Tesla Inc. faced investor scrutiny regarding CEO Elon Musk’s pay package and production milestones ahead of its second-quarter 2026 earnings call. Investors sought clarity on the status of the Optimus robot's production ramp in California and its initial deployment in factories. Questions also focused on the development of the Cybercab and Robotaxi, alongside concerns over Tesla's failure to meet short-term goals.

Gary Black of The Future Fund LLC stated that the sighting of over 245 Cybercab units at the company’s Giga Texas facility is irrelevant to investors unless the vehicles can drive autonomously without safety monitors. He argued that supervised autonomous cars are not scalable and described the fleet as "just for show" unless true autonomy is achieved. Black also dismissed the possibility of Space Exploration Technologies Corp. acquiring or merging with Tesla, citing the board's fiduciary duty to investors despite Musk's influence.

In a post on X on Tuesday, Black criticized Tesla’s upper management for continuing to "overpromise and underdeliver." He noted that Tesla has underperformed legacy automakers like General Motors Co. and Ford Motor Co. Black specifically highlighted "outlandish promises" such as Tesla Robotaxis serving 50% of the U.S. population by the end of last year. He stated that the communications at Tesla are "sorely lacking" and suggested Musk bring on "1-2 adults" to improve credibility.

The National Transportation Safety Board (NTSB) released preliminary findings from a fatal crash involving a Tesla Model 3 that resulted in the death of 76-year-old Martha Avila in Texas. The investigation revealed that the driver, 44-year-old Michael Butler, had activated Full Self-Driving before the crash but overrode the system by pressing the accelerator, causing the vehicle to exceed the speed limit. The NTSB cleared the Full Self-Driving system of wrongdoing in the incident.

In broader market trends, the Average Transaction Price (ATP) for electric vehicles in the U.S. declined 4.5% in June, according to a report by Kelley Blue Book. The ATP for EVs in June was $56,238, marking a decline for the sixth consecutive month. Tesla's Model Y SUV accounted for almost 35% of total EV sales during the period, despite the absence of federal incentives for all-electric vehicles.

California Gov. Gavin Newsom launched the state's MyFirstEV scheme, a Zero Emission Vehicle (ZEV) rebate program. The initiative offers first-time EV buyers in the state an instant $3,500 discount on new electric vehicles. The rebate is part of a broader $600 million ZEV investment program and will also provide $1,750 off on used EVs for first-time buyers.

Tesla AI lead Ashok Elluswamy expressed confidence in the upcoming Optimus humanoid robot as the company decommissioned the Model S and X production line at its Fremont, California, facility. CEO Musk has touted the robot as a means to provide healthcare through artificial intelligence and suggested it could become the company's biggest product.

GLJ Research analyst Gordon L. Johnson has reiterated a sell rating on Tesla. The firm maintains a price target of $24.86 for the stock.

The rating and target price were issued by Gordon L. Johnson of GLJ Research. Tesla trades on the NASDAQ under the ticker symbol TSLA.