"The EV company run by Elon Musk reported Wednesday that net income last year dropped 46% to $3.8 billion. It was the second year in a row of steep declines. The drop came despite the introduction of cheaper models and Musk's promise to remain laser-focused on the company after a foray into U.S politics. Still, Tesla investors have kept the faith in Musk."
"Making those future ambitions a reality will take money. Officials said Tesla would spend big on AI and others new projects this year, more than doubling capital expenditures to $20 billion. And the company revealed it had recently invested $2 billion in the artificial intelligence company xAI, raising potential conflicts of interest issues as Musk holds big stakes in both companies."
Tesla's annual net income dropped 46% to $3.8 billion last year, marking the second consecutive year of steep declines and its lowest profit since the pandemic. The company lost the world's largest electric vehicle maker title to a Chinese rival amid sales hit by boycotts despite introducing cheaper models. Elon Musk urged investors to prioritize artificial intelligence ambitions over car sales, describing robotaxis and home-care robots. Tesla plans to end S and X production, convert a Fremont plant to build Optimus robots, and more than double capital expenditures to $20 billion while investing $2 billion in xAI.
Read at www.mercurynews.com
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