#tesla

#tesla

Tesla has taken a huge step forward with its Cybercab project, as the vehicle has been spotted on the Fremont Test Track for the first time. Typically, when cars are spotted on the Fremont Test Track, it means Tesla has begun advancing the development of that specific project. With Cybercab production slated for 2026, it seems Tesla is ready to get things moving.

Our view is that it's definitely beneficial, and our approach to sensors has been that we need to rapidly build our foundation model as fast as possible,

A rally that began in early summer has finally pushed the stock into the green on the year with an 17.71% gain. Still, since hitting its all-time high on Dec. 17, 2024, the stock has fallen nearly 7%. When the company reported in July, it announced that in Q2, revenues were down 12% year over year (YoY), EPS was down 23% YoY, operating income was down 42% YoY and vehicle deliveries fell to 384,122 - down 14% YoY.

JPMorgan raised its price target on Tesla shares from $115 to $150. It maintained its 'Underweight' rating on the stock. Despite Tesla reporting 497,099 deliveries, about 12 percent above the 443,000 anticipated from the consensus, JPMorgan is still skeptical that the company can keep up its momentum, stating most of its Q3 strength came from leaning on the removal of the $7,500 EV tax credit, which expired on September 30.

The stock initially rose sharply on the news, but then fell back into losses as financial analysts expressed skepticism whether the new number signals a true turnaround given all the anti-Musk backlash. I don't think most people are any more enamored with Elon now that they were a few months ago, said Telemetry Insight's Sam Abuelsamid. I expect this is more a blip for Tesla than the restart of growth.

Tesla's biggest rival in China, BYD, saw its sales slip for the first time in over 18 months amid China's bruising EV price wars. The Chinese automaker said in an exchange filing on Wednesday that it sold 396,270 cars in September, a 5.5% decline from the 419,426 cars it sold a year earlier. The last time BYD saw a sales drop was in February 2024. That month, BYD sold 122,311 cars, a nearly 37% drop from the 193,655 cars it sold in February 2023.