Tesla Profit Slumps as Elon Musk’s Car Company Considers Merging With SpaceX
The carmaker, which is controlled by Elon Musk and is considering merging with another of his companies, SpaceX, spent heavily on artificial intelligence and other new technologies.
TL;DR
- Tesla's net profit decreased to $787 million in the third quarter, down from $1.4 billion a year prior.
- Sales for the third quarter were $28 billion, showing little change from the previous year.
- The profit decline is attributed to the company investing heavily in self-driving cars, humanoid robots, and other emerging technologies.
- CEO Elon Musk recently discussed exploring a merger between Tesla and SpaceX, though he did not elaborate during the investor call.