Tesla's third-quarter profit fell 43% to $787 million on flat revenue as the company raised spending on Optimus robots and Cybercab robotaxis. Musk says Optimus deliveries to outside customers are around the end of 2027, while Tesla is trying to get Cybercabs to customers by the end of 2026.
Tesla's profit fell 43% last quarter to $787 million, down from $1.37 billion a year earlier. The carmaker put money into humanoid robots and driverless taxis while delivering about 2% fewer cars.
Spending on robots and robotaxis outpaces flat revenue
Revenue stayed flat at $28.05 billion, but operating profit fell 56% to $718 million. Research spending rose 69% to $2.76 billion, and capital expenditures more than doubled to $4.73 billion.
That money targets two products. Optimus is a humanoid robot meant to take over dangerous and repetitive jobs, and the Cybercab is a two-seat robotaxi with no steering wheel or pedals.
Optimus enters production in Fremont
Tesla said Wednesday that Optimus has entered production at its Fremont, California, factory. Musk wants to reach 20,000 units a week, but he said getting there will take at least a year because the design is still changing.
He put deliveries to outside customers around the end of 2027. Tesla has missed Optimus targets before, including a goal of about 10,000 robots in 2025.
Cybercab timeline and Musk's merger remarks
On the earnings call, Lars Moravy, Tesla's vice president of vehicle engineering, said: "We're trying to get Cybercabs to customers by the end of this year, 2026." Every Cybercab built so far is headed to Tesla's own robotaxi fleet, and Tesla has not announced a price.
Musk said the robotaxi business should become noticeable in Tesla's financials in the second quarter of 2027. Tesla has not disclosed how much money the service brings in.
Separately, Musk said the Tesla and SpaceX boards have each formed special committees of independent directors to study a combination, and no terms have been agreed. A deal needs support from holders of 50% of all outstanding Tesla shares, and the annual shareholder meeting is December 3 with no merger vote on the agenda.
Source: Decrypt
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