Tesla's Q1 Profit Rises 17% to $477M as $25B Capex Planned
Tesla reported Q1 net profit of $477 million, up 17% year-over-year, with adjusted EPS of $0.41 beating estimates despite revenue of $22.39 billion falling short of forecasts. The company plans over $25 billion in capital spending this year to ramp robotaxi services, Optimus robots and a new AI chip factory.
1. Q1 Financial Performance
Tesla posted net income of $477 million in the first quarter, marking a 17% increase year-over-year. Adjusted earnings per share reached $0.41, surpassing analyst estimates, while revenue totaled $22.39 billion and lagged market expectations.
2. Strategic Investments and Capex
Capital expenditures reached $2.5 billion in the quarter, a 67% jump from a year earlier, and Tesla forecasts spending over $25 billion this year. These investments will fund expansion of self-driving taxi services, construction of a Texas factory for Optimus robots with 10 million-unit potential capacity, and a new AI chip manufacturing facility.
3. Service and Product Updates
Robotaxi miles doubled sequentially in Q1, with services live in San Francisco and three Texas cities. Tesla has begun production of its Cybercabs and teased the launch of a new manually driven Roadster sports car within the next month.