$Tesla(TSLA.US) (+2% pre-mkt) delivered 486,532 vehicles in 3Q, down -2% vs year ago results that were inflated due to the expiration of the $7,500 EV credit on 9/30/2025. The 3Q result beat our estimate of 470K and WS consensus of 462K. The rise in worldwide gas prices was likely a major contributor to the beat. This could lead to higher FY’2026 estimates after the 3Q earnings release on Oct 20, depending on how much TSLA is investing in AI.
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