Tesla Inc. shares fell after the automaker posted a record quarter of vehicle sales that will be difficult to replicate now that federal electric-car subsidies have expired.
The company delivered 497,099 vehicles worldwide in the most recent quarter, 7.4% more than a year ago. Although the total far exceeds the roughly 439,600 average analyst estimate compiled by Bloomberg, Tesla’s shares slumped Thursday following a record monthly gain in market capitalization.
The divergence illustrates how investor sentiment has become increasingly detached from Tesla’s core electric vehicle business, focused instead on the potential profit to be reaped by its still-developing robotaxi, artificial intelligence and robotics ventures, which Musk has said will drive company’s future market value.
Despite weak EV sales in the first half of 2025, carmaker’s shares soared 33% in September, recouping early-year losses and adding $401.9 billion of market value. Tesla’s shares fell 3.6% as of 3:25 p.m. in New York.
“We see no change to our thesis and believe astute investors are looking beyond near-term delivery volatility to higher-margin” initiatives such as Tesla robotaxis and Optimus humanoid robots, Benchmark analyst Mickey Legg said in a note to clients.
