Overview
- Tesla posted Q3 revenue of $28.1 billion, topping forecasts, but earnings per share of $0.50 missed estimates as net income fell 37% to about $1.4 billion and the stock dropped roughly 4%–5% after the report.
- Vehicle deliveries hit a quarterly record of about 497,099 as buyers accelerated purchases to capture a $7,500 U.S. tax credit that expired on Sept. 30, creating a pull-forward effect.
- Operating expenses jumped roughly 50% to $3.4 billion, the company cited tariff impacts of more than $400 million, and automotive regulatory-credit revenue fell to $417 million with further declines expected.
- Elon Musk highlighted a pivot to autonomy and robotics, targeting the removal of safety drivers from robotaxis in Austin by year-end and saying the service could expand to as many as 10 metro areas pending approvals.
- To defend volume, Tesla introduced lower-cost 'Standard' Model Y and Model 3 trims cutting prices by about $5,000–$5,500, a move analysts warn may squeeze margins, as proxy firms ISS and Glass Lewis urge investors to reject Musk’s up-to-$1 trillion pay plan ahead of a Nov. 6 vote.