Tesla’s Q1 earnings and revenues jumped by double digits as U.S. electric vehicle sales falling off a cliff. Company executives claimed to be “excited” about its “positioning” this year as CEO Elon Musk revealed his new $25 billion investment plan.
Tesla Model Y sales are going strong in Europe.
The EV maker beat analyst expectations, reporting total revenue of $22.4 billion, up 16 percent compared to the year-ago period while its net income came in a $477 million, an increase of 17 percent. On an adjusted basis, Tesla reported earnings of $3.7 billion, a jump of 30 percent.
Many investors want Tesla to focus on making new EVs, like the rumored Model 2 small compact and the long-awaited second-generation Roadster.
Big Spender
However, Tesla CEO Elon Musk appears ready to double down on more non-automotive ventures centering on robotics, the next-gen version of its Optimus human-like robots, in particular. Regardless, he plans to spend quite a bit to make things happen: $25 billion in 2026.
Tesla CEO Elon Musk has big, expensive plans for 2026.
Musk told investors, analysts, and others listening to the Q1 earnings call Wednesday evening the company will continue to forge ahead on Cybercab production as well as securing federal government approval for Full Self-Driving.
“It’s going to make sense for our whole lineup to be different autonomous vehicles of different sizes,” Musk said during the call. “In fact, long term, the only manually driven car will be the new Tesla Roadster.”
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Cybercab coming slowly
Musk says the next generation of Tesla’s Optimus humanoid robots is coming.
In the meantime, the company is going to focus on making the Cybercab — and other fully autonomous vehicles — its primary automotive endeavor. He also seemed to throw a wet blanket on the idea of a new compact car for the public, saying the “Cybercab is the compact vehicle. It’s very roomy, but it’s a two-person vehicle.”
He added Cybercab production would start slowly because it’s an entirely new model, and it required a new supply chain. Officials have declined to set a launch date for the car, although with Musk’s past when it comes to predicting starting dates for past vehicles, most would assume it was later.
Investors initially expressed happiness with the numbers as the stock price jumped more than $9 a share, then it took a massive slide midmorning and in lunch-hour trading is down just over 3.5% from its opening price.
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