Tesla said its capital spending for the year will be about $20 billion, down from its earlier plan of more than $25 billion, according to Bloomberg. The report said the lower target followed weaker-than-expected investment in the previous quarter, a development that casts a shadow over Elon Musk’s plan to shift Tesla toward an AI and robotics company.
Third-quarter results showed adjusted earnings per share of $0.48, topping analyst estimates. Revenue came in slightly below expectations, while gross margin reached 19.6%, also ahead of forecasts. Free cash flow for the quarter was $1.5 billion, compared with market expectations for an outflow of nearly $5 billion.
Tesla had previously arranged about $30 billion in new loans and credit lines to support expansion across its vehicle, battery, autonomous driving and robotics businesses.
Tesla said its capital spending for the year will be about $20 billion, down from its earlier plan of more than $25 billion, Bloomberg reported, as the company released its third-quarter results.
Bloomberg said the lower spending target reflected weaker-than-expected investment in the previous quarter. The report added that the change casts a shadow over Elon Musk’s plan to turn Tesla into an AI and robotics company.
Third-quarter results
Tesla reported adjusted earnings per share of $0.48 for the third quarter, above analyst expectations. Revenue was slightly below forecasts, while gross margin came in at 19.6%, ahead of expectations.
Quarterly free cash flow was $1.5 billion. The market had previously expected an outflow of nearly $5 billion.
Financing in place
Tesla had previously arranged about $30 billion in new loans and credit lines to support expansion in its vehicle, battery, autonomous driving and robotics businesses.
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