What it does
The company states that it is focused on bringing AI into real-world applications through products and services including FSD (Supervised), Robotaxi and Bots, including Optimus. Its two reportable segments are automotive and energy generation and storage. Automotive covers electric-vehicle design, development, manufacturing, sales and leasing, plus regulatory credits and services. The company currently manufactures Model 3, Model Y, Model S, Model X and Cybertruck consumer vehicles, and began early production and deliveries of Tesla Semi in 2022. Its energy offerings include Powerwall, Megapack, solar panels and Solar Roof, alongside related software platforms.
Source: Tesla, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
How it makes money
The company reports automotive and energy generation and storage as its two reportable segments; the segment table below provides the revenue detail. Automotive revenue includes vehicle sales and leases, automotive regulatory credits, and services and other activities such as used-vehicle sales, paid Supercharging, insurance revenue, parts and merchandise. The energy segment includes sales, leasing and financing of generation and storage products, related services and energy-generation incentives. The company generally sells products directly to customers. It also offers vehicle leases and/or loans in certain jurisdictions and may earn fees through solar power-purchase agreements.
Source: Tesla, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Customers and geography
The filing describes vehicle customers reached through the company website and a global network of company-owned stores, with galleries in some jurisdictions serving an educational role. It markets solar and energy-storage products to residential, commercial and industrial customers and utilities through direct channels and channel partners. Powerwall is aimed at homes or small commercial facilities, while Megapack serves commercial, industrial, utility and energy-generation customers. The company offers vehicle financing or leasing in certain jurisdictions in North America, Europe and/or Asia. It has manufacturing facilities in the U.S., China and Germany. The filing does not provide geography revenue figures in the supplied facts.
Source: Tesla, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Competition
The company states that the worldwide automotive market is highly competitive, including internal-combustion vehicles, electric and alternative-fuel vehicles, hybrid vehicles, traditional ride-hailing and taxi services. It also describes competition in AI and robotics, energy storage, and solar energy. For energy generation, it identifies traditional local utility companies and solar energy companies as competitors. The filing does not name individual corporate competitors. The company says its vehicle models compete across their conventional vehicle classifications, including pickup trucks, premium sedans and SUVs, and small-to-medium sedans and compact SUVs.
Source: Tesla, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov
Key risks
- The filing states that the company may experience issues or delays developing, launching and ramping production of products, services and features, or may be unable to control manufacturing costs.
- Its success will depend on continuing to expand sales capabilities while projecting demand and pricing products for a broad global customer base.
- The market for its vehicles could be negatively affected by perceptions of EV features, quality, safety, performance and cost; charging access; competition; energy-price volatility; and government incentives and conditions.
- Issues with lithium-ion cells or other components manufactured at Gigafactories may harm vehicle and energy-storage production and profitability.
- Design or manufacturing defects, or restrictions and regulation affecting vehicle features, may harm development, marketing and sales and lead to delays, recalls, claims and expenses.
- Demand may be affected by the status of government and economic incentives supporting product development and adoption.
Source: Tesla, Inc. Form 10-K for fiscal 2025, Item 1A — sec.gov
People and operations
As of December 31, 2025, the company had 134,785 employees worldwide. The filing says it has manufacturing facilities in California, New York, Texas and Nevada in the U.S., and in China and Germany internationally. These facilities manufacture and assemble vehicles, certain vehicle parts and components, energy-storage components and systems, and solar products and components. The company sources parts globally from thousands of suppliers, and notes that some procured components and systems are sourced from single suppliers. It also states that automobile sales tend to be cyclical in many markets, which may create volatility.
Source: Tesla, Inc. Form 10-K for fiscal 2025, Item 1 — sec.gov