Kara Carlson and Jordan FitzgeraldJul 24, 2026 – 2.59amTesla shares tumbled the most in over a year after disappointing quarterly results raised questions about Elon Musk’s plan to refocus the electric vehicle maker on artificial intelligence and robots.Profit fell well short of Wall Street’s estimates for the period as spending on its ambitious initiatives surged to $US5.8 billion ($8.3 billion), resulting in Tesla’s first cash burn in two years. The company still expects capital expenditures in excess of $US25 billion this year, and executives are now predicting even larger outlays going forward.BloombergSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Tesla plunges most in a year amid angst over AI spending
Shares in the electric vehicle maker had tumbled 14 per cent at midday in New York, as multiple analysts cut their stock price targets.
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