Tesla beats earnings projections after Musk floats SpaceX merger plan

Tesla beat Wall Street’s third-quarter earnings forecasts, while Elon Musk offered no new details about a possible merger with SpaceX on the company’s earnings call. The proposed deal could reshape both businesses, but its terms have not been agreed and it would need approval from at least half of Tesla’s shareholders.

Tesla reported $28.05bn in revenue and earnings of $0.48 per share, above forecasts of $27.9bn and $0.43, respectively. Revenue was slightly below the previous quarter’s $28.23bn, while automotive revenue fell 3% year on year; Tesla shares are down more than 11% this year amid competition and challenges expanding its robotaxi and robotics businesses.