Tesla CEO Elon Musk said demand for vehicles is outpacing production as autonomous driving gains ground, while the company announced plans to launch Cybercab service in Dallas next month and expand its autonomous transportation network (Credit: Tesla). Tesla CEO Elon Musk said demand for the company’s electric vehicles is significantly outpacing production, pointing to growing interest in 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 for our vehicles is growing rapidly. It is exceeding our production by a significant margin,” Musk said. “The biggest driver of demand is fully autonomous driving, and today there is really no competitor for FSD in any car you can buy.” Tesla reported $28.05 billion in revenue in the third quarter, while deliveries totaled 486,532 vehicles. ELON MUSK SAYS TESLA-SPACEX MERGER WOULD BE ‘A GOOD IDEA’ AS COMPANIES FORM SPECIAL COMMITTEES Tesla announced plans to launch its Cybercab service in Dallas in November 2026 as the company expands its autonomous transportation network beyond Austin. (REUTERS/Benoit Tessier / Reuters) Musk said the results could indicate a period of significant growth for the automaker after years of slower expansion. “Simply put, after many years of hard work and things being pretty flat, I think we’re now headed toward a lot of fun and significant growth,” Musk said. Musk also outlined plans to expand Tesla’s manufacturing capacity, with the 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 other cities. ELON MUSK SAYS HE WILL RETALIATE AGAINST DEMOCRATS WHO INVESTIGATE HIM Elon Musk appears in the photo next to a Tesla Cybercab. (Chesnot/Getty Images and Sjoerd van der Wal/Getty Images/Getty Images)”I don’t think there is any company in the world that can match our scale with autonomous vehicles,” Musk said. “It really is extremely rapid weekly growth in autonomous miles.” A Tesla executive also said the company aims to start delivering Cybercabs to customers by the end of 2026, although Musk stressed that most would remain in Tesla’s fleet rather than be sold to individual buyers. “Cybercab will primarily be something that is offered as transportation as a service,” Musk said. Ticker Security Last change Change % TSLA TESLA INC. 386.47 +12.76 +3.41% Tesla CFO Vaibhav Taneja also said the company was raising its capital spending guidance to about $20 billion by 2026. Taneja said Tesla finished the quarter with more than $1.5 billion in positive free cash flow and more than $45 billion in cash and investments. TESLA’S NEW ROADSTER MAKES ITS FLYING DEBUT, REACHING 60 MPH IN LESS THAN A SECOND Tesla plans to expand its Cybercab service to Dallas next month. and potentially more cities will follow as the company expands its autonomous vehicle operations. (REUTERS/Kaylee Greenlee / Reuters) Musk also said during the call that Tesla was working to expand full self-driving to additional international markets, and that the company was seeking approval across the EU. “We expect 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 possible deal. “There we tap danced in a minefield.”
