From The Limiting Factor.

In Tesla’s Q3 2025 earnings call, they provided important updates across their product portfolio. In my view, it was an under rated earnings call, despite the lack of updates on the fully dry 4680 ramp.

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*Timeline*
00:00 Introduction
01:23 Megapack 4
03:20 The Energy Business
05:16 FSD Clarity and Vehicle Production
08:58 3 Million Vehicles Per Year by 2027
10:45 Optimus V3
12:36 Real World AI
13:28 Intelligence Density
17:12 The AI5 Chip
22:57 Progress on FSD for Tesla Owners
25:07 Summary

Intro Music by Dyalla: Homer Said