Benzinga·2025-10-03 15:58Core Insights - Tesla and Rivian reported third-quarter vehicle deliveries exceeding consensus estimates, with Tesla delivering approximately 497,000 vehicles (up 7% year-over-year) and Rivian delivering 13,200 vehicles (up 32% year-over-year) [2][4] Tesla - The third-quarter deliveries for Tesla surpassed Goldman Sachs' estimate of 455,000 vehicles, indicating strong demand potentially driven by the impending expiration of the federal EV tax credit [2][5] - Tesla's US sales are estimated to have increased by over 10% year-over-year, although sales in Europe and China experienced a year-over-year decline [6] - The expiration of the federal tax credit is expected to create a "double-digit percent headwind" for the market in upcoming quarters, but new vehicle launches, such as the Model Y L and lower-cost models, may provide a significant tailwind [4][6] - The price target for Tesla has been raised from $395 to $425, maintaining a Neutral rating, with the increase attributed to strong performance in the US market [5][6] - Key topics for Tesla's future include vehicle delivery outlook, automotive margins, advancements in robotaxis and Full Self-Driving (FSD), and growth in Tesla Energy and other segments [7] Rivian - Rivian's third-quarter deliveries of 13,200 vehicles slightly missed Goldman Sachs' estimate of 13,950 but exceeded the consensus estimate of 12,700 [2][8] - Rivian has adjusted its full-year delivery guidance down by 500 vehicles at the midpoint, now implying 42,500 vehicle deliveries, which aligns with Goldman Sachs' estimate [8] - The analyst maintains a Neutral rating on Rivian with a price target of $15, emphasizing the importance of increased volumes, margins, vertical integration, cash burn, and supply chain management as key focus areas [9] Stock Performance - Tesla's stock is down 2.2% to $426.45, with a year-to-date increase of 12.4% [10] - Rivian's stock is down 0.7% to $13.44, with a year-to-date increase of 1.4% [10]