He said Tesla expects to start Cybercab production in April and that the manufacturing ramp will follow an S-curve. Musk argued that because a large share of miles traveled involve one or two passengers, Tesla expects Cybercab production to eventually exceed all other Tesla vehicles combined. Tesla expects increasing deployments in 2026 with the launch of Megapack 3 and Megablock, but anticipates margin compression from low-cost competition, policy uncertainty, and tariffs. CapEx surge, chip strategy, and xAI collaborationTaneja said Tesla expects 2026 to be a “huge investment year,” with CapEx expected to exceed $20 billion. He listed spending related to six factories: a refinery, an LFP factory, Cybercab, Semi, a new Mega factory, and the Optimus factory.