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Tesla Plots $20 Billion Splurge to Support Musk’s AI Future
['Kara Carlson', 'Thu January At Pm Gmt', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
BloombergTesla Inc. will spend over $20 billion on a dramatic reshuffling of factory lines reflecting Elon Musk’s repositioning of the carmaker coming off a multiyear sales slump.
Tesla shares fell less than 1% as the markets opened Thursday in New York, erasing a premarket gain.
Neither the broader auto industry’s EV winter nor Tesla’s earnings beat garnered much attention on Wednesday’s call.
“This quarter officially marks the fundamental shift from EV company to an all-in bet on robotaxi, energy and Optimus,” said Andrew Rocco, an analyst with Zacks Investment Research.
The investment highlights the deepening ties between Musk’s business interests and reinforces the growing focus on AI.