Core Viewpoint - Wall Street anticipates a decline in global electric vehicle (EV) delivery volumes for the third quarter, projecting approximately 443,000 vehicles, a decrease from around 463,000 delivered in the same period of 2024 [1] Industry Summary - Projected global EV delivery volumes for Q3 are about 443,000 vehicles [1] - This represents a decrease of approximately 20,000 vehicles compared to the third quarter of 2024, which had about 463,000 deliveries [1]

Core Insights - The future approval of publicly available unsupervised Full Self-Driving (FSD) technology is expected to significantly strengthen Tesla's position in the automotive market despite current declines in automotive revenue and EV deliveries [1][4]. Market Valuation - Tesla's stock is not solely valued as an electric vehicle (EV) manufacturer; the market is pricing in potential long-term recurring revenue from its robotaxi business, which includes both dedicated Cybercabs and vehicles converted into robotaxis using unsupervised FSD technology [2]. Current Limitations - Tesla currently lacks fully autonomous robotaxis and publicly available unsupervised FSD, which are critical for justifying its high valuation [3][4]. Demand Drivers for Tesla EVs - The approval of unsupervised FSD will enhance the value of existing Tesla vehicles, allowing them to be converted into robotaxis, which could drive demand as many current owners are unaware of the existing supervised FSD offering [5]. - Increased adoption of FSD is anticipated, as the release of newer versions has already shown improved take-up rates, indicating that the benefits of FSD are still being communicated to potential users [6]. - New Tesla owners may be incentivized to purchase vehicles with the intention of using them as robotaxis, further boosting demand [6]. - If unsupervised FSD approval leads to higher sales volumes, Tesla can achieve economies of scale, reducing vehicle costs and making EVs more affordable compared to internal combustion engine vehicles [7]. Implications for Investors - The potential for robotaxis is crucial for Tesla's investment case, but unsupervised FSD could also significantly enhance Tesla's EV sales and reinforce its dominant position in the EV market [9]. - Elon Musk has suggested that unsupervised FSD could be available for personal use by the end of the year in certain regions, although this timeline may be overly optimistic [10].

Core Insights - BYD, Tesla's main competitor in China, experienced its first sales decline in over 18 months, selling 396,270 cars in September, a 5.5% decrease from 419,426 cars sold in the same month last year [1] - The decline in sales for BYD marks a significant shift in the competitive landscape of China's EV market, which is currently embroiled in intense price wars among approximately 100 brands, including Tesla [2] - Tesla's annual sales also saw a decline for the first time in over a decade, delivering 1.79 million vehicles in 2024, a 1% drop from 1.81 million vehicles in 2023 [7] Company Performance - BYD's sales drop is notable as it had not seen a decrease since February 2024, when it sold 122,311 cars, reflecting a nearly 37% decline from 193,655 cars sold in February 2023 [1] - In its August earnings report, BYD indicated that its short-term profitability was negatively impacted by "industry malpractices" such as excessive marketing and discounting, with net profits in Q2 2025 falling 30% year-over-year [10] - Despite the sales decline, BYD's shares have increased nearly 27% year-to-date [11] Industry Context - The Chinese EV market is characterized by fierce competition, with major players like Tesla and BYD engaged in aggressive pricing strategies to capture market share [2] - Tesla announced significant price cuts for its models in April 2024, reducing prices by approximately 14,000 yuan (about $1,930) to align production with demand [3] - Industry experts, including Xpeng's CEO, predict a consolidation phase in the automotive sector, suggesting that only seven major car companies may survive the next decade [9]

Market Overview - US stock market closed higher, with the Dow Jones up 0.09%, the Nasdaq up 0.42%, and the S&P 500 up 0.34% [1] - Nasdaq Golden Dragon China Index rose 1.44% [1] Individual Stock Performance - Intel increased by over 7% [1] - Tesla increased by over 3% [1] - Microsoft, Apple, Google, and Amazon saw gains of less than 1% [1] - Meta decreased by over 2% [1] - Baidu and 21Vianet (世纪互联) increased by over 4% [1] - JD.com increased by over 3% [1] - Alibaba, Bilibili, and XPeng increased by over 1% [1]

Group 1 - The S&P 500 and Nasdaq have reached fresh all-time highs, indicating a bullish trend in the market [2][4] - Palantir, a data analytics software maker, is experiencing improved technical outlook, suggesting potential for investment [4] - Analysts have identified eight stocks that are growing faster than Nvidia and Palantir, highlighting competitive dynamics in the tech sector [4] Group 2 - Broadcom has flashed a buy signal as hot stocks surged, indicating strong market interest in semiconductor companies [2][4] - The upcoming analyst days for Oracle and Salesforce are anticipated to be significant events, reflecting investor focus on AI stocks [4] - Palantir is nearing its all-time high, with three other stocks also hovering in buy zones, suggesting a favorable market environment for tech investments [4]

Raj Jegannathan has steadily amassed a broad mandate as restructuring and high-profile departures have thinned CEO Elon Musk's executive bench at the automaker. ...

Core Points - The company intends to reprice 1,665,000 of its outstanding share purchase warrants issued during a non-brokered private placement that closed on February 14, 2023 [1] - The original issuance included a total of 20,000,000 warrants with an exercise price of $0.05, expiring on February 14, 2026, which were later consolidated to 2,000,000 warrants at an exercise price of $0.50 [2] - The repricing will adjust the exercise price of the 1,665,000 warrants to $0.20, with an acceleration clause if the market price reaches $0.25 for ten consecutive trading days [3] Summary by Sections Repricing of Warrants - The company plans to reprice a total of 1,665,000 warrants, with 200,000 of these held by directors and officers being repriced on a pro rata basis [3] - The new exercise price will be set at $0.20 per warrant, with the same expiration date of February 14, 2026 [3] Approval and Governance - The proposed amendments to the warrants are subject to approval by the TSX Venture Exchange [4] - The changes have been authorized and approved by the Board of Directors [4]

Joining us now is Gene Monster, managing partner, Deep Water Asset Management. Gan, why would this be good news. >> Brian, uh before that, I just want to acknowledge that there is a near-term benefit undoubtedly from the tax credit.If we zero in on the numbers we're going to see tomorrow, this 400 and call it 75 80,000 deliveries, about 40,000 of those are likely coming from pull forward in demand because people want to make buy a car that's 15% less expensive. And so, uh, start there is that cheaper cars d ...

Tesla has raised lease prices for all its vehicles in the US after a $7,500 federal tax credit that helped boost electric vehicle sales expired, according to the company’s website on Wednesday.The change follows the end of tax incentives under sweeping legislation passed by Congress, which eliminated the $7,500 credit for new EV leases and purchases, as well as a $4,000 credit for used EVs, effective Sept. 30.Elon Musk’s Tesla and its rivals had been passing these credits on to customers through competitive ...

Tesla's new car registrations in Italy fell for a fifth month in a row in September, posting a 25.6% year-on-year drop, data from the Italian transport ministry showed on Wednesday. ...