Tesla is back: Q3 deliveries of 486,532 beat consensus of roughly 462,000 to 464,000. Model 3/Y production of 457,387 came in below the 481,279 estimate. x.com  x.com  x.com 

Tesla is blasting off on strong production and delivery numbers. x.com 

Tesla's Q3 earnings beat came from tariff refunds, not operations. The Supreme Court's IEEPA ruling let Tesla book $786M in refunds, less $339M owed to storage customers: $447M or 62% of Q3 operating income. Without that, GAAP EPS was $0.12 versus $0.20 estimated and operating margin 1.0%. Gross profit is not keeping pace with spending. Tesla trades at 500x trailing earnings versus 32x for the Mag-6 despite falling Q3 revenue, EBIT down 56% year on year and reduced capex. x.com  x.com  x.com  x.com  … Show more

Tesla's stronger gross margin and automotive revenue suggest its car business is healthier than bears expected. Gross margin was 19.6% versus 17.8% expected; automotive revenue beat by over $700M, following 486,532 deliveries versus roughly 462,000 expected. Total revenue missed slightly, likely outside autos. Cybercab, unsupervised FSD and Optimus remain the key call tests. Overweight, $697 target with 80% upside. x.com  x.com 

Tesla's Austin robotaxi rollout looks to have hit an inflection point because activity is scaling rapidly. A RtaxiTracker chart shared by Jason Scharf shows Tesla at 438,000 per week in the week to October 18, versus Waymo's 406,000-per-week Q2 2026 average. Waymo's figure is older and quarterly averaged, so the periods are not directly comparable. x.com  x.com 

Tesla's falling energy and storage revenue undercuts what bulls call its next growth case. In Q3, that revenue fell 16% year over year; auto revenue fell 3%, operating income 56%, GAAP net income 43%, GAAP EPS 44% and free cash flow 62%. These terrible results make $500 a share look unlikely, even though the stock has not fallen 20%. x.com  x.com 

Tesla's FSD continues to drive sales as its physical AI strategy takes shape. Attach rates top 75% of North American deliveries, active subscriptions have reached 1.74 million, up 67% year on year, and Optimus production has begun. Those developments also dovetail with the strategic fit of a SpaceX merger. x.com 

Per Lars Moravy on Munro Live, Tesla's robotaxi production line can outpace deployments, making its capacity a reason to invest. He says the line does not run every day because deployments have yet to catch up. Per @Tslachan, Turo and Tesla plan to launch verified FSD (Supervised) rentals on October 28, another bullish way for renters to experience FSD. x.com  x.com 

Tesla's falling automotive revenue and shrinking energy business undermine its growth-company case. In Q3 2026, automotive revenue fell 3% year over year and energy revenue fell 16%; operating margin was 2.6%, and revenue missed expectations. These numbers are pathetic even for a mature business and embarrassing for a growth darling. SpaceX has to buy Tesla to mask a weak business inside a stronger one, as Musk did with SolarCity. x.com  x.com  x.com 

Tesla's low-cost, high-margin Cybercabs make its Robotaxi opportunity bigger than investors appreciate. ARK estimates each costs about $30K to make and generates $93K a year at roughly 68% gross margin; Tesla is not bullish enough in investors' eyes. Texas registrations show 1,080 Teslas, including 573 Cybercabs, versus 1,207 Waymos; these are registrations, not active rides. Cybercabs already outnumber Model Ys less than two months after launch. x.com  x.com  x.com