Elon Musk has been straining for some time against the idea that Tesla should be seen as a carmaker. Rather, as the first all-purpose robotics company, its future lies in equipping and running a global fleet of driverless taxis and in selling humanoid robots.
The full financial implications of that attempted pivot are starting to come into focus. This week, Tesla signalled a lurch back into what is expected to be negative free cashflow territory as it gears up for the long-awaited dawn of the robots. A decade after its heavy spending on electric vehicle development led to bankruptcy worries, Musk is once again getting ready to burn through mountains of cash in pursuit of a big dream.