Tesla profit plunges 43% as revenue stalls, robotaxi pivot looms

Tesla reported a 43% year-over-year drop in third-quarter profit to $1.37 billion, while revenue stagnated at approximately $28.05 billion. The results follow CEO Elon Musk's confirmation of merger speculation with SpaceX. The decline is partly attributed to a comparison with the previous year's quarter, when US President Donald Trump's $7,500 EV tax credit expiration in September 2025 drove a 7.4% surge in deliveries. Tesla's third-quarter deliveries have since fallen, though revenue still beat analyst expectations. Musk reiterated his goal of pivoting Tesla toward self-driving robotaxis and humanoid robots, but the company currently relies primarily on car sales for revenue. Tesla shares rose up to 1.6% in after-hours trading.