--- title: "Tesla Stock Drops After Earnings as Gary Black Says CFO Vaibhav Taneja ‘Didn't Help Matters,' While Bulls Tout SpaceX Merger Fit" type: "News" locale: "en" url: "https://longbridge.com/en/news/302638449.md" description: "Tesla shares fell in after-hours trading despite beating Q3 earnings expectations, driven by criticism of Full Self-Driving (FSD) subscription metrics and CFO Vaibhav Taneja's handling of investor questions. While some analysts questioned the reported 75% attachment rate, others highlighted strong FSD growth, with new subscribers potentially generating over $2 billion in annualized revenue. Bulls also pointed to strategic alignment with SpaceX and long-term production goals." datetime: "2026-10-22T01:55:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/302638449.md) - [en](https://longbridge.com/en/news/302638449.md) - [zh-HK](https://longbridge.com/zh-HK/news/302638449.md) generator: "portal-rs" --- # Tesla Stock Drops After Earnings as Gary Black Says CFO Vaibhav Taneja ‘Didn't Help Matters,' While Bulls Tout SpaceX Merger Fit On Wednesday, **Tesla Inc.** (NASDAQ:TSLA) shares fell in after-hours trading despite the electric vehicle maker beating third-quarter earnings expectations. Investors questioned its Full Self-Driving subscription metrics while bullish analysts highlighted its AI ambitions and potential strategic ties to **Space Exploration Technologies Corp.** (NASDAQ:SPCX). ## **Tesla Stock Falls Despite Q3 Earnings Beat** Tesla closed Wednesday at $386.47, up 3.41% and fell 3.32% to $373.65 in after-hours trading, according to Benzinga Pro. The company reported third-quarter revenue of $28.05 billion, flat from a year earlier but above the $27.88 billion analysts expected. The EV giant attributed the revenue performance to a decline in its energy business, lower average vehicle selling prices and a year-over-year drop in deliveries. Automotive revenue fell 3% to $20.56 billion. Adjusted earnings came in at 48 cents per share, beating analysts’ consensus estimate of 43 cents. **Read Also: Elon Musk's Tesla-SpaceX Mega-Merger Could Create 'Most Unique Company in the World,' Says Analyst** ## **Gary Black Questions Tesla’s FSD Subscription Metrics** Investor **Gary Black** said Tesla’s after-hours decline could reflect profit-taking after the stock climbed roughly 7% over the preceding three sessions. However, he also questioned Tesla’s reported 75% Full Self-Driving attachment rate in North America, noting that the figure may include customers using a free first month. Black criticized Chief Financial Officer **Vaibhav Taneja’s** response when, during the earnings call, an analyst asked whether the paid attachment rate was closer to 30%–40%. "CFO Taneja didn’t help matters on the call," Black said on **X**, adding, "Taneja didn’t really answer what seemed like an easy question." > $TSLA now down -3% AH despite beating 3Q estimates on earnings, auto gross margin ex-reg credits, and free cash flow. CFO Taneja didn’t help matters on the call when the RBC analyst asked about the 75% North America attachment rate taking into account the first month is free on… > > — Gary Black (@garyblack00) October 21, 2026 ## **Bulls See $2 Billion FSD Revenue Opportunity** **Yorkville Ives** partner and Senior Managing Director **Dan Ives** said FSD attachment rates exceeded 75% of North American deliveries, while active subscriptions reached 1.74 million, up 67% year over year. He also highlighted the start of **Optimus** production and described Tesla’s AI ambitions as strategically aligned with a potential SpaceX merger. > Tesla FSD continues to drive sales, with attach rates topping 75% of North American deliveries and active subscriptions reaching 1.74 million (up 67% y/y). Optimus production has begun as the AI era now takes shape at Tesla which dovetails into SpaceX merger strategic fit 🎯🐂 > > — Dan Ives (@DivesTech) October 21, 2026 **Futurum Equities’** chief market strategist **Shay Boloor** said Tesla added a record 260,000 FSD subscribers