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Revenue rose to $22.39 billion, led by a 16% increase in
automotive revenues.
Still, profits and revenue are far below their peak when its
cars were grabbing market share. Now that is in reverse as
European and Chinese rivals steal its customers. The company
last year lost its crown as the world's largest EV maker to
China's BYD.
Musk has repeatedly shrugged off its car troubles, emphasizing
that Tesla’s future lies less in car sales than getting people
to t ake rides in them a s self-driving taxis. The company said
robotaxi miles doubled in the first quarter compared to the
fourth quarter of last year. They are currently running in San
Francisco and three Texas cities, including Austin where Tesla
is headquartered.
Musk has also been highlighted Tesla's production of robots for
homes and businesses In a conference call with investors
Wednesday, he talked about breaking ground for a new factory in
Texas for the robots, called Optimus, with a potential capacity
of making 10 million a year.
“I think Optimus will be our biggest product," said Musk,
adding, “not just Tesla’s biggest product ever, but probably the
biggest product ever.”
The company noted that it has begun making its so-called
Cybercabs without pedals or wheels. And Musk added a teaser in
the call, saying that Tesla could debut a new manually driven
Roadster sports car in a month or so.
The company is spending big on its transition, including $2.5
billion last quarter in capital expenditures, up 67% from the
year earlier period.
Musk warned of “a very significant increase” in the future, too.
Shares fell 1% in after-hours trading.
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