Tesla Reports Q3 Earnings with Halved Profit as Musk Focuses on Robotics
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- leaderobot.com
Tesla's Q3 earnings report revealed total revenue of $28.046 billion, nearly unchanged from the previous year, while net income fell 43% to $787 million. The automotive segment struggled, with revenue down 3% to $20.56 billion due to lower average prices and fewer deliveries. Despite a backlog reaching a four-year high, production was hindered by battery supply issues.
The company reported positive cash flow, with free cash flow at $1.53 billion, exceeding market expectations. Capital expenditures increased significantly but were below forecasts, prompting Musk to shift focus from automotive sales to AI and robotics, where he sees greater potential. Optimus, Tesla's robot, has entered early production, with plans to ramp up to 20,000 units per week, although challenges remain in training data.
Musk's ambitions extend to the Cybercab, which may be available for external purchase by year-end, and unsupervised FSD is targeted for mid-2027. The upcoming quarter will be critical as stakeholders look for tangible results from Robotaxi and Optimus to address declining automotive profits.
Original report
Tesla's Profit Halves as Musk Bets on Robots
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