Tesla said Tuesday that energy storage — one of the automakers’ most obscure offerings — will likely grow faster this year than its faltering electric vehicle business.
The prediction came on a call to announce Tesla’s first-quarter financials and was one example of officials attempting to change the subject as investors worry about the company’s falling profits. Tesla’s net income dropped 55 percent, and its automotive revenue dropped to $17 billion, a 13 percent decline from the same quarter last year.
On the call, CEO Elon Musk said that those doubting Tesla’s future and long-term growth are focusing too much on auto sales — and not on the robotaxi Musk plans to unveil in August.
“We should be thought of as an AI or robotics company,” Musk said. “If someone doesn’t think that Tesla is going to solve autonomy, they shouldn’t be an investor in the company.”
