The financial results beat Wall Street projections of $27.9bn in revenue, with $0.43 on earnings per share. Despite the stronger-than-anticipated quarter, the company has experienced a rough year with falling stock and increased competition from cheaper Chinese automakers. Tesla reported better-than-expected third-quarter earnings on Wednesday, posting a revenue of $28.05bn and $0.48 on earnings per share.
The company's share price has fallen by more than 11% this year, although it appears to have rebounded some since last week with the news of the possible SpaceX merger. The reported revenue of $28.05bn came in at a slightly lower figure than last quarter, which was $28.23bn.
Tesla's leaders continue to make big claims about autonomous mobility and physical AI. Musk once again touted the robots on Wednesday, stating that he remains convinced that Optimus will be the biggest product on earth and humanoid robots in general will be the biggest product on earth.
At a demonstration at a SpaceX facility in Texas, a remote-controlled version of the car drove up a steeply curved ramp and then used jet-like thrusters to flip over, hover and land.
Musk added that no other company compares to Tesla in developing humanoid robots, despite Chinese competitors making vast strides in the technology.
Miller pointed out regarding Musk's promises that he has failed to reach those lofty targets and rollout has been slow.