The week’s business headlines brought fresh attention to electric vehicles, autonomous technology, airline connectivity and corporate spending. Tesla Inc. dominated the conversation, with quarterly results and several updates tied to its driverless-driving ambitions.
Elsewhere, a proposed automotive buyback drew political criticism, while United Airlines highlighted Starlink as an increasingly important part of the flying experience.
Tesla Posts Double Beat, Backlog Hits 4-Year High
Tesla reported third-quarter revenue of $28.05 billion, largely unchanged from a year earlier but above analysts’ consensus estimate of $27.88 billion. Automotive revenue fell 3% year over year to $20.56 billion. Adjusted earnings came in at 48 cents per share, topping Wall Street’s estimate of 43 cents. “We ended the quarter with the largest backlog for our passenger vehicles in four years,” the company said. Tesla’s energy storage business also recorded its highest-ever order rate and backlog during the quarter.
GM’s $20 Billion Buyback Faces Political Backlash
Michigan Democratic Party Senate candidate Abdul El-Sayed criticized General Motors Co. over its multibillion-dollar share repurchase program. El-Sayed warned that the decision could hurt GM workers and challenged the company’s use of capital for the buyback. In a post on X, he described the move as “the biggest stock buyback in automotive industry history,” according to the report. El-Sayed also said, “Stock buybacks should be illegal,” directing his criticism at the company’s newly announced repurchase effort.
United Airlines Says Starlink Is Influencing Customer Choices
United Airlines Holdings Inc. CEO Scott Kirby said the carrier is already seeing positive results from its agreement with Elon Musk-led Space Exploration Technologies Corp. to provide Starlink internet on flights. Kirby said flying without Starlink was “different” from flying with the service, as United moves toward broader connectivity across its fleet. He said the airline expected to cross the threshold of 50% of flights operating with Starlink during the week. United’s entire fleet is expected to have Starlink enabled by the end of next year, according to the CEO’s comments.
Tesla’s Cybercab Fleet Expands Sharply In Austin
Musk said the company’s autonomous-driving operation in Austin grew rapidly, with the Cybercab fleet expanding tenfold in roughly one month. He made the comments Wednesday during Tesla’s third-quarter earnings call while discussing the pace of driverless mileage growth. “The Cybercab fleet in Austin, for example, has grown by a factor of 10 since launch about a month ago,” Musk said. He added, “The cumulative mileage is really—when I look at the weekly chart—it’s wow. I mean, it looks like a rocket going to orbit, basically.”
Musk Says Tesla’s Value Increasingly Rests on FSD
The Tesla CEO argued that prospective buyers are purchasing the company’s Full Self-Driving technology with a vehicle attached, rather than choosing a car first. Musk commented Wednesday in a post on X while quoting a post from influencer and Tesla investor Sawyer Merritt. The post shared Tesla’s quarterly financial information along with other details from the company’s latest reporting period. Musk’s statement tied the appeal of Tesla vehicles directly to its autonomous-driving service, emphasizing software alongside the cars themselves.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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