Contrary to what the media is saying, $Tesla(TSLA.US) stock is down -3% pre-mkt not because of its modestly increased 2026 CapEx forecast, but because TSLA is again backpedaling on timing of scale-up and monetization of unsupervised autonomy and Cybercabs until year-end and potentially 2027. The stock should not have gone up +4% immediately following earnings, as everyone quickly realized that the +$1.4B in positive 1Q free cash flow (vs -$1.8B expected) was due entirely to TSLA’s delay in implementing the $20B CapEx (now $25B) plan laid out in the 4Q earnings call.
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