Overview
- Tesla, which reported results Wednesday, posted revenue of $22.4 billion and net income of $477 million.
- Operating costs rose 37% against a 16% increase in sales, which squeezed profit margins from the prior quarter.
- Deliveries reached a little over 358,000 vehicles in the first quarter, missing Tesla’s guide and FactSet’s view, with about 50,000 more cars built than sold.
- Tesla said it is targeting significant 2026 production of its Cybercab robotaxis and its Semi electric truck as it shifts focus beyond consumer models.
- Executives outlined at least $25 billion of 2026 spending on AI, factories, and robotics, and they cautioned that free cash flow could turn negative later this year.