As of Q4'25, TSLA's latest operating expenses show R&D Expenses at USD 1.78B and SG&A Expenses at USD 1.66B. This marks a continued increase in both categories, with R&D and SG&A reaching their highest levels in the period covered. From Q1'23 to Q4'25, both R&D and SG&A expenses display an overall upward trend, despite some quarter-to-quarter fluctuations. R&D Expenses grew from USD 771M in Q1'23 to USD 1.78B in Q4'25, while SG&A Expenses increased from USD 1.08B to USD 1.66B over the same period. Notably, both expense categories experienced periods of moderate decline or stabilization in 2024 before accelerating again in 2025, indicating renewed investment and operational activity towards the end of the timeframe.