Of course Capex isn't included, but its direct consequence (depreciation) is. Tesla incurred almost $1B of depreciation in 2016:

http://www.marketwatch.com/investing/stock/tsla/financials

So I dont see how the quote ties in with your statements about Tesla knowing where to invest (=capex)

Let's break it down for you:

    1. Telsa has many investment ideas 
    2. Tesla spends massive amounts of CAPEX 
    3. Tesla incurs large amount of depreciation 
    4. Tesla's net income goes down

>Tesla spends massive amounts of CAPEX

How do they spend in relation to the other car makers? Do you think that auto manufacturing capex simply turns off one day? It's a capital intensive industry.