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Tesla faces margin pressure as Robotaxi deployment proof matters
Capital expenditures are tracking above $25 billion this year, while second-quarter operating margin slid to 1.4% as investors wait for Robotaxi deployment and unit economics.
Tesla is pushing further into autonomous mobility and AI, but financial metrics are forcing investors to focus on near-term proof for its Robotaxi effort, according to MarketBeat Ratings. The report says Tesla’s capital expenditures are tracking to exceed $25 billion for the full year, and its quarterly free cash flow recently turned negative to $1.09 billion.
The outlet also points to ongoing pressure in Tesla’s core automotive business. It cites price reductions across key global markets, with operating margins compressed to 1.4% in the second quarter of 2026 and adjusted EBITDA around $3.27 billion.
Despite revenue resilience, the story highlights that profitability remains tight. Tesla posted adjusted earnings of 33 cents per share, missing Wall Street expectations, while quarterly revenue was approximately $28.24 billion.
For the Robotaxi thesis, MarketBeat Ratings says institutional confidence depends on measurable progress, including vehicle deployment density in active metropolitan areas and growth in unsupervised driverless miles. The report adds that Tesla is targeting operating costs of around 81 cents per mile for the network, and notes Full Self-Driving attach rates on new North American deliveries reached about 55%.