CEO Elon Musk says the company will close down production of two older car models, S and X, and convert the Fremont factory to produce its Optimus robots instead.

Hyundai Motor Group, which includes Kia and Genesis, is now the world's third-largest automaker behind Toyota and Volkswagen as of 2024 data, and it's also the third-largest EV-maker in the world behind Tesla and BYD in part due to the success of its Ioniq line of vehicles.

Tesla plans to launch its nascent ride-hailing service in seven new U.S. cities by June, which would make it present in at least nine cities this year. Tesla wants to begin operating in Las Vegas and Phoenix.

Jan 28 (Reuters) - Tesla said on Wednesday it will invest $2 billion in CEO Elon Musk's artificial intelligence company xAI - and that production plans for its Cybercab robotaxi and Semi trucks were on track for this year.

Speaking at the World Economic Forum in Davos, Switzerland last week, Musk said that Tesla is “planning to make its Optimus robots available for sale to the public by the end of 2027.” That is when Tesla will be confident that the robots will be highly reliable, safe and functional. The robots will be able to perform any task, he said.

Tesla just reported its second consecutive year of declining revenue and profits, further complicating Elon Musk’s $1 trillion effort to transform his company into a leader in AI and robotics. Meanwhile, the global EV market continues to grow, seemingly in spite of the pioneering company’s setbacks.

Shares of Tesla Inc. rose slightly in after-hours trading today after the company beat expectations in its fiscal fourth quarter and Chief Executive Officer Elon Musk announced major changes that will shift Tesla’s identity beyond car manufacturing.