Elon Musk pivots Tesla to robotics and AI as car business flails

Musk’s optimism for Optimus robot demand help EV maker beat quarterly expectations despite first-ever yearly revenue declineTesla’s most recent quarterly earnings report showed slumping vehicle sales and declining revenue, as the company’s CEO, Elon Musk, pins the company’s futures on AI and robotics. The earnings report described Tesla’s chaotic year as a “transition from a hardware-centric business to a physical AI company”.The high hopes and grand possibilities Musk has outlined helped Tesla beat Wall Street expectations, even as the company reported its first-ever decline in total revenue – losing 3% year-over-year. Tesla reported fourth quarter earnings per share of $0.50 after the market close on Wednesday, exceeding the $0.45 that Wall Street expected. Its reported revenue was $24.9bn, beating analyst estimates of $24.79bn. Continue reading...