NEW YORK, April 23 -- 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 US$477 million (RM1.89 billion), up 17 per cent from the year-ago period, while revenues jumped 16 per cent to US$22.4 billion (RM88.82 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 ...