--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/35509208.md" description: "Tesla Quick Interpretation: Overall, regarding Tesla's third-quarter performance, the results are fairly decent. Both total revenue and total gross profit exceeded market expectations. However, net profit slightly fell short of expectations due to increased expenses.From the perspective of the automotive business, which is the market's primary concern, Tesla's third-quarter vehicle sales revenue surpassed expectations. The core reason is that the market anticipated a quarter-on-quarter decline in Tesla's vehicle sales revenue, but the actual performance showed that the average selling price remained stable compared to the previous quarter.Dolphin Research believes this is mainly due to Tesla raising the prices of Model S/X in the United States and launching the higher-priced Model L version in China, offsetting the discounts on inventory Model 3/Y vehicles and loan discount offers in various regions.Regarding the most critical vehicle gross margin (excluding carbon credits), this quarter's vehicle gross margin improved quarter-on-quarter, aligning with market expectations. The quarter-on-quarter improvement in vehicle gross margin (excluding carbon credits) is attributed to the quarter-on-quarter increase in delivery volume, which released scale effects and reduced fixed per-unit amortized costs. However, Tesla was still affected by over $400 million in tariffs this quarter, increasing the variable cost per vehicle. Ultimately, the automotive business gross margin was generally in line with expectations.Since the second-quarter report, Tesla's stock price has reached a high of 439, which already reflects relatively full expectations for AI business and the upcoming mass production of Optimus. Therefore, compared to the third-quarter performance, the market is more concerned about the progress of Tesla's anticipated business.In this earnings call, it was confirmed that the reduced configuration version of Model 3/Y has replaced the plan for the low-cost Model 2.5. Instead, Tesla is more focused on the mass production of the autonomous Cybercab (expected to start mass production in Q2 next year). Due to the U.S. IRA subsidies phasing out in the fourth quarter, U.S. demand will face significant pressure. Without the support of Model 2.5, the fundamentals of vehicle sales in the fourth quarter are expected to continue deteriorating.Additionally, the release and mass production plan for the Optimus 3.0 prototype has been further delayed (Optimus P3 prototype release in Q1 2026, with mass production planning starting at the end of 2026), undoubtedly pouring cold water on the anticipated business. $Tesla(TSLA.US)" datetime: "2025-10-22T23:41:36.000Z" locales: - [en](https://longbridge.com/en/topics/35509208.md) - [zh-CN](https://longbridge.com/zh-CN/topics/35509208.md) - [zh-HK](https://longbridge.com/zh-HK/topics/35509208.md) author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)" --- # Tesla Quick Interpretation: Overall, regarding Tes… ### Related Stocks - [TSLA.US](https://longbridge.com/en/quote/TSLA.US.md) ## Comments (37) - **传奇宁 · 2025-10-23T03:20:33.000Z**: Not developing the 2.5 model was the right decision. Musk doesn't need to cater to Wall Street, and Wall Street can't ignore Tesla - **情迷指南针 · 2025-10-23T01:26:02.000Z**: Will you eat this cake? I will. - **冒绿光的通通买进 · 2025-10-23T01:00:25.000Z**: This is better than Netflix next door🤡 - **Dolphin Research** (2025-10-23T01:59:06.000Z): LOL🤦 - **探路者小黑 · 2025-10-23T00:22:50.000Z · 👍 8**: No matter how bad Tesla is, it's still the global leader in new energy vehicles, and the same goes for its robotics expectations. - **顺创投资** (2025-10-23T00:51:54.000Z): BYD is the real leader in electric vehicles～ - **亚马逊全球关店** (2025-10-23T00:57:47.000Z): Is BYD's autonomous driving this awesome? - **港股赚钱美股亏** (2025-10-23T01:00:59.000Z): BYD is the one, but unfortunately it's in China. If it were in the US, its market cap wouldn't be lower than Tesla's. - **依韵而生 · 2025-10-23T00:02:56.000Z · 👍 1**: Agree with the author's view, the core issue is that the expected business progress fell short of expectations - **修然 · 2025-10-22T23:58:31.000Z · 👍 3**: With this performance of over a trillion in market value, it's all thanks to Musk. - **Dolphin Research** (2025-10-23T00:26:58.000Z): Musk must be credited - **相信概率 · 2025-10-22T23:52:17.000Z · 👍 11**: The performance is really bad... If it weren't for the hype, Tesla wouldn't even rank in the top 50 in the US stock market. - **花甲** (2025-10-23T00:18:10.000Z): Not relying on fundamentals, but on Musk's promises - **老乔-luya** (2025-10-23T00:31:07.000Z): According to what you said, will Cambrian of A drop to 10 yuan? Tech stocks are traded on expectations, on whether the company has core technology. Once the core technology is transformed into profits - **相信概率** (2025-10-23T00:34:31.000Z): Cambricon delisted at 0.5 yuan, hahaha😂