内容来源：https://techcrunch.com/2026/04/22/tesla-just-increased-its-capex-to-25b-heres-where-the-money-is-going/

内容总结：

特斯拉一季度财报发布后，首席执行官埃隆·马斯克在业绩说明会上向投资者释放了关键信号：公司资本开支将在2026年大幅攀升至250亿美元，远超往年水平。这一数字约为2025年85亿美元年度资本开支预算的三倍，标志着特斯拉正加速向人工智能与机器人公司转型。

根据财报披露，特斯拉今年一季度的资本开支为25亿美元，与过往季度基本持平。但公司早在今年1月就已预告，2026年资本开支将突破200亿美元，以支持人工智能算力基础设施、数据中心建设以及制造与研发产线的扩张。此次最新预测较年初计划再增50亿美元，显示出相关技术布局所需投入持续加码。

马斯克在说明会上强调，大幅增加投资是为抢占未来增长先机。"这些投入将带来显著的未来收入增长"，他同时指出，加大资本开支是行业普遍趋势，并列举了亚马逊、谷歌等科技巨头2026年高达数千亿美元的相关预算。

巨额投入将主要用于多个前沿领域：包括人工智能训练、芯片自主研发、机器人出租车业务布局，以及位于奥斯汀的新半导体研发产线。此外，加州弗里蒙特工厂在停产Model S和Model X车型后，将转型为Optimus人形机器人的规模化生产基地，奥斯汀工厂周边也已规划专用机器人制造设施。公司预计明年有望实现Optimus的外部应用。

首席财务官瓦伊巴夫·塔内贾坦言，持续数年的高强度投入将使公司自由现金流在今年后期转为负数。尽管财报显示特斯拉一季度末持有447亿美元现金及短期投资，但股价在业绩说明会期间仍回吐涨幅。塔内贾表示："虽然这（投资策略）会影响短期现金流，但我们相信这是引领公司进入新时代的正确战略。"

分析认为，这场"烧钱竞赛"折射出特斯拉从电动汽车制造商向科技公司转型的决心，其能否在AI与机器人赛道实现技术突破与商业回报，将成为影响未来发展的关键。

中文翻译：

特斯拉首席执行官埃隆·马斯克在季度财报电话会议的开场白中，就向投资者传递了资金层面的重要信号——或者说，视投资者的心态而定，这或许是一个预警。根据特斯拉第一季度财报，为在竞争中保持领先地位并加速向人工智能与机器人公司转型，其资本支出将在2026年飙升至250亿美元，远超往年水平。

这一数字涵盖了特斯拉计划用于日常运营支出之外实物资产的投入，是前几年年度资本支出预算的三倍。作为对比，特斯拉2025年的年度资本支出为85亿美元，2024年为113亿美元，2023年为89亿美元。

特斯拉曾于今年1月宣布，预计2026年资本支出将超过200亿美元，这已是大幅增长，旨在支持其人工智能计划，包括投资计算基础设施和数据中心，扩大并加速制造与研发生产线等。

如今这新增的50亿美元表明，这些计划所需资金将超出此前预期。但报告显示，截至目前，特斯拉本季度资本支出为25亿美元，与之前几个季度基本持平。

当然，马斯克将此视为积极信号。许多其他股东很可能也持相同看法，因为这表明特斯拉正在为未来——尤其是人工智能和机器人领域——进行投资布局。

"到2026年，我们将大幅增加对未来领域的投资，"马斯克在周三的财报电话会议上表示，"因此，预计资本支出将出现显著、非常显著的增长，但我认为这是完全合理的，因为它将带来未来收入流的实质性增长。"

马斯克随即指出，特斯拉并非唯一提高资本支出预算的公司。例如，亚马逊预计2026年在"人工智能、芯片、机器人技术和低地球轨道卫星"领域的资本支出将达到2000亿美元。谷歌2026年的资本支出预计将达1750亿至1850亿美元，高于上一年的914亿美元。

特斯拉资本支出的增加，与马斯克推动公司超越电动汽车、太阳能和储能业务的雄心密切相关。

马斯克表示，部分资本支出将投向特斯拉的核心技术，如电池和人工智能软件。公司计划投资于人工智能训练、芯片设计、为提升制造产能"奠定基础"，并投资其自动驾驶出租车业务以及位于奥斯汀的新半导体研发工厂。

随着公司停止生产Model S和Model X，并开始大规模生产Optimus人形机器人，其位于加利福尼亚州弗里蒙特的工厂可能会消耗部分资金。特斯拉周三还表示，已在奥斯汀工厂外清理出场地，用于建设专门的Optimus制造设施。

