The report also found that Tesla shipped nearly half a million vehicles last quarter while approximately 70% of the company's revenue still came from automotive sales. Despite that, Musk's discussion of the vehicle business has declined significantly, with AI, autonomous driving and robotics taking a larger share of his presentations to investors.
One of the biggest changes involves Optimus, Tesla's humanoid robot. Hudson Labs found that the project accounted for less than 2% of Musk's earnings call remarks during the year after its introduction in 2021. Over the past year, Optimus has consistently represented at least 10% of his comments, and during the third-quarter 2025 earnings call it accounted for nearly one-third of his speaking time. On that same call, less than 20% of his remarks focused on Tesla's automotive business.
The analysis also identified differences between Musk and Tesla's other executives. Chief Financial Officer Vaibhav Taneja and Vice President of Engineering Lars Moravy continue to devote roughly 30% of their earnings call time to the automotive business, although that figure has also declined from nearly 50% or more before 2024. AI, robotaxis and Full Self-Driving have become their next most frequently discussed topics.
According to the report, the contrast reflects different responsibilities during earnings calls. Operational leaders continue to focus on deliveries, margins and manufacturing, while Musk increasingly emphasizes Tesla's long-term AI and robotics strategy.
Musk has publicly framed Tesla as more than an automaker. During the company's first-quarter 2024 earnings call, he told investors that evaluating Tesla solely as a car company was the wrong approach and said those who did not believe in the company's autonomy roadmap should not own the stock.
The findings arrive as Tesla continues investing in autonomous driving technology and robotics while facing growing competition in electric vehicles. The report notes that Optimus and robotaxi initiatives have not yet generated disclosed revenue at scale, and that Full Self-Driving remains a driver-assistance product rather than a fully autonomous system.
Hudson Labs' analysis highlights how Tesla's investor communications have evolved over the past several years, with AI and robotics becoming increasingly central to the company's public narrative even as its financial results continue to be driven primarily by its automotive business.
This analysis is based on reporting from the tech buzz.
Image courtesy of Tesla.
This article was generated with AI assistance and reviewed for accuracy and quality.
