Tesla Delivers Record Q3 Results

Tesla (NASDAQ: TSLA) reported blowout global deliveries for the third quarter, with 497,099 units delivered, a new record for the company. This crushed Bloomberg consensus estimates of ~439,800 and outpaced the 462,890 delivered in Q3 last year.

Global production reached 447,450 units.
Tesla also deployed a record 12.5 GWh of energy storage products, underscoring growth in its energy business.

Market Reaction & Industry Context

Tesla shares opened strong but reversed, falling 4% intraday on Thursday.
Rivian (NASDAQ: RIVN) dampened sector sentiment with a weak forecast, highlighting challenges for EV peers.
Tesla’s surge followed strong results from GM (NYSE: GM) and Ford (NYSE: F), but all benefited from buyers rushing to lock in the soon-to-expire $7,500 federal EV tax credit.

Analyst Caution: What Comes After Subsidies?

While the results impressed, analysts stressed caution:

“The numbers are backward-looking,” said CFRA’s Garrett Nelson, who flagged risks from emissions credit trading and demand in an unsubsidized market.
Tesla CEO Elon Musk previously warned of a “few rough quarters” as the company delays its lower-cost EV launch until after the tax credits phase out.

Europe Struggles Amid Competition & Politics

Despite global momentum, Tesla is losing ground in Europe:

August EV registrations in Europe dropped 22.5% Y/Y to 14,831 units.
By contrast, overall EV registrations in Europe rose 26.8% during the same period.
Analysts cite rising competition and Musk’s political stance as factors alienating European buyers.

Investor Focus Shifts to AI & Autonomy

Despite demand concerns, Tesla shares remain up 30% in September, driven by excitement around AI and robotics initiatives:

Investors are betting on autonomous driving and the Cybercab robotaxi platform.
“What really matters is autonomy,” noted Gene Munster of Deepwater Asset Management. “More Teslas on the road mean greater scale for autonomy adoption.”

Looking Ahead

Tesla will report full Q3 earnings results on October 22 after market close. Investors will be watching closely for updates on margins, demand outlook, and AI initiatives.