Tesla’s Profit Drops 43% as Musk Starts Building Robots and Plans to Sell Driverless Cabs
Summary
Tesla reported a sharp decline in quarterly profits as capital expenditures surged toward robotics and autonomous vehicle development. The electric vehicle maker saw its earnings drop significantly compared to the previous period while simultaneously advancing production on its humanoid robot and driverless taxi initiatives.
Tesla earned $787 million last quarter, down from $1.37 billion, as spending on robots and self-driving cars soared. Optimus is in production, and Tesla aims to get Cybercabs to customers by year-end.
Source: Read the full story at Decrypt
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