Tesla increases spending plans for 2026 - Elon Musk is funding dreams of AI and robotics
Tesla Inc. sharply increased its spending plan to more than $25 billion this year, as CEO Elon Musk is investing in artificial intelligence, robotics and chips. "You should expect to see a significant increase in capital spending that I think is well justified," Musk said.
Tesla is in the midst of one of the most expensive bets in its history. Musk has turned the electric carmaker's focus to building self-driving cars with artificial intelligence and humanoid robots. Much of the company's $1.45 trillion market capitalization is based on that vision. Tesla began rolling out its Model Y robo-taxi in Dallas and Houston, further expanding its new service in the U.S. The company is also developing a new, smaller, cheaper electric SUV, with plans to start production in China and potentially expand production to the U.S. and Europe.
In January, the company had forecast more than $20 billion in capital spending through 2026. Last year, it spent $9 billion. “We are in a very large capital investment phase, which will start now and will last for several years,” Tesla’s chief financial officer said.
Tesla posted a positive cash flow of $1.44 billion in the first quarter, beating expectations for a loss. The first-quarter profit topped Wall Street's estimates, a sign that the electric vehicle maker was keeping costs under control in a tough global environment. Tesla reported revenue of $22.39 billion for the quarter ended March 31, compared with analysts' average estimate of $22.6 billion.
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