Tesla reported second-quarter revenue rising 26% year over year to $22.5 billion, with net income of $1.11 billion, down 5% annually. However, capital expenditures of $5.79 billion on robotaxi, Optimus humanoid robots, and other growth drivers resulted in negative $1.1 billion in free cash flow for the period. The company’s $43.5 billion cash position provides a cushion as it continues spending heavily on growth bets. CEO Elon Musk has positioned robotaxis, humanoid robots, and semiconductor projects as core to Tesla’s growth strategy, while BYD and other China-based rivals make inroads. Tesla’s Cybercab event this month indicated meaningful revenue is still some time away, even as public operations began in Austin, Texas, and the U.S. National Highway Traffic Safety Administration is conducting a regulatory review of the vehicles. With Cybercab production in an early phase and continued tech development needed, Tesla will likely need substantial capex for the project and Optimus.