AFP, New York

Tesla reported higher first-quarter profits Wednesday, topping expectations as it confirmed plans for massive additional investments in autonomous transport, humanoid robotics and artificial intelligence.

Elon Musk’s electric vehicle company reported profits of $477 million, up 17 percent from the year-ago period, while revenues jumped 16 percent to $22.4 billion.

Tesla said it was on track to commence “volume production” of both its Cybercab and Tesla Semi this year, while also notching “record” new subscriptions of its Full Self-Driving (FSD) driver-assistance program.

Shares initially ticked higher on the results in after-hours trading, but moved into negative territory during a conference call in which Musk and other Tesla executives said they would press on with massive investments that have drawn skepticism from some Wall Street analysts. Musk has described the spending as essential to Tesla’s future, promising massive profit growth that has fueled the company’s roughly $1.5 trillion market value.