Tesla's second-quarter earnings fell short of Wall Street estimates, a setback for the electric carmaker as it seeks to build new business lines based on robotics, self-driving, and artificial intelligence.
The company said in a statement Wednesday after Wall Street closed that adjusted earnings per share were 33 cents during the period.
This is less than the average analyst estimate of 51 cents compiled by Bloomberg News. The company also reported negative free cash flow of $1.09 billion.
Tesla CEO Elon Musk had warned that spending this year would exceed $25 billion, as the company seeks to increase production of cars, batteries and robots across six factories as part of his vision for the future.
The impact of this investment is now beginning to show in the company's financial statements, prompting investors to seek more details on how the cash will be used. Shares fell in late trading following the release of the statement.
Earlier this month, Tesla announced that it sold more than 480,000 cars in the second quarter, far exceeding expectations.
Cars remain the core and most important business for Tesla, while robot taxis and other projects are still not generating tangible revenue.
