Tesla reported profits below expectations and increasing capital expenditure, as it looks to expand into the data center energy market.
The automotive firm reported quarterly revenue of $28.2 billion, after selling 480,000 vehicles. Operating costs increased 47 percent to $4.35bn.
– Tesla
"The energy business is also growing incredibly fast, and I think will be crucial for the scale-up of artificial intelligence data centers," CEO Elon Musk said in an earnings call. "We're investing a lot in growing the core business and really preparing for the future. So this is a massive capex year, but I'm confident that all the things that we're investing in will yield incredible returns."
He called the order backlog for the energy business 'robust,' adding that the company would "build based on both existing demand and future demand we expect from data center growth and overall electrification of the economy."
