Winning quarter for Elon Musk: Tesla beat revenue forecasts and recorded a recovery in vehicle deliveries
Tesla reported third-quarter results that exceeded analyst expectations: revenue of $28.05 billion and earnings per share of 48 cents. Vehicle deliveries totaled 486,532 units, above forecasts. CEO Elon Musk announced his intention to merge Tesla with SpaceX.
Tesla reported third-quarter 2026 results that exceeded analyst expectations. The company's revenue reached $28.05 billion, compared to a forecast of $27.92 billion, and earnings per share stood at 48 cents versus the expected 44 cents. The stock is rising in after-hours trading on the Nasdaq. Vehicle deliveries totaled 486,532 units, a 2% decline year-over-year but significantly higher than the forecast of 463,000 vehicles. Tesla's US sales were impacted by a 20% drop due to the discontinuation of the $7,500 federal tax credit for electric vehicles, but the company still controls 54% of the American EV market. In Europe, sales rose 43% between January and August. CEO Elon Musk announced his intention to merge Tesla with SpaceX to create a giant corporation valued at $3.5 trillion, a move requiring approval from 51% of shareholders. The company suffers from negative cash flow due to high capital expenditures on AI, robotics, and the Terafab chip factory.