Elon Musk now spends nearly half of his speaking time on Tesla earnings calls discussing artificial intelligence, robotaxis, and Full Self-Driving software, according to a new analysis of seven years of call transcripts by TechCrunch and Hudson Labs, a New York-based financial research firm. The data shows Musk’s focus on these futuristic projects has risen from 15-20% of his remarks in 2022 to almost 50% today, even as the company’s core automotive business has stalled.
Musk has long argued that Tesla should not be valued as a traditional automaker. “If you value Tesla as just an auto company – fundamentally, it’s the wrong framework,” he said on the Q1 2024 earnings call. “If somebody doesn’t believe Tesla is going to solve autonomy, I think they should not be an investor in the company.”
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From cars to robots: a shift in focus
The analysis, which used Hudson Labs’ AI tool Co-Analyst to categorize each sentence from earnings call transcripts sourced from S&P Market Intelligence dating back to 2019, reveals a dramatic reallocation of Musk’s attention. In 2022, he spent only about 2% of his time discussing the Optimus humanoid robot, which Tesla first revealed in 2021. Over the past year, that figure has climbed to at least 10%, and on the Q3 2025 call, Optimus consumed nearly a third of his remarks.
Meanwhile, talk of cars and manufacturing has declined sharply. Musk now spends less than a third of his time on earnings calls discussing the automotive business, and on that same Q3 2025 call, he devoted less than 20% of his time to it. This shift coincides with a period when Tesla’s vehicle sales have faced increased competition from legacy automakers and new Chinese entrants, and the company’s once-rapid growth has flattened.
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Executives lag behind Musk’s enthusiasm
Other Tesla executives, including CFO Vaibhav Taneja and VP of engineering Lars Moravy, have been slower to pivot. They still spend around 30% of their speaking time on automotive topics, with AI, robotaxi, and Full Self-Driving as their next most common subjects. This gap likely reflects the fact that these futuristic efforts have not yet generated meaningful revenue, unlike the car business.
Historically, these executives spent nearly 50% of their call time discussing making and selling cars. That changed in 2024 as the automotive business began to struggle. However, when they do join Musk in discussing the future, they match his optimistic tone. “The path to amazing abundance is ever challenging and requires making bold bets,” Taneja said on the Q2 2026 call. “Our progress will be non-linear. The future is going to be great.”
The data underscores a fundamental tension within Tesla: while the company still generates the vast majority of its revenue from car sales — nearly 70% in the last quarter — its CEO’s attention and public narrative are increasingly focused on AI and robotics. This disconnect raises questions about how investors should value the company and whether Musk’s vision will eventually align with the financial reality of the business.
As Tesla prepares for its next earnings report, investors will be watching whether Musk’s emphasis on AI and robots translates into tangible products and revenue, or whether it remains a story of future promise. The company’s robotaxi service and Optimus robot are still in early stages, and the timeline for widespread deployment remains uncertain. For now, the earnings calls offer a clear signal of where Musk believes Tesla’s future lies — even if the balance sheet still tells a different story.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. The cryptocurrency and stock markets are volatile, and readers should conduct their own research before making investment decisions.
