Tesla CEO Elon Musk said demand for the company’s electric vehicles is significantly outpacing production, pointing to growing interest in Full Self-Driving technology as the automaker prepares to expand its Cybercab service to Dallas next month.
Musk touted what he described as a “very strong” third quarter during Tesla’s earnings call, saying the company is ramping up production to meet growing demand.
“Demand is growing rapidly for our vehicles. It’s exceeding our production by a significant margin,” Musk said. “The biggest driver for demand is full self-driving, and today there’s really no competitor for FSD in any car that you can buy.”
Tesla reported $28.05 billion in third-quarter revenue, while deliveries totaled 486,532 vehicles.
ELON MUSK SAYS TESLA-SPACEX MERGER WOULD BE ‘A GOOD IDEA’ AS COMPANIES FORM SPECIAL COMMITTEES
Musk said the results could signal a period of significant growth for the automaker following years of slower expansion.
“In a nutshell, after many years of sort of grind and things being fairly flat, I think we’re now headed for a lot of fun and significant growth,” Musk said.
Musk also outlined plans to expand Tesla’s manufacturing capacity, with a goal of producing approximately 5 million vehicles annually by 2030.
As part of its expansion, Tesla plans to launch its Cybercab service in Dallas next month as it looks to bring the technology to additional cities.
ELON MUSK SAYS HE WILL RETALIATE AGAINST DEMOCRATS WHO INVESTIGATE HIM
“I don’t think there’s any company in the world that can match our scale with autonomous vehicles,” Musk said. “It really is an extremely fast week-over-week growth in autonomous miles.”
A Tesla executive also said the company aims to begin delivering Cybercabs to customers by the end of 2026, although Musk emphasized that most would remain in Tesla’s fleet rather than being sold to individual buyers.
“Cybercab is primarily going to be something that is offered as, like, transport as a service,” Musk said.
Tesla Chief Financial Officer Vaibhav Taneja also said the company was raising its capital expenditure guidance to approximately $20 billion for 2026. Taneja said Tesla ended the quarter with more than $1.5 billion in positive free cash flow and over $45 billion in cash and investments.
TESLA’S NEW ROADSTER MAKES A FLYING DEBUT, HITTING 60 MPH IN UNDER A SECOND
Musk also said during the call that Tesla was working to expand Full Self-Driving into additional international markets, with the company seeking EU-wide approval.
“We’re hoping for an EU-wide approval,” he said. “It’s hard to predict, but maybe, you know, within a few months.”
Earlier this week, Musk said that merging his two companies, Tesla and SpaceX, would be “a good idea,” adding that both companies have formed special committees of independent directors to explore a potential deal.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Musk was asked again about the potential merger on Wednesday.
“I think I said everything that should be said yesterday,” Musk responded. “Tap dancing through a minefield there.”
