Analyst: The phone call will further confirm that Tesla is still in "build mode" and may continue to do so.

Haris Khurshid, Chief Investment Officer of Karobaar Capital, stated that the conference call further confirmed that Tesla is still in "building mode", and this state may continue. "Some investors were hoping that its investment cycle was nearing its peak, but the signals released by management indicate that the heaviest capital spending is still its core strategy, and the return cycle will last for several years." "Musk hardly defended the quarterly performance on the call, but instead spent almost all his time explaining his capital allocation logic. He was actually asking investors to view today's spending as the cornerstone of future business, rather than a drag on current profitability." "The core debate after this conference call is no longer whether Tesla is spending too much money this quarter, but whether investors believe that this infrastructure development is ahead of demand or ahead of reality. This will ultimately determine whether this round of capital spending will create significant value or simply become an expensive detour."