Tesla's quarterly financial reports, major financial news outlets

Tesla Stages $386 Billion Comeback as Musk Elevates AI, Robotics Over EVs

Jul 23, 2024, 11:07 PM

Tesla Inc. has staged a $386 billion comeback under the leadership of Elon Musk, who is now focusing more on artificial intelligence (AI) over electric vehicles (EVs). This shift comes amidst significant declines in Tesla's car sales, with a 24% decrease year over year in California and a 7% decrease in China. Despite the aggressive price cuts and increased AI spending, Tesla has reported its lowest profit margins in over five years. Musk's strategy includes a stronger emphasis on Full Self-Driving (FSD) technology and autonomous robotaxis, with predictions for the first Tesla Robotaxi ride possibly by the end of this year or for sure next year. This pivot towards AI and robotics, including the debut of the Tesla Optimus robot by next year, marks a significant transformation in Tesla's business model.