Elon Musk says any company that isn’t spending $10 billion on AI this year like Tesla won’t be able to compete

Elon Musk is urging business leaders to prepare for the AI revolution, citing Tesla's $10 billion investment in AI training and inference. This shift towards AI signals a pivot away from focusing solely on car sales to positioning Tesla as a tech company. Musk views Tesla cars as premium devices for delivering high-margin software and aims to recoup revenue through vehicle-related services. Despite recent price cuts, Tesla is facing challenges with demand due to increased competition in the EV market. However, Musk is banking on the success of Tesla's Full Self-Driving (FSD) software, which runs entirely on AI and has received positive initial feedback. Additionally, Tesla is expanding its AI capabilities, with a deal to gain approval for FSD in China and plans to license its autonomous technology to rivals. The company is also rumored to have cancelled its low-cost EV in favor of a hatchback version of its Model 3 sedan to optimize existing production lines and capacity.

Sources:
fortune.com/2024/04/29/elon-musk-tesla-ai-fsd-chin…

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