Travis Axelrod
Head of Investor Relations

Good afternoon, everyone, and welcome to Tesla's First Quarter 2026 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives.

Our Q1 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

During the question-and-answer portion of today's call, please limit yourself to 1 question and 1 follow-up. [Operator Instructions]

Before we jump into Q&A, Elon has some opening remarks. Elon?

Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director

Thank you. So I think we've got a very exciting year ahead of us with 2026. We're going to be substantially increasing our investments in the future so you should expect to see significant -- a very significant increase in capital expenditures, but I think well justified for a substantially increased future revenue