Tesla tops earnings projections after Musk floats SpaceX merger plan
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Investors were paying close attention to Tesla’s third-quarter earnings call on Wednesday afternoon, after chief executive Elon Musk floated the idea of merging the car company with his rocket and AI company, SpaceX.
Key facts
On Wednesday, Tesla reported better-than-expected third-quarter earnings, with a reported revenue of $28.05bn and $0.48 on earnings per share
That beat Wall Street’s projections of $27.9bn in revenue, with $0.43 on earnings per share
Similarly, the CEO has forecast the manufacture of as many as 1m Optimus robots each year
Last week, Musk unveiled the company’s electric sports car, the Roadster 2, which he said uses technology from SpaceX to “fly like a rocket
Summary
“about a potential merger with SpaceX, I think I said everything that should be said yesterday,” Musk, the CEO of both companies, said on Tesla’s earnings call. On a call with SpaceX investors on Tuesday, Musk said it would be a “good idea” to combine the two companies and that “there’s a lot of merit” that would come with it. Musk said on Tuesday that the board of directors for both of his businesses had put together special committees to explore the potential merger, but had not yet reached an agreement on the terms of the transaction. On Wednesday, Tesla reported better-than-expected third-quarter earnings, with a reported revenue of $28.05bn and $0.48 on earnings per share.