Tesla on Wednesday said it will scrap its S and X models and invest $2bn into Elon Musk’s xAI as the company shifts focus from cars to AI and robotics, after reporting its first ever fall in annual profits.
Revenue decreased by 3 per cent to $24.9bn in the fourth quarter from the year before, in line with the average $24.8bn analyst estimate. That meant its 2025 revenues of $94.8bn came in 3 per cent lower than the previous year.
The US electric-vehicle maker also said it had agreed to invest $2bn in Musk’s xAI, despite lukewarm shareholder support for the move.
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