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Elon Musk insists Tesla isn’t a car company

As Tesla's profits sink, Musk reaches for an autonomous future.

Shares jumped following the earnings release, and the momentum carried over into morning trading Wednesday as the stock surged as much as 14%. "If somebody doesn't believe that Tesla is going to solve autonomy, I think they should not be an investor in the company," CEO Elon Musk said on the earnings call Tuesday. As Citi analysts wrote in a note after earnings, "We like Tesla's product pivot that appears to prioritize speed and launch/redesign on existing capacity."

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