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This demonstrates the effective pricing and cost management done by the Tesla team as we continue to drive demand. Controlling for the impact of those benefits from the prior quarter, our automotive gross margins, excluding credits would have been approximately flat. Overall, FSD attach rates continue to improve, reaching nearly 1.5 million paid customers globally, of which 55% is upfront purchases and the remaining 45% is subscriptions. We are, therefore, focused on increasing production at all our factories to meet this growing demand. So, Q2 continued the trend that we saw at the end of Q1, a resurgence in demand for our vehicles across the globe. So we feel confident we can adapt the same Tesla AI technology that we developed for self-driving cars to have a self-driving computer screen, self-driving computer essentially.

Your second part of spanian aussie pokies your question was, is this one-off or would we expect more? On top of it, keep in mind that none of these numbers which I shared of $20 billion factors and anything to do with the solar fab or the semiconductor chip fab. There's about six factories which we are starting production in this year. Finally, still on that level of spending, you're going to be burning cash. Or how much of this is an ongoing level of high spending for a number of years? Was hoping to better understand where the investments are going.

The next question is coming from Walt from LightShed. So we have to expand to each city to meet those requirements, and we'll continue to do so. So that's why we're trying to have a broader footprint to try and make sure before we go really high in terms of deployment that we are able to sort these things out in a smaller fleet in a controlled manner. What sort of is the roadblock to sort of adding more vehicles on the ground? And sort of what do you need to sort of get that higher volume numbers in a major city? Why not just sort of scale up Austin or one or two cities before adding cities? And then, Colin, do you have a follow-up? And when you go through that experience, I mean, soon, customers will be able to do it in not-too-distant future, and then you'll understand why that connectivity becomes so important.

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So, for the car, it's sort of pixels in or photons in and controls out. So this is really going to be super helpful as we try some exciting adventurous high-risk, high payoff bets on AI chips. So you can have a very fast iterative cycle and try out new chip designs very quickly and see if they work. And that development fab, I think, is pretty cool because it's intended to have lithography mask production and then logic, memory and packaging and chip testing all under one roof. But I do think Terafab is going to be an amazing initiative and a necessary one and one without which we will be constrained in our ability to scale Optimus production because we simply won't have enough AI chips. So there is no humanoid robot that is actually able to do generalized tasks. And at least with electric cars, the nonelectric powertrain portions of the cars had an existing supply chain. And the difficulty of scaling the production ramp is proportionate to the newness of the parts in the robot.

So really, we see demand for Megapack being very, very high in the future. I mean the solar battery combination will be how the vast majority of energy in the world is produced in the future. Maybe you can just address to what extent is energy storage going to be supply constrained for the foreseeable future? Maybe just a quick question on energy storage, which I think is a key topic here. Basically, if you look at it, all our spend on CapEx is trying to do productive assets. But maybe proportionately back when Henry Ford did the Model T or something like that, but World War II when companies were making — had to sort of scale up reference production. So it's a balance between like how much sort of capital efficiency versus time. So we're not trying to aim for like some extremely high efficiency capital spend because that would slow things down.

The private investor was required to invest the remaining 60%, which typically comprises equity and debt.. The approach initially endorsed required that the government invest 40% of the BPC during the project construction period (as construction assistance), in five equal installments, linked to the achievement of predefined construction milestones. Map your cash outflow curve—when you’ll spend on earthworks, materials, labour—against the cash inflow schedule from NHAI. Miss your deadline or slip below O&M standards, and NHAI withholds part of your payment—or worse, invokes performance-bank guarantees. Your consortium or contractor covers the remaining 60 % as equity and debt. The authority has released the MHT CET 2026 round 1 cutoff on August 2, 2026. The cutoff for MHT CET 2026 represents the minimum rank or percentile required by candidates to secure admission to a particular college and course.

Forex—The foreign exchange market (forex) is a global, decentralized, over-the-counter market for the trading of currencies and is the largest market in the world (followed by the credit market). Can you talk a little bit about the R&D spend and how you're thinking about the synergies of the different components, particularly on the hardware side? You talked a lot about the CapEx spend, but this is an incredibly ambitious technology development program that you're talking about. Then there's the real-world AI and scaling production. I always think people sort of outside of China kind of underestimate China. Actually quite good at AI as you can see from the open-source, not the open-source, but the sort of I guess, some of them are open, actually. China is incredibly good at scaling manufacturing. Wondering what the long-term competitive advantages that keep Tesla, Inc. ahead are and how based on what you've seen will Optimus fundamentally differ from these competitors?

I've actually my — what I've asked the team to do is like really, we should be spending on CapEx as fast as we can spend — as fast as we can without it being too wasteful. So to what extent right now in this CapEx cycle is your pace of CapEx effectively capped simply because spending any more would be done in an inefficient manner? Elon, in the past, you've said that you'll spend as much as you can, but really efficiency seems like it's the gating factor. So I think we've got — I think it's going really well on the chip front. And if somebody has got a better one, I'd like to need that person to shake your hand because the AI chip is just so good. I think it's — I think it's going to be the best edge computing chip in the world. And we're — I'm very excited about the design of the Tesla AI chip. So Tesla chip team is really doing great work and making incredibly fast progress on AI.

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So, Andrew, as soon as you can, please unmet yourself and ask your question. So, please unmute yourself and go ahead and ask your question. The first question comes from Tom from RBC. The second flywheel is when we have a large number of Optimus robots practicing their tasks in what we call the Optimus Academy. This is all on top of any training we can do off of the entire Internet of data that shows demonstrations of people doing various tasks, both in industrial settings and home settings. One of the main reasons for this approach is that having the human form factor and function allows us to learn from humans on how to perform a wide variety of tasks. And there was one remaining question on data collection for Optimus training. Our technology bets are paying off, helping us sustain the exponential growth for the foreseeable future, and the Cybercab is going to be awesome.

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We are really moving into a future that is based on autonomy. We are also going to be significant manufacturers of solar cells, and we are making massive investments in AI chips. We will continue to make sure that when we do spend capital, it is spent very efficiently. That is deliberate because we are making big investments for an epic future. I think with the advent or continued growth of AI and robotics, I think we actually are headed to a future of universal income, not universal basic income, but universal high income. But the actual follow-up I wanted to ask was the plan to upgrade Hardware 3 to Hardware 4 in order to be able to process, I suppose it's version 15 of the — and future versions of FSD.