Tesla's 2025 earnings reveal the company still derives 73% of revenue from EV sales despite Musk's efforts to rebrand as an AI and robotics company. With profits down 46% year-over-year, Tesla plans to double capital spending to $20 billion in 2026, discontinue Model S and X production, and invest $2 billion in xAI. Meanwhile, Waabi raised $1 billion to expand from autonomous trucks into robotaxis with Uber, Waymo is reportedly raising $15 billion, and the autonomous vehicle industry sees continued consolidation with Luminar's lidar business selling for $33 million.
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