Tesla‘s capex had grown steadily from $1.3 billion in 2019 to $11.3 billion in 2024 before falling 25% to $8.5 billion last year. The announcement came as Tesla reported its first annual revenue decline since going public, with full-year sales falling 3% to $94.8 billion. “This year is going to be a huge investment year from a CapEx perspective,” Chief Financial Officer Vaibhav Taneja said on the earnings call Wednesday. Revenue DeclineThe capex surge comes as Tesla‘s annual revenue fell 3% to $94.8 billion in 2025, the first decline since the company went public. Revenue came in at $24.9 billion, above the $24.5 billion estimate.