Tesla reported negative free cash flow in the second quarter for the first time in more than two years as the Elon Musk-led EV maker accelerated spending on AI infrastructure, battery capacity, robotaxis, and next-generation manufacturing.
Investment in AI and Robotaxis
Musk’s plan to spend more than $25 billion this year, nearly triple last year’s $8.53 billion, as he bets on Tesla’s AI-powered self-driving technology and robotics, over its auto business, which still is the core revenue generator.
Tesla has expanded its unsupervised robotaxi service in Austin and launched unsupervised rides in Dallas and Houston in April. The company also operates a robotaxi service in Miami, expanded the service to Orlando and Tampa.
Financial Performance
Tesla delivered 480,126 vehicles in the second quarter, above Wall Street expectations and up from 384,122 vehicles a year earlier. The Austin, Texas-based automaker reported revenue of $28.24 billion for the three months ended June 30, compared with analysts’ average estimate of $25.71 billion.
Adjusted profit was 33 cents per share, versus the expectation of 51 cents per share. Tesla also deployed 13.5 GWh of energy storage products in the quarter, up from 8.8 GWh in the first quarter and 9.6 GWh a year earlier.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
