Tesla Missed Profit Targets In Q3, But A SpaceX Merger Will Surely Help That - Jalopnik

Tesla’s Q3 results missed profit expectations, even as the company reported better-than-expected figures in some areas, underscoring a difficult period for the automaker. The article says Tesla’s automotive revenue dipped 3% year over year to $20.56 billion, while energy revenue fell 16% to $2.88 billion. Net income attributable to common shareholders fell 29% to $787 million (22 cents per share) from $1.11 billion (32 cents) a year earlier. Tesla blamed weaker automotive profit on lower average selling prices and challenges securing enough battery supply for its order backlog. Spending increased as the company ramped up Optimus humanoid robots and AI initiatives, lifting capital expenditures to $3.73 billion and pushing free cash flow down 62% to $1.53 billion. CEO Elon Musk also floated a potential Tesla–SpaceX merger during a prior earnings call, saying it was a “good idea,” without details. The roundup also cites job cuts at Volvo, a BYD ban at a U.S. airbase in Japan, and Lexus ending a plug-in hybrid TX.