Tesla’s Q3 profit drops as it prepares for possible merger with SpaceX

Tesla reported a decline in profit for the latest quarter, but a measure of cash its business generated surged, leaving investors with a mixed picture as it prepares for a possible merger with Elon Musk’s other big company, SpaceX. The electric vehicle maker reported third-quarter net income of US$787 million, or 22 cents per share, down 44 per cent from the year-earlier period. Excluding certain items, though, earnings per share of 48 cents beat Wall Street analyst expectations by 3 cents.