特斯拉Q3交付超预期，股价却向下！投资者因何不买账？

Core Viewpoint - Tesla's Q3 2025 production and delivery report shows a mixed performance, with production declining but deliveries exceeding expectations, raising concerns about future growth momentum in key markets [2][3][4]. Group 1: Production and Delivery Performance - In Q3 2025, Tesla produced approximately 447,000 electric vehicles, a year-on-year decrease of 4.8%, while deliveries reached 497,000, a year-on-year increase of 7.4%, setting a new quarterly delivery record [2]. - The Model 3/Y, which is the mainstay of Tesla's offerings, saw production of 436,000 units, down 1.8% year-on-year, while deliveries for this model reached 481,000, up 9.4% year-on-year [2]. Group 2: Market Analysis and Reactions - Analysts from Baird noted that Tesla's delivery of over 497,000 units significantly surpassed expectations, while Wedbush attributed this success to a strong recovery in the Chinese market and preemptive demand in the U.S. before the expiration of electric vehicle tax credits [3]. - Despite the strong delivery numbers, Tesla's stock price fell by 5.11% on the same day, indicating market concerns about the company's future growth potential [3][4]. Group 3: Regional Market Pressures - Tesla's sales in Europe continued to struggle, primarily due to controversial statements from CEO Elon Musk that alienated some consumers, and increased competition from local and Chinese automakers [4]. - Although the slowdown in Europe may be offset by strong performance in the U.S., the ongoing weakness in this region could still negatively impact Tesla's overall performance for Q3 [4]. Group 4: Future Demand Concerns - The expiration of federal electric vehicle tax credits in the U.S. is raising concerns about a potential significant decline in future demand for electric vehicles [5][7]. - Tesla's impressive Q3 performance in the U.S. is seen as having "pulled forward" demand ahead of the subsidy expiration, leading to expectations that such results may not be sustainable [6][7]. Group 5: Executive Compensation Controversy - The upcoming vote on Elon Musk's controversial compensation plan, potentially worth $1 trillion, is adding to investor caution, as it ties Tesla's future success in autonomous driving and AI to Musk's personal financial incentives [8].