As investment progress in the last quarter fell short of expectations, Tesla cut back on its spending plan, casting a shadow over Elon Musk's efforts to transform the electric car maker into an artificial intelligence and robotics company. Tesla said on Wednesday after announcing its earnings report that this year's capital expenditure will be around 20 billion US dollars. This is a reversal of the company's spending target raised to over $25 billion earlier this year. Tesla's previous spending pace has not reached the progress needed to achieve its goals, especially after spending only $4.73 billion in the third quarter, and analysts averaged $7.95 billion.

As investment progress in the last quarter fell short of expectations, Tesla cut back on its spending plan, casting a shadow over Elon Musk's efforts to transform the electric car maker into an artificial intelligence and robotics company. Tesla said on Wednesday after announcing its earnings report that this year's capital expenditure will be around 20 billion US dollars. This is a reversal of the company's spending target raised to over $25 billion earlier this year. Tesla's previous spending pace has not reached the progress needed to achieve its goals, especially after spending only $4.73 billion in the third quarter, and analysts averaged $7.95 billion.