Tesla (NASDAQ:TSLA) traded more than 7% higher in Wednesday's pre-market session after delivering a mixed earnings report and signaling renewed emphasis on artificial intelligence and autonomous driving technologies.
Despite a significant year-over-year drop in Q1 deliveries and profit, the electric vehicle maker highlighted progress on its AI roadmap, including ongoing efforts around its Cybercab initiative and the Optimus robot project. While full-year delivery guidance was withheld, citing unpredictable global trade developments, Elon Musk confirmed on the earnings call that he would be reducing his involvement with government responsibilities.
Musk stated he expects to spend less time with the Department of Government Efficiency, committing more attention to Tesla going forward.
Wedbush responded to the update by raising its price target on Tesla from $315 to $350, calling Musk's shift a potential exit from what it described as a turbulent political chapter. Morgan Stanley, while cautious on earnings estimates, acknowledged investor relief tied to Tesla reaffirming its AI timeline.
Bank of America noted Q1 results came in slightly ahead of expectations, despite increased operating costs tied to research and AI investment, and margins weighed down by higher incentives and lower vehicle pricing.
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