Tesla beats estimates in Q3 despite lower vehicle sales

Tesla announced quarterly financial results that exceeded expectations, despite a 3% year-over-year decline in automotive revenue to $20.56 billion. Net income rose 29% to $787 million. The company reported total revenues of $28.05 billion, surpassing the expected $27.9 billion, and adjusted earnings per share of $0.48 compared to the anticipated $0.43. Performance was affected by increased capital expenditures of $3.73 billion invested in AI and robotics, leading to a 62% drop in free cash flow to $1.53 billion. Tesla confirmed that its Full Self-Driving (FSD) system continues to grow as a key demand driver, with ongoing work on regulatory approvals in new markets. This announcement follows Elon Musk's statements about the potential merger of Tesla and SpaceX, a move currently being discussed by the board of directors and requiring approval from 50% of the shares.

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