(Bloomberg) -- Here are the key takeaways from Tesla Inc.’s third-quarter earnings release and call on Wednesday:
- Chief Executive Officer Elon Musk said that a $25,000 car that isn’t autonomous would be “pointless.”
- Tesla had a very strong quarter, thanks to rebounding sales, a lower cost structure, $739 million in regulatory credits and recognizing deferred revenue from what the company refers to as “Full Self Driving.”
- The stock rose 12% in after-hours trading.
- Musk mentioned the theoretical “Department of Government Efficiency” that he’d like to oversee if Donald Trump wins the presidential election. Musk said he would use a potential role in government to push for a national pathway to approve autonomous vehicles, as opposed to the regulatory patchwork currently in place.
- Tesla executives also sounded confident that they could get regulatory approval to begin a ridehailing service in California and Texas next year.
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