Overview
- Telsa told investors on its first‑quarter call that capital spending will exceed $25 billion in 2026 and that the outlays will likely push free cash flow below zero for the rest of the year.
- Shares fell after the report, with coverage noting the stock is down about 15% this year as traders reassess the higher spending plan.
- Quarterly results showed improvement despite the warning, with revenue up 16% year over year to $22.4 billion and operating income rising to $941 million.
- Vehicle deliveries reached 358,023, which was up 6% from a year ago but down about 14% from the prior quarter and well below the third‑quarter peak.
- Analysts split on the outlook, with some highlighting big bets on in‑house AI chips, data centers, robotaxi plans, and the Optimus humanoid robot, while others focus on cash burn and execution risks.