Tesla’s Q3 Earnings: Record Revenue Despite Profit Shortfall, Plus Ambitious Robotaxi Plans
Tesla unveiled a mixed bag of third-quarter results on Wednesday. The company’s revenue soared to a record $28.1 billion, marking a 12% year-over-year increase. However, earnings per share fell short at $0.50, compared to analyst estimates of $0.54. Additionally, net income saw a 37% drop to $1.37 billion when compared to the same period last year.
During the earnings call, CEO Elon Musk took the opportunity to spotlight Tesla’s AI initiatives. He announced ambitious plans to remove safety drivers from Austin robotaxis by the end of the year, with an aim to expand the service to 8-10 metro areas.
The company also celebrated a record in vehicle deliveries, reaching 497,099 units. This surge was partly driven by consumers rushing to utilize federal EV tax credits before their expiration on September 30.
Musk also unveiled partnerships with tech giants Samsung and TSMC for the manufacturing of Tesla’s next-generation AI5 chip. He claimed this new chip will be “40 times better than AI4.”
On the robotics front, Tesla is ramping up production of its Optimus humanoid robots. The third version of these robots is expected to hit the market in early 2026.
Despite the earnings miss, Tesla continues to maintain its focus on autonomous driving and robotics as key growth drivers. Source: CNBC