was here. Gene Muner of Deep Water Asset Management back with us. So, Gan, what's happened.>> Melissa, in the prepared remarks, Elon did not mention anything about the expanded robo taxi uh fleet. That was one of the pressure points going on in the quarter. As soon as he wrapped up his prepared remarks, the call started six minutes late, keep in mind, but as soon as he wrapped up his remarks, you saw the stock uh start to trade a little bit lower on that.So, we'll see if we get more commentary, but I think ...

Core Insights - Tesla reported record vehicle deliveries of 497,099 units in Q3 2025, alongside record energy storage deployments of 12.5 GWh, but faced earnings pressure due to margin headwinds and a demand pull-forward before the expiration of U.S. EV tax credits [1][6] - Revenue reached approximately $28.1 billion, exceeding expectations, while non-GAAP EPS was around 0.50, which is below the previous year's levels due to compressed automotive margins [1][6] - Shares dipped about 1.4% in after-hours trading as investors anticipated softer demand for the remainder of the year [1] Q3 Results - Total production for Q3 was 447,450 units, indicating an inventory drawdown to meet the surge in demand before the tax credit expiration [6] - Automotive deliveries were primarily driven by Model 3/Y, which accounted for 481,166 deliveries, while "Other Models" contributed 15,933 deliveries [6] Segment Performance - Energy storage deployments reached an all-time high of 12.5 GWh, highlighting its role as a stabilizer with higher margins compared to automotive during competitive pricing periods [6] - Services and other segments were not detailed numerically but are expected to benefit from fleet growth and software advancements [6] Profitability and Margins - Despite record revenue, non-GAAP EPS was approximately 0.50, with auto gross margins (excluding credits) likely in the mid-to-high teens, reflecting ongoing price competition and cost pressures [6] - Net income fell about 37% year-over-year, attributed to margin compression and one-time demand pull-forward effects related to tax policy timing [6] Guidance and Outlook Themes - Analysts and media are focused on post-credit demand trajectory, automotive margins, and the durability of energy growth, particularly how Q4 will shape up after the demand pull-forward [6] - The company maintains a strategic focus on AI/FSD and robotaxi initiatives to support long-term valuation, with investor sensitivity to credible timelines and capability updates in these areas [7]

Core Viewpoint - Tesla's stock has experienced significant volatility in 2025, currently up 95% in six months, translating to a year-to-date increase of approximately 10% [1] Group 1: Earnings and Investor Focus - Earnings day for Tesla is critical, with investors eager to see if the recent stock rally can be sustained [1] - Investors are particularly interested in updates regarding Tesla's robotaxi rollout, which is viewed as a key factor justifying the company's high valuation [1] Group 2: Vehicle Sales Outlook - There are expectations for questions regarding the future of vehicle sales, especially after Tesla's recent delivery figures exceeded estimates [2] - The removal of the federal EV tax credit raises concerns about potential declines in sales in upcoming quarters [2] - Tesla is set to release its earnings results shortly after the market closes, with an analyst call scheduled for later in the evening [2]

Core Insights - Tesla has secured a key Cybercab patent, emphasizing its commitment to innovation in autonomous vehicle technology [1] - Despite challenges in its core business, particularly a 37% decline in sales in Europe, Tesla's stock has increased nearly 100% since its April low [2][5] - The Cybercab patent indicates progress in Tesla's robotaxi program, with operations expanding in Arizona, Texas, California, and Nevada [3] Business Challenges - Tesla's core automotive business is facing declining EV sales, shrinking margins, and increased competition, especially in Europe and China [5] - The company's reliance on automotive regulatory credits and interest income for profitability raises concerns, particularly with the elimination of domestic regulatory credits [6] - The expiration of the $7,500 federal EV tax credit is expected to negatively impact Q4 demand, potentially leading to a selloff in Tesla shares [6] Market Sentiment - Wall Street analysts maintain a 'Hold' rating on Tesla stock, advising caution for new positions at current levels due to elevated valuations and execution risks [4][7]

Autonomous Driving Development - Tesla has received approval to begin testing autonomous vehicles with a safety monitor in Arizona [1] - This approval is a significant step in Tesla's plans to expand its robotaxi initiatives beyond Austin to other cities and states [1]

Group 1 - The company has established long-term and stable partnerships with numerous domestic and international automotive manufacturers [2] - The customer base primarily includes domestic independent brands, joint venture brands, and overseas clients [2] - The company's product matrix is continuously improving, with agile iterations and the introduction of more differentiated solutions, enhancing competitive advantages and expanding market opportunities [2]

When you're hearing the masterplan part for a using Optimus could really be 80% of revenue. Well, optimistic about, you know, creating like humanoid robots that could take billions of jobs on the planet. So as long as you remain vague on timeline and what the scenario looks like, yes, it's very easy to imagine that, you know, Tesla would be first like expanded in terms of valuation with like a successful robotaxi operation and then, of course, like a fleet of like hundreds of millions of humans in robots wo ...

Group 1: Financial Performance - In the first half of 2025, the company achieved sales of 197,000 vehicles, a year-on-year increase of 278% [1] - Total revenue reached 34.09 billion yuan, up 133% year-on-year, while single-vehicle revenue was 159,000 yuan, down 33% [1] - The gross margin improved to 16.5%, an increase of 3.0 percentage points year-on-year, with a net loss of 1.14 billion yuan, a reduction in loss by 1.51 billion yuan year-on-year [1] Group 2: Sales and Product Strategy - In Q2 2025, the company sold 103,000 vehicles, representing a year-on-year and quarter-on-quarter increase of 242% and 10%, respectively [1] - The MONA series' share of total sales decreased quarter-on-quarter, while the X9 and overseas sales proportions increased [1] - The company aims to deliver between 113,000 and 118,000 vehicles in Q3, indicating a new record, with expectations for improved gross margins and a potential return to profitability in a single quarter [1] Group 3: Strategic Partnerships and New Platforms - The company is expanding its range of electric and electronic architecture in collaboration with Volkswagen, enhancing technology service revenue and sustainability [2] - The introduction of the range-extended platform is expected to significantly increase sales across various models, marking a new growth point for the company [2] - The company plans to mass-produce robots and flying cars by 2026, which is a key area of focus [2] Group 4: Profit Forecast and Valuation - The company has adjusted its 2025 revenue forecast from 95.9 billion yuan to 81.4 billion yuan due to increased industry competition [3] - Revenue forecasts for 2026 and 2027 have been raised to 129.2 billion yuan and 166 billion yuan, respectively, driven by the range-extended platform's impact on sales [3] - The company maintains a "buy" rating with a target price-to-sales ratio of 1.6 for 2026, reflecting a potential upside of 26% from current levels [3]

Autonomous Driving Technology - Tesla Rideshare 在复杂路况下表现出色，包括崎岖、狭窄和多弯的道路 [1] - 乘客对乘坐体验的舒适度表示满意 [1] - 自动驾驶技术在各种情况下都能良好应对 [1] Public Perception - 乘客对 Tesla robotaxi 的表现印象深刻 [1] - 自动驾驶的未来已来临 [1]

Regulatory Landscape & Consumer Sentiment - Regulators in many countries still have reservations about driverless cars [1] - Consumers also need to be convinced about driverless cars [1] Company Strategy - Uber will keep hustling to ensure it is the platform of choice when the robotaxi future eventually arrives [1]