 25% to 50% of the United States by the end of 2026.
FSD: Investment or Risky Bet?
The current FSD user experience is still divisive. Some owners report near-perfect driving, while others report regular interventions are necessary. Regulatory evolution remains the big challenge: not all US states are ready to authorize unsupervised driving.
The potential impact on Tesla’s valuation is colossal if adoption becomes massive. But let’s be realistic: the path to global widespread adoption remains long, strewn with technical, regulatory, and cultural obstacles.
Optimus and xAI – Tesla Bets Heavily on AI and Robotics
The $2 billion investment in xAI’s Series E sends a strong signal: Tesla is massively committing to artificial intelligence. The presentation of Optimus Gen 3 is planned in about three months, and personally, I’m eagerly awaiting it.
The conversion of the S/X line into an Optimus factory with a capacity of 1 million robots per year shows Musk’s immense ambition. According to him, these robots will have a significant impact on the American GDP. CapEx 2026 will exceed $20 billion, a massive investment in infrastructure.
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My opinion? Tesla no longer wants to be just an automaker. It has become an AI and robotics company that also makes cars. The transformation is radical.
What Future for Optimus in Our Lives?
Immediate industrial applications are obvious: Tesla factories are already using prototypes for certain tasks. The medium-term domestic potential raises exciting practical and ethical questions. When will we truly be able to buy a humanoid robot for our homes? The realistic timeline for mass market commercialization remains unclear, but progress is accelerating.
This quarter marks a radical transformation for Tesla. The company is definitively choosing its side: AI, autonomy, and robotics are taking precedence over classic premium automotive. The free cash flow remains solid at $1.4 billion, reassuring about Tesla’s ability to finance these immense ambitions.
As a Tesla owner and enthusiast, I feel like I’m witnessing a historic moment. The risks are immense, but the opportunities are just as great. Will Tesla succeed in its metamorphosis? Only time will tell, but one thing is certain: by following the latest industry announcements, we can see that the company never does things by halves. What do you think? Share your thoughts in the community!
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