By Shreya Biswas
Copyright indiatimes
Tesla stock
Tesla stock today: Tesla’s record-breaking third-quarter deliveries weren’t enough to keep EV stocks from stumbling, as Wall Street wrestles with what comes next for the industry in the US without federal tax credits.Tesla beats Q3 delivery estimates with record numbersThe EV giant reported Q3 deliveries of 497,099 vehicles, shattering Bloomberg’s consensus estimate of 439,800 and topping last year’s 462,890 units, as per a report. It was a quarterly record for Elon Musk’s company, helped by buyers rushing to lock in the $7,500 federal tax credit before it expired in the United States.Tesla stock still stumbles despite record quarterYet despite the blockbuster numbers, Tesla shares slid more than 5% on Thursday before clawing back about 1% in premarket trading on Friday, as per a Yahoo Finance report. Competitor Rivian hinted at a gloomy sector after warning of a weaker outlook, underscoring investor fears that the EV boom may hit a wall without government subsidies, according to the report.ALSO READ: How to safely set up a Web3 Wallet without losing all your crypto overnightAnalysts raise concerns about Tesla’s future EV demand CFRA analyst Garrett Nelson, “While the numbers were better than expected, we think it is important to highlight the data is backward-looking,” as quoted by Yahoo Finance. Nelson pointed out that, “Looking ahead, we think there are still major questions regarding the earnings impact of legislative changes on the tradeable emissions credit market and EV demand in an unsubsidized U.S. market, particularly in light of TSLA’s lack of new vehicle models,” as quoted in the report.Live EventsTesla energy business sets new storage recordTesla’s report wasn’t all about cars. The company also produced 447,450 vehicles and deployed a record 12.5 gigawatt-hours of energy storage, signaling strength in its energy business, according to Yahoo Finance. But Wall Street remains fixated on whether US demand will hold steady without financial incentives.ALSO READ: After D.C., Donald Trump sends military to Oregon’s Portland – Democrats outragedElon Musk’s caution and European strugglesCEO Elon Musk himself has warned of “a few rough quarters” as Tesla delays the launch of its lower-priced EVs until after credits disappear, as per the report. That caution is colliding with challenges abroad, Tesla’s August sales in Europe slumped 22.5% from last year, even as overall EV sales in the region climbed nearly 27%, reported Yahoo Finance. Musk’s polarizing politics may also be weighing on the brand overseas, according to analysts.What’s next for TeslaThe sell-off comes despite a strong September rally that lifted Tesla’s stock more than 30%. Investors are still betting on Tesla’s long-term AI and robotics ambitions, including its robotaxi “Cybercab.” Deepwater Asset Management’s Gene Munster said, “What really matters is autonomy. You need EVs on the road for autonomy to work,” adding, “There are a lot more Teslas on the road today than just three months ago. Meanwhile, other automakers remain in denial about the importance of EVs in capitalizing on autonomy,” as quoted by Yahoo Finance.Tesla is expected to report its full Q3 results on October 22 after the closing bell.FAQsWhy did Tesla stock drop after record deliveries?Because investors are worried about future EV demand without the federal tax credit.What else is Tesla investing in besides cars?Energy storage, AI, and robotaxi projects like the Cybercab.Add as a Reliable and Trusted News Source Add Now!
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