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Tesla

Master Plan, Part IV, From September 2025

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Tesla’s mission

Master Plan, Part IV

Tesla passed $100 billion of revenue over twelve months for the first time in the second quarter of 2026, and has delivered 9.7 million vehicles in all. In September 2025 it set out Master Plan, Part IV, which its board describes as reimagining labor, mobility, and energy by bringing AI into the physical world through products such as FSD, Optimus, and Robotaxi. Its shareholders then approved a ten-year award for its chief executive that pays out only as Tesla meets milestones such as 1 million robots delivered.

Labor

Line 1 of 3

Bots, starting with Optimus, a general-purpose humanoid robot.

  1. 1Optimus in FremontInstall the first Optimus production lines at the Fremont factory, where the Model S and X lines were, and start production in 2026.
  2. 2Optimus in TexasBuild Optimus manufacturing at Gigafactory Texas.
  3. 3A million BotsDeliver 1 million Bots, one of the milestones of the 2025 CEO Performance Award.

22 July 2026Tesla retired the Model S and X lines at Fremont and began installing Optimus lines in the second quarter of 2026.

22 July 2026The first Optimus builds will go to an Optimus Academy, to collect training data and develop what they can do.

Tesla’s board set 12 milestones for its chief executive’s award, to be met within ten years

Four are counts of products and eight are levels of adjusted EBITDA, from $50 billion to $400 billion over four quarters. Each pays out only when it is met alongside a market value milestone, the highest of them $8.5 trillion.

Tesla vehicles delivered

49% of 20,000,000, in June 2026

Active FSD subscriptions

15% of 10,000,000, in June 2026

Bots delivered

Target 1,000,000; Tesla does not yet report a count

Robotaxis in commercial operation

Target 1,000,000; Tesla does not yet report a count

Adjusted EBITDA milestones, $ billion over four quarters

$50$80$130$210$300$400 ×3

Tesla’s adjusted EBITDA over the four quarters to June 2026 was $15.3 billion, worked out from its quarterly figures; the first milestone is $50 billion, and the last three are each $400 billion.,

Tesla can build more than 2.37 million vehicles a year

It delivered about 1.75 million in the four quarters to June 2026. Tesla says it is focused on using all the capacity of its factories, and on the capacity it has before building new factories and lines.

74%

of the vehicle capacity Tesla lists, delivered over the last four quarters

  • Shanghai, Model 3 and Model Y more than 950,000 a year

  • California, Model 3 and Model Y more than 550,000 a year

  • Berlin, Model Y more than 375,000 a year

  • Texas, Model Y more than 250,000 a year

  • Texas, Cybertruck more than 125,000 a year

  • Texas, Cybercab more than 125,000 a year

Each car is 25,000 vehicles a year. The filled cars are deliveries over the four quarters to June 2026, worked out from Tesla’s quarterly figures and filled in row order, not by the factory that built them.

  1. Make the milestones countable.

    Tesla’s award for its chief executive names its product milestones as plain counts: 20 million vehicles delivered, 10 million active FSD subscriptions, 1 million Bots delivered, and 1 million Robotaxis in commercial operation, each with a definition of what counts. We recommend writing a long-range goal as a number anyone can check, with the rules for counting it, so that nobody can argue later about whether it was met.

  2. Report the measure you are judged on.

    Since the award was approved, Tesla reports cumulative deliveries and active FSD subscriptions in its quarterly update, both counted as the award defines them. We recommend that any target used to judge a leader or a team appears in the regular report, worked out the same way, so that progress is visible every quarter and not only at the end.

  3. Free capacity before building more.

    To make room for Optimus, Tesla retired the Model S and X lines at Fremont and is installing robot lines in their place, and it says it prefers to use the capacity it has before building new factories and lines. We recommend asking what a new priority can replace before asking what it needs to add.

Sources

  1. 1. Tesla, Inc. (2025). 2025 Proxy Statement. Proxy statement, 17 September 2025. sec.gov
  2. 2. Tesla, Inc. (2026). Annual Report on Form 10-K, fiscal year ended December 31, 2025. Annual report, 29 January 2026. sec.gov
  3. 3. Tesla, Inc. (2026). Q2 2026 Update. Results statement, 22 July 2026. sec.gov
  4. 4. Tesla, Inc. (2026). Tesla Third Quarter 2026 Production, Deliveries & Deployments. Company announcement, 2 October 2026. sec.gov

Headwater is not connected with Tesla, Inc. Tesla, Optimus, Robotaxi, Cybercab, FSD, Megapack, Megablock, and Powerwall are trade marks of their owners. Updated 5 October 2026.

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