Elon Musk spends half his time talking robots and AI on Tesla earnings calls

Elon Musk is actively attempting to rebrand Tesla in the public consciousness. Despite the reality that the company delivered nearly 500,000 vehicles last quarter and derives roughly 70% of its total revenue from automotive sales, Musk is steering the narrative toward a future defined by artificial intelligence and robotics.

While the company’s financial statements remain anchored in the automotive sector, Musk’s personal focus during quarterly earnings calls has shifted decisively. To quantify this evolution, TechCrunch collaborated with the financial research firm Hudson Labs to analyze seven years of Tesla earnings call transcripts. By utilizing Co-Analyst, an AI-driven research tool, the team mapped the thematic focus of Musk and his executive team from 2019 through the present.

The Pivot to Autonomy and AI

The data reveals a stark transformation in Musk’s priorities. Today, the CEO dedicates nearly 50% of his speaking time on earnings calls to artificial intelligence, robotaxis, and Full Self-Driving (FSD) software. This is a significant escalation from 2022, when these topics typically accounted for only 15% to 20% of his commentary.

Musk has frequently argued that traditional automotive valuation metrics are insufficient for Tesla’s unique trajectory. During the Q1 2024 earnings call, he was blunt regarding his expectations for shareholders:

"If you value Tesla as just an auto company — fundamentally, it’s the wrong framework. If somebody doesn’t believe Tesla is going to solve autonomy, I think they should not be an investor in the company."

The Rise of Optimus

Beyond software, Musk’s interest in hardware has also pivoted toward the humanoid. Since the 2021 unveiling of the Optimus robot, the project has seen a meteoric rise in mention frequency. In the year following the announcement, Optimus rarely occupied more than 2% of Musk’s airtime. Over the last twelve months, that figure has surged to at least 10%, with the project commanding nearly one-third of his focus during the Q3 2025 earnings call.

A Stagnating Core Business

This shift in rhetoric coincides with a cooling period for Tesla’s primary automotive business. As growth in vehicle sales has plateaued—partially due to heightened competition from legacy manufacturers and aggressive new entrants from China—Musk has spent less than 30% of his earnings call time discussing car manufacturing and sales. By the Q3 2025 call, automotive business discussions had dipped below 20% of his total remarks.

Key Findings from the Data:

• Musk’s AI Focus: Nearly 50% of his speaking time is now dedicated to AI, FSD, and robotaxis.
• Optimus Growth: Mentions of the humanoid robot have grown from 2% to over 10% annually, peaking at 33% in Q3 2025.
• Automotive Decline: Discussion of the core car business has dropped to less than 20% of Musk’s total commentary.
• Executive Lag: Other Tesla executives still dedicate roughly 30% of their time to the automotive business, reflecting a slower transition than their CEO.

The Executive Disconnect

While Musk has fully embraced the "AI and robotics" identity, other key leaders at Tesla—including CFO Vaibhav Taneja and VP of Engineering Lars Moravy—have been more measured in their pivot. Historically, these executives spent upwards of 50% of their time discussing manufacturing and sales.

While they have begun to shift their focus toward AI and autonomy, they remain more grounded in the company's current operational realities, likely because these futuristic ventures have yet to yield significant, tangible returns. Nevertheless, when they do discuss the future, they mirror Musk’s visionary tone. During the Q2 2024 call, Taneja emphasized this long-term outlook:

"The path to amazing abundance is ever challenging and requires making bold bets. Our progress will be nonlinear. The future is going to be great."

As Tesla navigates a complex market landscape, the gap between Musk’s AI-centric rhetoric and the company’s current reliance on car sales remains the central tension for investors. Whether the "bold bets" on robotics and autonomy will eventually justify the company’s valuation remains the defining question of Musk’s tenure.