Elon Musk, the world’s richest person, spent the end of Tesla Inc.’s earnings call pleading with investors to ratify his upcoming $1 trillion pay package and blasting the shareholder advisory firms that have come out against the plan.

Tesla's profit actually fell 37% compared to the same period last year, despite buyers rushing to take advantage of the expiring EV tax credit.

Both Samsung and TSMC will now work on developing Tesla's next-generation chip, according to Elon Musk. The chip, which Tesla calls AI5, could be the best on the market, he added. Musk thinks the AI5 chip will deliver the best performance-by-watt "maybe by a factor of two or three,

Tesla said Wednesday that its profit sank in the third quarter after it cut car prices to lift sales. Profit fell to $1.4 billion from $2.2 billion a year earlier, a drop of 37 percent, the company said. Sales rose to $28.1 billion from $25.2 billion.

Tesla CEO Elon Musk predicted the company would be able to remove the safety monitors from its robotaxis “by the end of the year.” He also said Tesla would launch a robotaxi service in 8-10 new markets also before the end of 2025.

Tesla reported third-quarter earnings after the close of trading on Wednesday. Investors will be focused on the company's demand outlook and its futuristic plans.

Nearly 13,000 Tesla vehicles are being pulled back after a defect was discovered that could cause them to lose power unexpectedly, raising crash risks.

The Elon Musk–led EV company is set to recall more than 13,000 cars built between March and August 2025 due to a battery issue that can cause a sudden loss in propulsion while driving. The National Highway Traffic Safety Administration (NHTSA) estimates that roughly one percent of those vehicles are affected.

Rivian's head of autonomy James Philbin said rival Tesla's overall approach to autonomous driving has been "a mixed bag."