Tesla beat Wall Street’s profit expectations in its third quarter results. Shares were up 12% in after-hours trading at the end of the analyst call. Elon Musk expects Tesla to receive approval for self-driving cars in California and Texas next year.
Tesla reported results on Wednesday with quarterly profits that beat Wall Street expectations.
The electric vehicle maker reported earnings per share of $0.62. This was significantly higher than analysts’ expectations of $0.51.
Revenue for the quarter was slightly below analysts’ expectations, rising 8% year over year to $25.18 billion. Tesla’s gross profit margin, which has been closely watched by Wall Street, rose to 19.8%.
The Cybertruck has achieved profitability, and the company said its “plans for new vehicles, including more affordable models, are on track to begin production in the first half of 2025.”
Shares were up 12% in after-hours trading at the end of Tesla’s analyst call, during which Elon Musk and executives reviewed prepared remarks and received advance notice from retail investors. I spent most of my time answering questions posed to me. Executives answered two questions from an analyst who dialed into the phone.
Earlier this month, Musk unveiled the long-awaited unmanned cybercab robotaxis at Tesla’s “We, Robot” event. While the event generated considerable hype for Tesla, the driverless taxi program has also been met with skepticism over its feasibility and competition from rivals.
Tesla plans to begin production in 2026, but the vehicle’s rollout is dependent on Tesla receiving regulatory approval for its fully autonomous driving software.
Musk called for a path to national approval for fully self-driving cars, saying he expects Tesla to receive full self-driving approval from regulators in Texas and California next year. Musk said, referring to President Trump’s proposed Government Efficiency Commission, “If a government efficiency department is established, I will try to help make it happen.”
Meanwhile, Tesla said that adoption of its FSD beta software has increased since the CyberCab event.
Tesla’s CEO also mentioned the low-cost cars Tesla has announced it is working on. Musk said people shouldn’t expect Tesla to make a CyberCab model with a steering wheel and pedals, calling the “regular $25,000 model pointless” and “stupid.” Ta.
Musk said the company is fully committed to self-driving cars.
