Three things, in order of impact: cost-downs on the 4680 ramp, freight normalization, and software mix. The margin floor everyone worried about is behind us — we said we'd manage through the pricing actions and the data now shows it.

Take-rate roughly doubled since the wide release. We don't guide on it, but the right mental model is software-like adoption curves once reliability crosses the 'my commute just works' threshold — which it has in most North American metros.

Supply. Every Semi we can build through 2027 is spoken for. The factory in Nevada is the bottleneck and we're expanding it.