马斯克称，特斯拉计划增加Optimus的内部产量用于测试，并"可能"在明年某个时候让Optimus"在特斯拉之外发挥作用"。

马斯克还表示，特斯拉正在投入资金全面加强其供应链，涵盖电池、能源和人工智能芯片领域。

所有这些支出——首席财务官瓦伊巴夫·塔内贾表示将持续数年——都伴随着实实在在的成本。塔内贾指出，尽管公司因意外获得14亿美元自由现金流而股价短暂上涨4%，但今年晚些时候将进入负自由现金流状态。

随着马斯克和塔内贾向投资者阐述这些计划，特斯拉股价在盘后交易中回吐了涨幅。尽管如此，特斯拉仍持有大量现金。第一季度末，特斯拉报告其现金、现金等价物和短期投资总额为447亿美元。

"虽然这看起来数额巨大，且今年剩余时间我们将面临负自由现金流的影响，但我们相信这是让公司为新时代做好准备的正确战略，"塔内贾表示。

英文来源：

Tesla CEO Elon Musk kicked off the company’s first-quarter earnings call with a monetary heads-up — or depending on the mindset of the investor, a warning. Tesla’s capital expenditures will skyrocket to $25 billion in 2026, far outpacing its previous annual spend as it races to stay ahead of the competition and transitions to an AI and robotics company, according to its first-quarter earnings report.
That figure, which covers what Tesla plans to spend on physical assets outside of its day-to-day operating expenditures, is three times higher than its annual capex budget in previous years. For comparison, Tesla’s annual capital expenditures were $8.5 billion in 2025, $11.3 billion in 2024, and $8.9 billion in 2023.
Tesla had announced in January that it expected capital expenditures to be in excess of $20 billion in 2026, already a substantial increase meant to cover its AI initiatives, including investments in compute infrastructure and data centers, and the expansion and ramp of its manufacturing and R&D production lines, among other items.
This $5 billion uptick suggests these initiatives will require more money than previously planned. But so far, its quarterly capital expenditure, which was $2.5 billion, was in line with previous quarters, the report shows.
Of course, Musk views this as a positive, a sentiment many other shareholders will likely also share since it positions Tesla as a company investing in its future, namely AI and robotics.
“With 2026 we’re going to be substantially increasing our investments in the future,” Musk said in the earnings call Wednesday. “So you should expect to see significant, a very significant increase in capital expenditures, but I think well justified for a substantially increased future revenue stream.”
Musk was quick to note that Tesla isn’t the only company raising its capital expenditure budget. Amazon, for instance, has projected $200 billion in capital expenditures in 2026, across “AI, chips, robotics, and low earth orbit satellites.” Google is slated to spend between $175 billion and $185 billion in capital expenditures in 2026, up from $91.4 billion the previous year.
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The increase in Tesla’s capital expenditures is linked to Musk’s desire and ambition to evolve the company beyond building and selling EVs, solar, and energy storage.
Some of the capex spend will go toward Tesla’s core technologies such as its battery and AI software, according to Musk. The company plans to invest in AI training, chip design, and “laying the groundwork” for increasing manufacturing production, as well as invest in its robotaxi operations and its new semiconductor research fab in Austin.
The Fremont, California, factory will likely suck up some of that capital as the company ends production of the Tesla Model S and Model X and begins building its Optimus humanoid robot at scale. The company said Wednesday it has also cleared ground outside its Austin factory for a dedicated Optimus manufacturing facility.
Tesla plans to increase its internal production of Optimus for testing and then “probably” make Optimus “useful outside of Tesla sometime next year,” he said.
Tesla is also putting money toward strengthening its supply chain “across the board,” Musk said, adding that this covers batteries, energy, and AI silicon.
All of this spending, which CFO Vaibhav Taneja said will last a couple of years, comes with a literal cost. The company — which enjoyed a brief 4% share price bump due, in part, to an unexpected $1.4 billion in free cash flow — will head into negative territory later this year, Taneja said.
Tesla shares erased their gains in after-hours trading as Musk and Taneja laid out these plans to investors. Still, Tesla is sitting on loads of cash. At the end of the first quarter, Tesla reported $44.7 billion in cash, cash equivalents, and short-term investments.
“While this may seem like a lot, and we will have the impact of negative free cash flow for the rest of the year, we believe this is the right strategy to position the company for the next era,” Taneja said.