Tesla and Rivian both released Q1 earnings. Both stocks are down YTD, with TSLA down 13% and RIVN down 24%. **Tesla** Q1 revenue rose 16% to $22.4 billion and EPS jumped 52% to $0.41. Gross margins improved to 21.1%. Deliveries were up 6%, but they built about 50k more cars than they sold. They also raised their 2026 capex guidance to over $25 billion to fund AI and Robotaxi expansion. Free cash flow will be negative for the rest of the year due to this spending, but they have $44.7 billion in liquidity. **Rivian** Revenue grew 11% to $1.38 billion and deliveries rose 20%. Their loss per share narrowed, but adjusted EBITDA was still negative $472 million. The stock dropped 8% after earnings. The main issue was their new R2 SUV launching at $58k, well above the $45k price they advertised for years. The cheaper version is delayed until late 2027. Overall, Tesla has the cash to fund their projects, while Rivian is still burning cash and trying to reach profitability.