NEW YORK (AP) — Tesla's profit rose in the first quarter as its car sales rebounded from a sharp slump in 2025.
The electric vehicle maker run by billionaire Elon Musk said it earned $477 million in the quarter, up 17% from a year ago. Earnings per share totaled 13 cents. Adjusted for certain items, per share earnings were 41 cents, topping Wall Street estimates of 36 cents.
Revenue rose to $22.39 billion, led by a 16% increase in automotive revenues.
Still, profits and revenue are far below their peak when its cars were grabbing market share. Now that is in reverse as European and Chinese rivals steal its customers. The company last year lost its crown as the world's largest EV maker to China's BYD.
Musk has repeatedly shrugged off its car troubles, emphasizing that Tesla’s future lies less in car sales than getting people to t ake rides in them a s self-driving taxis. The company said robotaxi miles doubled in the first quarter compared to the fourth quarter of last year. They are currently running in San Francisco and three Texas cities, including Austin where Tesla is headquartered.
Musk has also been highlighted Tesla's production of robots for homes and businesses In a conference call with investors Wednesday, he talked about breaking ground for a new factory in Texas for the robots, called Optimus, with a potential capacity of making 10 million a year.
“I think Optimus will be our biggest product," said Musk, adding, “not just Tesla’s biggest product ever, but probably the biggest product ever.”
The company noted that it has begun making its so-called Cybercabs without pedals or wheels. And Musk added a teaser in the call, saying that Tesla could debut a new manually driven Roadster sports car in a month or so.
The company is spending big on its transition, including $2.5 billion last quarter in capital expenditures, up 67% from the year earlier period.
Musk warned of “a very significant increase” in the future, too.
Shares fell 1% in after-hours trading.
A Tesla electric vehicle charger is seen at a charging station on Wednesday, April 15, 2026, in Portland, Ore. (AP Photo/Jenny Kane)
NEW YORK (AP) — Inside Madison Square Garden, Spike Lee wore a Knicks jersey with Pope Leo's name on the back. On the concourse and the street, fans in blue and orange cheered and chanted. Watch parties sprung up all over the city, including one at a Brooklyn funeral home.
Knicks fever reached a new peak Monday night, with New York hosting Game 3 of the NBA Finals against the San Antonio Spurs. Shouts of “Let's go Knicks!” and “Knicks in four!” were heard throughout midtown Manhattan, with spirits up even as tight security measures for the presence of President Donald Trump caused hours-long lines to get in.
The excitement extended until just about the final buzzer, when the Spurs finished off a 115-111 victory that ended New York's 13-game postseason winning streak. San Antonio trimmed its series deficit to 2-1 and avoided getting pushed to the brink of elimination.
With the Knicks in the finals for the first time since 1999 and leading the best-of-seven series 2-0, their first home game this round was a hot ticket. The get-in price exceeded the average cost of rent in the biggest U.S. city.
“This is my son here, so taking him to the finals, you can’t really put a price on the experience,” said Greg Weldon, who flew in from Florida to attend a finals game as he did when New York won it all in 1970 and '73. “It’s like that commercial: The tickets, ridiculous; the hassle getting in, ridiculous — the experience, priceless.”
The cheapest upper-deck seats available were going for over $5,000 on resale platforms like StubHub, SeatGeek and VividSeats. The experience of being courtside carried a $75,000 price tag.
“I don’t care who you are, that’s a lot of money for a ticket,” said guard Jose Alvarado, a New York native who was planning a viewing party in Brooklyn and pointed out his Queens high school also is hosting one. “People that could afford it, we’re grateful with them coming out, and it just shows you our team is really special and we’re doing something here that hasn’t been done in a long time.”
The hoopla for Game 3 included the appearance by Trump, booed by fans when he was shown on arena video screens, as well as Mayor Zohran Mamdani, Yankees Hall of Famer Derek Jeter, Giants two-time Super Bowl-wining quarterback Eli Manning, actor Daniel Radcliff and more.
Trump's presence led to the cancellation of a planned watch party outside the arena. There was instead one a few blocks away in Bryant Park, which included police intervening in at least one altercation among people gathered, according to video from the scene.
Officers also shut down an unauthorized viewing party when the game was projected onto the side of a building on 33rd Street not far from The Garden.
The possibility of a sweep drove ticket prices up to more than $10,000 apiece over the weekend, and the price is about the same for an if-necessary Game 6, which is more likely now after San Antonio guaranteed a Game 5 back in Texas.
Fewer than 20,000 people will get the opportunity to attend each night in the Big Apple. Alvarado knows far more will be watching on television all over.
“The people that can’t afford it, we improvise,” he said. "We’re New Yorkers. We’re going to find a way to watch a game, and that’s what we’re doing.”
Associated Press writer Philip Marcelo contributed to this report.
AP NBA: https://apnews.com/hub/NBA
Fans cheer before a NBA Finals playoff basketball game between the New York Knicks and the San Antonio Spurs at Madison Square Garden in New York, Monday, June 8, 2026, with Kai Trump. (AP Photo/Mark Schiefelbein)
New York Knicks fans cheer at a watch party during Game 3 of the NBA Finals basketball series between the Knicks and the San Antonio Spurs, Monday, June 8, 2026, in New York. (AP Photo/Ryan Murphy)
A New York Knicks fan cheers at a watch party during Game 3 of the NBA Finals basketball series between the Knicks and the San Antonio Spurs, Monday, June 8, 2026, in New York. (AP Photo/Ryan Murphy)
A New York Knicks fan emerges from a subway station outside of Madison Square Garden ahead of Game 3 of the NBA Finals, Monday, June 8, 2026, in New York. (AP Photo/Ryan Murphy)
A New York Knicks fan gestures outside of Madison Square Garden ahead of Game 3 of the NBA Finals basketball series, Monday, June 8, 2026, in New York. (AP Photo/Ryan Murphy)
A New York Knicks fan gestures outside of Madison Square Garden ahead of Game 3 of the NBA Finals basketball series, Monday, June 8, 2026, in New York. (AP Photo/Ryan Murphy)
Security is set up outside of Madison Square Garden in New York, Monday, June 8, 2026, as President Donald Trump is set to attend Game 3 of the NBA Finals basketball series between the New York Knicks and the San Antonio Spurs. (AP Photo/Ted Shaffrey)
A fan takes a selfie with a robot dressed in New York Knicks gear holding a broom near Madison Square Garden in New York, Monday, June 8, 2026, ahead of Game 3 of the NBA Finals basketball series between the New York Knicks and the San Antonio Spurs. (AP Photo/Ted Shaffrey)
The San Antonio Spurs practice prior to Game 3 of the NBA Finals basketball series against the New York Knicks, Sunday, June 7, 2026, in New York. (AP Photo/Ross D. Franklin)
The New York Knicks practice prior to Game 3 of the NBA Finals basketball series against the San Antonio Spurs, Sunday, June 7, 2026, in New York. (AP Photo/Ross D. Franklin)
New York Knicks head coach Mike Brown watches practice prior to Game 3 of the NBA Finals basketball series against the San Antonio Spurs, Sunday, June 7, 2026, in New York. (AP Photo/Ross D. Franklin)
San Antonio Spurs forward Victor Wembanyama (1) defends against New York Knicks center Karl-Anthony Towns (32) during the first half of Game 2 of the NBA Finals basketball series, Friday, June 5, 2026, in San Antonio. (AP Photo/David J. Phillip)
