Tesla CEO Elon Musk said demand for vehicles is outpacing production as fully autonomous driving gains traction, 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, highlighting growing interest in fully autonomous driving technology as the automaker prepares to expand its Cybercab service in Dallas next month.
Musk touted what he described as a “very strong” third quarter during Tesla’s earnings call, saying the company was ramping up production to meet growing demand.
“Demand for our vehicles is growing rapidly. It is far outstripping our production,” Musk said. “The main driver of demand is fully autonomous driving, and today there is really no competition for FSD in any car you can buy.”
Tesla reported third-quarter revenue of $28.05 billion, while deliveries totaled 486,532 vehicles.
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Tesla has announced plans to launch its Cybercab service in Dallas in November 2026, as the company expands its autonomous transportation network beyond Austin. (REUTERS/Benoît Tessier / Reuters)
Musk said the results could signal a period of significant growth for the automaker after years of slower expansion.
“In a nutshell, after many years of difficulty and pretty stable things, I think we are now headed for a lot of fun and significant growth,” Musk said.
Musk also outlined plans to expand Tesla’s manufacturing capacity, aiming to produce around 5 million vehicles per year by 2030.
As part of its expansion, Tesla plans to launch its Cybercab service in Dallas next month to bring the technology to other cities.
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Elon Musk is pictured next to a Tesla Cybercab. (Chesnot/Getty Images and Sjoerd van der Wal/Getty Images/Getty Images)
“I don’t think there’s a company in the world that can match our size when it comes to autonomous vehicles,” Musk said. “This is really extremely rapid week-over-week 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 being sold to individual buyers.
“Cybercab will first and foremost be something that will be offered as transportation as a service,” Musk said.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 386.47 | +12.76 | +3.41% |
Tesla Chief Financial Officer Vaibhav Taneja also said the company is increasing its capital spending guidance to around $20 billion for 2026. Taneja said Tesla ended the quarter with more than $1.5 billion in positive free cash flow and more than $45 billion in cash and investments.
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Tesla plans to expand its Cybercab service to Dallas next month, and other cities may follow as the company expands its autonomous vehicle operations. (Reuters/Kaylee Greenlee / Reuters)
Musk also said on the call that Tesla is working to expand fully autonomous driving to other international markets, with the company seeking EU-wide approval.
“We hope for European-wide approval,” he said. “It’s hard to predict, but maybe, you know, within a few months.”
Earlier this week, Musk said 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.
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Musk was asked again Wednesday about a possible merger.
“I think I said everything that needed to be said yesterday,” Musk responded. “Tap dancing through a minefield there.”
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