Tesla Just Solved Its Second-Biggest Problem

Tesla’s Q1 showed a mixed but ultimately constructive read for investors. Revenue of $22.4 billion slightly missed expectations, and a large production-to-delivery gap (408,386 built vs. 358,203 delivered) remains a near-term concern. Crucially, per-vehicle economics are improving: gross profit per vehicle rose to $9,558 and EBITDA per delivery to $10,245, suggesting margins are recovering after cuts in 2022–24. Management’s plan for over $25 billion of 2026 capital spending on robotaxis, Optimus and AI initiatives is still ambitious but less worrying given healthier EV unit economics. The article frames these developments as weakening the bearish case and supports a more bullish investor stance on Tesla’s operational trajectory and long-term strategy.