Tesla stock reverses course as capex hike offsets Q1 beat
Tesla's stock fell 2.2% in premarket trading after the company raised its capital expenditure plans to over $25 billion to focus on AI and robotics. The company reported Q1 earnings of 41 cents per share on revenue of $22.39 billion, beating analyst expectations.
Tesla shares slid in premarket trading after the company sharply raised its capital expenditure plans to over $25 billion to reposition itself as an AI and robotics powerhouse. The electric vehicle maker's Q1 earnings were driven by its automobile business, with 41 cents per share on revenue of $22.39 billion. Elon Musk said Tesla's production rate for its Optimus robot was uncertain and likely to be slow initially. Musk also flagged a cautious approach on unsupervised autonomous driving and robotaxi plans, with revenue expected to be material next year. Tesla's older models will not receive unsupervised full self-driving. The company is shifting focus from an EV manufacturer to a business centered on self-driving, AI, and robotics.
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