in the third quarter. He estimated those additions could generate about $310 million in annualized revenue, potentially pushing FSD’s subscription revenue run rate above $2 billion. > $TSLA just added a record 260K FSD subscribers in Q3 bringing its total to 1.74M (+67% YoY) > > Those new subscribers alone could generate ~$310M in annualized revenue pushing FSD's implied subscription run rate above $2B. pic.twitter.com/iR7tHuLcXS > > — Shay Boloor (@StockSavvyShay) October 21, 2026 ## **Gene Munster Sees Long-Term Growth Potential** **Deepwater Asset Management** managing partner G**ene Munster** said FSD is increasingly influencing car-buying decisions, though he doesn’t believe it is yet a deciding factor for most consumers. > Elon says demand for vehicles is exceeding production by a large margin and they're ramping production. > > FSD is the selling point. > > My take: I agree FSD is now part of the conversation for many new car buyers, but not the majority. In a few years, it will be the majority.… > > — Gene Munster (@munster\_gene) October 21, 2026 Munster also highlighted Tesla’s goal of producing 5 million vehicles annually starting in 2030, compared with an estimated 2 million in 2026. "Implies 25% compound growth through 2030." > Elon suggests EV winter is ending. > > Goal is 5m vehicles per year starting in 2030. > > They'll do around 2m in CY26. Implies 25% compound growth through 2030. $TSLA > > — Gene Munster (@munster\_gene) October 21, 2026 According to **Benzinga Edge Stock Rankings**, Tesla has positive short- and medium-term price trends but a negative long-term trend, while its Quality ranking is in the 53rd percentile. ***Disclaimer*:** *This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.* **See More: Top Value Stocks** *Photo Courtesy: Bangla press on Shutterstock.com* ### Related Stocks - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) - [CRSH.US](https://longbridge.com/en/quote/CRSH.US.md) - [TESC.US](https://longbridge.com/en/quote/TESC.US.md) - [TESL.US](https://longbridge.com/en/quote/TESL.US.md) - [TEST.US](https://longbridge.com/en/quote/TEST.US.md) - [TLA.US](https://longbridge.com/en/quote/TLA.US.md) - [TSDD.US](https://longbridge.com/en/quote/TSDD.US.md) - [TSIB.US](https://longbridge.com/en/quote/TSIB.US.md) - [TSII.US](https://longbridge.com/en/quote/TSII.US.md) - [TSLG.US](https://longbridge.com/en/quote/TSLG.US.md) - [TSLI.US](https://longbridge.com/en/quote/TSLI.US.md) - [TSLL.US](https://longbridge.com/en/quote/TSLL.US.md) - [TSLO.US](https://longbridge.com/en/quote/TSLO.US.md) - [TSLP.US](https://longbridge.com/en/quote/TSLP.US.md) - [TSLQ.US](https://longbridge.com/en/quote/TSLQ.US.md) - [TSLR.US](https://longbridge.com/en/quote/TSLR.US.md) - [TSLS.US](https://longbridge.com/en/quote/TSLS.US.md) - [TSLT.US](https://longbridge.com/en/quote/TSLT.US.md) - [TSLV.US](https://longbridge.com/en/quote/TSLV.US.md) - [TSLW.US](https://longbridge.com/en/quote/TSLW.US.md) - [TSLY.US](https://longbridge.com/en/quote/TSLY.US.md) - [TSLZ.US](https://longbridge.com/en/quote/TSLZ.US.md) - [TSW.US](https://longbridge.com/en/quote/TSW.US.md) - [TSYY.US](https://longbridge.com/en/quote/TSYY.US.md) - [TYYY.US](https://longbridge.com/en/quote/TYYY.US.md) - [07766.HK](https://longbridge.com/en/quote/07766.HK.md) - [09366.HK](https://longbridge.com/en/quote/09366.HK.md) - [SPCX.US](https://longbridge.com/en/quote/SPCX.US.md) ## Related News & Research - [Tesla Says 75% Of New Car Buyers Subscribe To FSD In North America](https://longbridge.com/en/news/302621380.md) - [Tesla reports Q3 Earnings today: here’s what to expect](https://longbridge.com/en/news/302592286.md) - [SpaceX earnings due amid AI revenue surge, Tesla merger buzz](https://longbridge.com/en/news/302134922.md) - [Tesla's Roadster Reveal Hints at 2 Much Bigger Moves](https://longbridge.com/en/news/302318038.md) - [Tesla CFO Says Revising Capex Guidance To $20 Billion This Year](https://longbridge.com/en/news/302617804.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**