---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000259118.md"
description: "The central debate today is how much of the upside was driven by tax credits.Shares of $Tesla(TSLA.US) are up 3% today (and 40% over the past month) because investors believe the delivery improvement is sustainable.In other words, those investors would say a large part of the upside was NOT driven by the tax credit (i.e., improvements in China).I believe the vast majority (90%+) of the upside was from the credit. Yes, outside of the U.S., deliveries improved meaningfully quarter over quarter because of China. But I believe that improvement would have still left deliveries down ~5% y/y, compared to -13.5% in June and -13% in March.We’ll get a better read on this on Oct 22.Source: Gene Munster"
datetime: "2025-10-02T13:51:23.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000259118.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000259118.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000259118.md)
author: "[Gene Munster](https://longbridge.com/en/profiles/21804449.md)"
generator: "portal-rs"
---

# The central debate today is how much of the upside…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**