Tesla (TSLA) investors have grown accustomed to volatility, but the company’s latest earnings report once again tested their patience. For the fourth consecutive quarter, Tesla disappointed on earnings, even as it delivered a record number of electric vehicles (EVs). Rising costs, shrinking margins, and declining regulatory credit revenue weighed heavily on the bottom line, reinforcing concerns that the automaker’s once-impressive earnings engine is losing momentum amid shifting EV policies, trade headwinds, and ongoing geopolitical uncertainty.
Yet, amid the financial turbulence, CEO Elon Musk used Tesla’s third-quarter earnings call to talk less about quarterly numbers and more about the company’s long-term future—and, surprisingly, his own. While discussing Tesla’s Optimus humanoid robot, Musk surprised investors by revealing his “biggest concern,” one that has nothing to do with production or competition. With that, let’s take a closer look at what currently worries Musk most as Tesla enters a new era defined by artificial intelligence, robotaxis, and humanoid robotics.
