Gary Black Slams Tesla Over 'Disaster' Q2 Earnings, Calls Robotaxi Launch 'Kabuki Theater'

Future Fund's Gary Black sharply criticized Tesla’s second-quarter earnings call, calling it a “disaster” and warning that the company’s strategy lacks a clear growth path. In a post on X, Black said Tesla’s plan to release a cheaper Model Y would likely cannibalize sales of higher-priced trims, rather than add incremental volume. Black also dismissed Tesla’s Austin robotaxi rollout as “Kabuki theater,” citing the use of safety drivers and influencers rather than real autonomy. He said the robotaxi claims made on Tesla’s first-quarter earnings call have not materialized into scalable technology. He said he would pass on Tesla until growth is regained. Tesla reported a 12% year-over-year revenue decline to $22.5 billion in Q2, with better-than-expected deliveries. Musk continues to tout robotaxis and Optimus robots, targeting 100,000 units annually.