Tesla lowers its capital expenditure target for this year to approximately $20 billion, Q3 free cash flow exceeds expectations.

According to Bloomberg, Tesla released its third-quarter earnings report and stated that capital expenditures for the year would be approximately $20 billion. This falls below the company's previously planned figure of over $25 billion, as investment in the prior quarter came in under expectations, casting a shadow over Musk's plan to transform Tesla into an AI and robotics company. Earnings data showed that Tesla's third-quarter adjusted earnings per share were $0.48, beating analyst expectations. Revenue slightly missed estimates, though the gross margin came in at 19.6%, above expectations. Quarterly free cash flow was $1.5 billion, while the market had previously expected a cash outflow of nearly $5 billion. Earlier, Tesla had arranged approximately $30 billion in new loans and credit lines to support the expansion of its automotive, battery, autonomous driving, and robotics businesses.