Tesla revealed that investment would more than double this year to $20bn (£14.5bn), with $2bn of that sum going to his artificial intelligence division xAI. Mr Musk’s plans to build Cybercabs – robotaxis – have been hampered to date by a lack of capacity and regulatory clearances. Tesla is looking to new revenue streams as its traditional EV space becomes ever more crowded, with China’s BYD overtaking the company last year to become the world’s biggest EV maker. A US tax incentive for electric vehicles was also ended by the Trump administration amid Mr Musk’s on-off relationship with the president. Mr Musk plans to take his rocket company SpaceX public, possibly in June.