Tesla Reports Huge Miss on Earnings for Second Quarter

Summary

Tesla's Q2 earnings featured a huge EPS miss driven by heavy discounts on an aging lineup, undermining the core auto business and casting doubt on its ability to fund AI and robotics ambitions. Guest Jon McNeil argues that the auto supply chain is much healthier and that robotics leadership lies in Asia, as reflected in his R2 ETF.

• Tesla reported adjusted EPS of 33 cents vs. 51 cents expected, a major miss
• Revenue beat by ~$3 billion, but margin-hit from discounting and low APR offers
• Katie Greifeld highlights the base auto business is weak, not an AI story
• Jon McNeil warns the weak cash flow may force Tesla to raise equity or debt
• McNeil says Tesla's supply chain has double the margins and is healthier
• McNeil notes China and Korea dominate robotics, explaining the Asian tilt of his R2 ETF
• Robotaxi rollout remains limited and may not bridge Tesla to its robotic future
• A speculative Tesla-SpaceX merger could bring simplification, control, and AI asset proximity