Tesla's Internal Network Emerges as Key Cybertruck Buyer Amid European Software Launch

Tesla's Q1 earnings report is key as Cybertruck sales slow and internal demand is revealed. The company hits a milestone with its new AI5 chip for robots, while FSD gets EU approval.

Tesla's first-quarter earnings report, due after the market closes on April 22, will provide a crucial look at the company's fundamentals as it navigates a pivotal technological expansion. Analysts are forecasting earnings per share of $0.37, a 37% year-over-year increase, on revenue of approximately $22.7 billion. Investor focus will be sharpest on the gross margin, estimated between 17% and 18%, and any updates on the company's ambitious pivot toward robotics and artificial intelligence.

A significant portion of recent Cybertruck deliveries in the United States has been driven by internal corporate demand. Registration data from S&P Global Mobility reveals that SpaceX was the single largest buyer of the electric pickup in Q4 2025, taking delivery of 1,279 units—accounting for roughly 18% of all US registrations for the period. When other Elon Musk-led companies like xAI, The Boring Company, and Neuralink are included, the internal network accounted for nearly 1,340 units. This means almost one in every five Cybertrucks sold in that quarter went to a Musk-affiliated entity.

Without these internal transfers, the decline in US registrations would have been more severe. For the full year 2025, about 20,300 units were delivered in the US, a figure far removed from the original production target of 250,000 vehicles. The momentum slowed further in the first quarter of 2026, with deliveries dropping to 3,519 units, a 45% decrease compared to the same period last year.

Concurrently, Tesla has achieved a critical milestone in its hardware development. CEO Elon Musk has confirmed the tape-out—the final design stage before mass production—of the new AI5 chip. This next-generation semiconductor is reported to deliver five times the computing power of its predecessor. While current chips power the autonomous driving system, the AI5 is specifically engineered for the humanoid robot Optimus and Tesla's internal supercomputers. Development on the subsequent AI6 series is already underway, with Samsung and TSMC expected to manufacture these chips in the United States.

This aggressive technological investment is splitting analyst opinion. UBS recently upgraded the stock from "Sell" to "Neutral," setting a price target of $352. Morningstar values the stock at $400. Conversely, JPMorgan maintains a pessimistic "Sell" rating, cautioning that the massive capital expenditures required for the robotics shift could push investments toward $20 billion in 2026. Independent analysts anticipate a production start for the AI5 chip no earlier than mid-2027.

In Europe, Tesla has secured a regulatory breakthrough. The Dutch vehicle authority RDW has approved Tesla’s "Full Self-Driving (Supervised)" system for use on public roads, marking the first such authorization by an EU agency following 18 months of testing. The approved system is a Level-2 driver assist, requiring the driver to remain attentive and ready to intervene at all times. A software version adapted to local regulations is being rolled out via an over-the-air update, though formal submission to the European Commission is still pending. Customers can opt for a monthly subscription costing 99 euros or a one-time purchase for 7,500 euros.

Further European testing is on the horizon. The Lithuanian capital Vilnius plans to begin trials of autonomous driving at Level 4 this month. In a separate initiative starting in the third quarter of 2026, the city intends to test fifteen Model Y vehicles equipped with the latest hardware generation, with a focus on pedestrian recognition and winter operation.

Tesla shares recently traded at 328.30 euros, having gained nearly 12% over the past seven days. This leaves the stock about 21% below its 52-week high. Some technical indicators, like a Relative Strength Index (RSI) reading of 70, suggest the stock may be overbought in the short term. The upcoming earnings report and a planned unveiling of a new Roadster model will determine whether the recent rally has lasting support beyond corporate optimism and regulatory progress.