Mattel, known for the Hot Wheels brand, is set to report its earnings this week.
Photo:
Daniel Becerril/Reuters
Mattel Inc.
MAT 4.12%
is teaming up with
Elon Musk’s
SpaceX to create toys inspired by the company, the latest tie-up between the maker of Barbie and the world’s richest man.
The toy maker said Wednesday that it has entered into a multiyear agreement with SpaceX, formally known as Space Exploration Technologies Corp., to create the space exploration-theme toys under Mattel’s Matchbox brand. The toys are due out next year.
A remote-control toy from Mattel that was inspired by a Tesla truck.
Photo:
Carlo Allegri/Reuters
In addition, space-inspired collectibles will debut next year on Mattel Creations, the company’s direct-to-consumer platform that sells pricier and more-detailed variations of its toys for collectors.
The toy company behind Barbie dolls and Hot Wheels cars has worked with Mr. Musk, the billionaire who also runs the electric-car company
Tesla Inc.,
in the past.
Mattel in 2020 developed two remote-control vehicles based on the Tesla Cybertruck: a smaller $20 and a $400 limited-edition model.
When Elon Musk launched a Tesla Roadster into space in 2018, a Mattel version of the car, complete with a miniature spaceman, was mounted on its dashboard.
Mattel is set to report its second-quarter earnings after the market close on Thursday. Analysts expect the company to post slightly higher earnings per share and revenue for the period, according to FactSet.
Mattel shares rose 4.1% to $23.51 and are up 9% this year.
Write to Kathryn Hardison at [email protected]
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Appeared in the July 21, 2022, print edition as ‘Musk’s SpaceX and Mattel Team Up on Space Toys.’
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