Tesla sales smash Wall Street's expectations
Tesla exceeded Wall Street's delivery expectations for the third quarter despite a 2% year-over-year decline in sales. Investors are increasingly shifting their focus from pure EV sales to the company's progress in robotics and autonomous driving.
Why it matters
The market's reaction highlights a transition in how Tesla is valued, moving from a traditional automaker to an AI and robotics-focused technology firm.
Tesla began adding the Cybercab to its robotaxi fleet in September. Cheng Xin/Getty Images Tesla said on Friday it sold 486,000 EVs in the third quarter. The figures beat Wall Street's expectations and follow Elon Musk's automaker posting record sales last year. Investors are increasingly focused on Tesla's robotics and AI ventures and rumors of a merger with SpaceX. Tesla's EV business is still going strong. Elon Musk's electric carmaker announced on Friday that it sold 486,532 vehicles in the third quarter, down 2% year over year. The figures came in well above Wall Street's expectations. Tesla shares rose more than 2% in premarket trading on the news. Analysts were expecting the company to deliver around 463,761 EVs, according to a consensus compiled by Bloomberg, while Tesla's own compilation of analyst forecasts predicted 462,000 deliveries.
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