TESLA $TSLA'S MUSK SAYS VEHICLE DEMAND IS EXCEEDING PRODUCTION BY A SIGNIFICANT MARGIN On the Q3 call, Musk said demand is growing rapidly and named Full Self-Driving as the biggest driver. • FSD: approved in many European countries, with an EU-wide approval hoped for within a few months. He said he would be surprised if it took longer than Q1, and that the timing isn't Tesla's to control • Production: Tesla Semi production began in Q3. He is aiming for 5M vehicles a year by about 2030 • Energy: almost sold out of Megapacks for 2027, and he expects gross margins on the business to increase meaningfully • Robotaxi: autonomous miles driven are scaling very rapidly week over week. The Cybercab fleet in Austin has grown by a factor of 10 since launch about a month ago • Optimus: early production has started on the high-volume line in Fremont. He expects it to take at least a year, maybe a little longer, to reach 20,000 units a week, and expects Optimus deliveries to companies outside Tesla around the end of next year • Terafab: the Austin research fab begins commissioning machinery in the first half of next year, with a first test chip around May or June. His aspiration is a useful chip at volume around Q3 2028(Historical earnings: For 2026Q1 (period ended 2026-03-31), Tesla reported basic EPS of 0.15 and diluted EPS of 0.13, net income of USD 0.477 billion, and revenue of USD 22.387 billion. In the prior-year 2025Q1 period, basic EPS was 0.13, diluted EPS 0.12, net income USD 0.409 billion, and revenue USD 19.335 billion. For full-year 2025, basic EPS was 1.18, diluted EPS 1.08, net income USD 3.794 billion, and revenue USD 94.827 billion. Consensus expectations: For 2026Q3 (event date 2026-10-21), consensus expects EPS of 0.4511 and revenue of USD 28.024 billion.)