Here's a summary of the video, including every news item discussed:
**Tesla Q4 & Annual Delivery Report:**
* **Q4 Deliveries:** 418,227. This was below the company-compiled consensus of just under 423,000 but above the Wall Street whisper number of ~410,000.
* **Other Models (S, X, Cybertruck) Q4:** 11,642 combined. The host estimates ~3,500 were Cybertrucks, and ~8,000 Model S/X.
* **Cybertruck Expectations:** The 11,600 number for S/X/CT combined is below expectations, even if it were all Cybertruck. Cybertruck production is likely stalled between 3,000-7,000 units per quarter, despite "millions" of pre-orders and a listed manufacturing capacity over 125,000.
* **Model 3/Y Standard Variants:** These didn't launch in the US until October 2025 (this year per host), making it too early to judge their success or impact on overall sales.
* **Annual Deliveries:**
* 2025: 1.636 million
* 2024: 1.789 million
* 2023: 1.808 million
* **Year-over-Year Decline:**
* 2023 to 2024: down 1.07%
* 2024 to 2025: down 8.56%
* **Elon's Prediction vs. Reality:** On the Q3 2024 earnings call, Elon predicted 20-30% vehicle growth for "next year" (implying 2025). This would have meant 2.147-2.325 million units. The actual -8.56% decline means Elon was off by about 600,000 units.
* **Auto Sales Trend:** Chart from Roland shows auto deliveries peaked in 2023 and have been declining since.
* **Advertising & Consumer Blame:** The host reiterates Tesla needs to advertise more given current sales. However, he also attributes blame to the "average mainstream consumer" for poor product research and being influenced by "anti-EV and anti-Elon propaganda." He suggests even more advertising might not move the needle much due to consumer bias and preconceived notions.
* **Auto Business Outlook:** The auto business is now seen as serving its purpose as an "in-house VC" and growing the fleet for Robotaxi capabilities and data gathering, as long as it maintains positive gross margins and cash flow. Deliveries above 1.5 million per year are deemed "insignificant" as a bridge to Robotaxi and Optimus. The host anticipates Q1 and Q2 2026 will be interesting to see if sales stabilize, as Q4 2025 was noisy due to a Q3 pull-forward related to EV tax credits.
**Tesla Energy Business:**
* **Q4 Storage Deployments:** 14.2 gigawatt-hours (GWh), a new record.
* **Annual Storage Deployments (2025):** 46.7 GWh. This is significant growth compared to just over 30 GWh in 2024.
* **Growth Rate:** The energy business shows 48% growth (comparing TTM Q4 2025 to TTM Q4 2024).
* **EV Equivalents:** If an average EV battery pack is 75 kWh, the energy business deployed 622,667 "EV equivalents" in Q4 2025.
* **Energy vs. Auto:** The energy business has already exceeded the auto business in terms of batteries deployed into the world.
* **Gross Margins:** Gross margins on Tesla's energy business are nearly double those on the auto side.
* **Total Battery Deployment (last 12 months):** Roughly 170 GWh between auto (123 GWh, ~70%) and energy (47 GWh, ~30%).
* **Battery Capacity:** Tesla's current capacity is ~225 GWh from auto (for 3M vehicles/year) plus an additional 100 GWh from Lathrop, Shanghai, and Powerwall. The Houston Megafactory will add 40-50 GWh.
* **Overall Business Strategy:** The energy business is acting as an "incredible bridge" during the auto business's stagnation, with a more attractive gross margin profile.
**FSD & Technology:**
* **FSD in Snow:** The host shared an experience driving FSD 14.2.2.2 with Michelin X-Eye Snow Tires on unplowed, hilly roads. FSD handled a 15-minute drive "no problem." He was impressed with speed control in bad conditions, though he did disengage once for a navigation adjustment and later took over due to even worse conditions on the way home. Concerns remain about camera cleanliness and past instances of sliding.
* **Wireless Charging Patent (Cybercab):** A new patent published by Tesla is for "switching circuits to reduce leakage current in inductive charging." The system aims to avoid "medium voltage" states where leakage is worst, instead spending charging time in high or low voltage states (e.g., 75% high, 25% low) to drop leakage close to zero. It uses a "resonant tank" to tune the charging pad and car to the same resonant frequency, making power transfer more efficient even if pads are further apart or misaligned. This innovation aims for "well above 90%" wireless charging efficiency.
**Other Tesla News:**
* **Leasing Options:** Tesla now offers leasing for standard Model Y ($479/month), Model 3 ($449/month), and Model Y Performance ($799/month). All require $3,000 down, are for 36 months, and 10,000 miles/year.
* **Elon's Form 4:** Elon did not sell Tesla stock. He gifted 210,000 shares to his charitable trust for year-end tax planning, and the recipients have no current intention to sell.
* **Tesla Rental Program:** Quietly expanding to states like Florida and Michigan (filings observed). It offers short-term rentals (3-7 days, ~$60/day) directly from Tesla, with unlimited in-state miles, unlimited Supercharging, and complimentary FSD. The host notes a lack of public information about the program.
* **Optimus Production Rumors:** The host strongly debunks rumors of mass production of Optimus in Q1 2026, aiming for 50,000-100,000 units by end of 2026, calling them "completely absurd."
* **FSD 13.2.9 in China:** A new software update reportedly started a "massive rollout" in China. The host is skeptical about a fleet-wide FSD rollout due to no official approval.
* **Referral Links:** Tesla referral links are expected to reset with the new year.
**Other Companies & Market:**
* **Rivian Deliveries:** Produced 42,284 and delivered 42,247 units in 2025. This delivery figure is down about 18% from last year but was in line with expectations. All eyes are on gross margins, to be reported February 12th.
* **Elon's 2026 Outlook:** Elon stated that "2026 will be something special" for XAI, SpaceX, Tesla, Neuralink, and The Boring Company.
* **Tesla Stock Performance (End of Day):** Closed at $438.70, down 2.59%. The NDX was down 0.17%. Volume was 13% above the average.
The episode concluded on the "first weekend of 2026."