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Tesla has initiated the earnings season for its sector, with its recent shareholder letter and Elon Musk’s comments during the earnings call revealing some striking insights that may leave investors either worried or confused.
The company has tempered its earlier commitments regarding the “volume production” of the Cybercab, Tesla Semi, and Megapack 3, which were all expected by 2026. Despite Tesla’s public announcements about expanding its Robotaxi service into new locations in Florida and Texas, the latest data indicates a decrease in paid robotaxi miles from one quarter to the next.
Senior reporter Sean O’Kane examined a graph included in Tesla’s shareholder updates. While the chart suggests steady growth in paid robotaxi rides from August 2025 to June 2026 at first glance, O’Kane points out that these numbers are cumulative, and a deeper look reveals a drop from approximately 1.1 million miles in the first quarter to around 700,000 miles in the second quarter—a decrease of roughly 36%.
During the call, Musk mentioned that Tesla must gather specific driving data for the Cybercab before deploying numerous vehicles on the roads. This isn’t particularly surprising since the Cybercab is a new model. What caught attention is Musk’s explanation that Tesla needs to collect miles using Cybercabs retrofitted with standard steering and accelerator systems to calibrate to the Cybercab’s unique configuration.
This represents a shift from Tesla’s previous assertions regarding data collection from its nearly 10 million customer vehicles, which was said to train its advanced driver-assistance system, Full Self-Driving (Supervised), and future robotaxi models. Musk’s statements indicate a disconnect between the existing vehicle data and its application to the Cybercab.
On the financial side, Tesla’s Q2 earnings reveal the company directing significant investments into developing new products (capital expenditure has doubled, and free cash flow has turned negative). Although revenue has increased, it hasn’t been enough to cover operational costs, leading to a 5% drop in net income year over year.
Latest Deals
Travis Kalanick has re-emerged in the robotics and mobility sector this year with Atoms, a rebranded holding company involving his ghost kitchen initiative, alongside plans to acquire Anthony Levandowski’s industrial automation company, Pronto. Kalanick now has $1.7 billion in funding, with major backing from VC giant Andreessen Horowitz and others like Bain Capital and Fifth Wall. Following this investment round, Ben Horowitz will join Atoms’ board.
This may seem surprising, especially considering Kalanick’s tumultuous exit from Uber nearly a decade ago amid various controversies. Notably, Uber itself participated in this funding round, reportedly investing $100 million into Atoms, a figure confirmed by sources as having taken place approximately six months ago.
In 2016, under Kalanick’s leadership, Uber acquired Levandowski’s self-driving startup Otto. Shortly after, Waymo (the self-driving project of Google) sued Uber for trade secret theft. The lawsuit was settled after five days in court.
Despite the complicated past between Kalanick, Uber, and Levandowski, it seems Uber is still willing to invest in them.
What will Atoms do with its newfound funding? While details are scarce, an email from Levandowski suggests that Pronto will play a significant role in their strategy.
The email noted, “Atoms is heavily investing in Industrial AI and physical automation for mining and transport.” It also states, “Pronto is a core strategic focus for Atoms, and this funding aims to enhance what matters most: scaling practical, OEM-agnostic autonomy.”
Other noteworthy deals included …
Einride, a Swedish electric and autonomous trucking firm, has announced plans to acquire the EV charging startup Flipturn in an all-stock deal valued at $38 million.
IBM is set to acquire HRL Laboratories, a quantum computing research facility collaboratively owned by Boeing and General Motors.
Sila, a startup specializing in battery materials, raised $300 million in a funding round led by Atreides Management and Sutter Hill Ventures, with additional participation from various venture partners. This funding will support the expansion of Sila’s Washington state factory, aiming to produce enough anode material for over 100,000 electric vehicles.
Noteworthy Articles and Updates
Aurora recently launched its next-generation driverless trucks, featuring new, compact hardware, upgraded sensor-cleaning systems, and enhanced range lidar, all engineered for a million-mile service life. The initial fleet will operate along a Dallas-to-Houston route, eventually growing to 200 driverless trucks by the year’s end, serving clients such as Hirschbach and Uber Freight. Notably, these trucks will operate without a human driver present.
Ford announced a partnership with Apple for its upcoming EVs. The integration will include Apple Maps navigation and mapping using a new suite of developer tools called MapKit for Automotive, set to begin with a $30,000 midsize truck in 2027. When asked about its relationship with Google, a spokesperson clarified that the new alignment with Apple would not alter Google’s role in Ford’s ongoing and upcoming projects.
The Insurance Institute for Highway Safety published a study titled “Rise of the machines: crash experiences of highly automated vehicles and human drivers.” The study aims to shed light on the crash involvement rates between Waymo’s autonomous vehicles and human drivers, evidencing that Waymo’s vehicles have a crash rate 68% lower than that of humans. The study also emphasizes that data collection at a national level for Level 4 vehicles could be improved for better safety assessments.
Mobileye‘s founder and CEO Amnon Shashua will resign from his leadership position after nearly 30 years, as the company pushes into robotaxis and humanoid robotics.
The National Highway Traffic Safety Administration is evaluating new requirements for automakers to ensure safe exit for drivers and passengers, following a petition focused on the emergency door release design on Tesla Model 3 vehicles from 2022. It’s important to note that this review doesn’t guarantee new regulations.
Rivian has filed a lawsuit against the U.S. government seeking a full reimbursement for tariffs imposed under President Trump’s controversial trade policies, which were later deemed unconstitutional by the Supreme Court.
Two engineers from Volkswagen are facing charges for securities fraud after allegedly profiting from insider information related to the automaker’s partnership with Rivian.
Waymo is reportedly deliberating on how to terminate its partnership with Uber, with discussions revealing the contract covering Atlanta and Austin will end in May 2028. Uber stated that Waymo intends to launch its own app in these cities in January 2028.
WhatsApp is introducing several new features, including an enhanced experience for Apple CarPlay and Android Auto.
