Charged: Tesla under pressure after reporting earnings

Institutional investors and professional traders rely on The Fly to keep up-to-the-second on breaking news in the electric vehicle and clean energy space, as well as which stocks in these sectors that the best analysts on Wall Street are saying to buy and sell.

From the hotly-debated high-flier Tesla (TSLA), Wall Street’s newest darling Rivian (RIVN), traditional-stalwarts turned EV-upstarts GM (GM) and Ford (F) to the numerous SPAC-deal makers that have come public in this red-hot space, The Fly has you covered with “Charged,” a weekly recap of the top stories and expert calls in the sector.

Click here to check out Tesla’s recent Media Buzz Sentiment as measured by TipRanks.

QUARTERLY RESULTS: Tesla reported Q3 adjusted EPS of 50c, which was below the expected 56c, and Q3 revenue of $28.1B, better than consensus at $26.7B. “While we face near-term uncertainty from shifting trade, tariff and fiscal policy, we are focused on long-term growth and value creation. We are prudently making the necessary investments in our business, including future business lines, that we believe will drive incredible value for Tesla and the world across transport, energy and robotics.”

Tesla said, “Cybercab, Tesla Semi and Megapack 3 are on schedule for volume production starting in 2026. First generation production lines for Optimus are being installed in anticipation of volume production. While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardware-related profits to be accompanied by an acceleration of AI, software and fleet-based profits. It is difficult to measure the impacts of shifting global trade and fiscal policies on the automotive and energy supply chains, our cost structure and demand for durable goods and related services. While we are making prudent investments that will set up our vehicle, energy and other future businesses for growth, the actual results will depend on a variety of factors, including the broader macroeconomic environment, the rate of acceleration of our autonomy efforts and production ramp at our factories. We have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses. Furthermore, we will manage the business such that we maintain a strong balance sheet during periods of uncertainty.”

Following quarterly results, Freedom Capital upgraded Tesla to Hold from Sell with a price target of $406, up from $338. The firm believes Tesla’s Q3 report shows it is “nearing the realization of its new segment potential.” The company’s updated model lineup stabilized electric vehicle delivery volumes, and it is likely Tesla could return to growth in deliveries, the analyst tells investors in a research note. Freedom cites early signs of delivery stabilization for the upgrade.

PROXY ADVISORY FIRMS: Tesla CEO Elon Musk called proxy advisory firms ISS and Glass Lewis “corporate terrorists” after they opposed a historic $1T pay package proposed by the company’s board on the company’s earnings conference call. “The point is…there needs to be enough voting control to give a strong influence, but not so much that I can’t be fired if I go insane. But — and I think that sort of number is in the mid-20s approximately….So it’s just — like I said, I just don’t feel comfortable building a robot army here and not — and then being ousted because of some recommendations from ISS and Glass Lewis who have no freaking clue…I mean those guys are corporate terrorists. And the problem — so let me explain like the core problem here is that so many of the index funds, the passive funds vote along the lines of whatever Glass Lewis and ISS recommend. Now they have made many terrible recommendations in the past that if those recommendations have been followed, would have been extremely destructive to the future of the company. But if you’ve got passive funds that essentially defer responsibility for the vote to Glass Lewis and ISS, then you can have extremely disastrous consequences for a publicly traded company if too much of the publicly traded company is controlled by index funds. It’s de facto controlled by Glass Lewis and ISS. This is a fundamental problem for corporate governance because they’re not voting along the lines that are actually good for shareholders”

SETTLEMENT: Rivian Automotive has announced it has agreed to resolve the previously disclosed 2022 securities class action litigation pending in the United States District Court for the Central District of California. The company denies the allegations in the suit and maintains that this agreement to settle is not an admission of fault or wrongdoing. However, settling will enable Rivian to focus its resources on the launch of its mass market R2 vehicle in the first half of 2026. Under the terms of the settlement, which is subject to approval by the court, Rivian will pay $250M to settle the claims brought on behalf of purchasers of Rivian class A common stock between November 10, 2021, and March 10, 2022.

WORKFORCE CUT: Rivian is executing another round of layoffs affecting around 4% of its workforce as the electric-truck maker tries to conserve cash in a world pulling back from electric vehicles, The Wall Street Journal’s Becky Peterson reports. More than 600 people are poised to lose their jobs, people familiar with the matter said. At the end of last year, the company had just under 15,000 employees. A month ago, the company did a smaller round of layoffs, affecting 1.5% of its workforce. It said the move was to reduce costs ahead of the launch of a more affordable sport-utility vehicle next year.

TM-B E-BIKE: Also, the micromobility startup spun out of Rivian Automotive, has unveiled an electric bike, the TM-B, that will cost up to $4,500. The class 3 e-bike, which doesn’t require a driver’s license, will launch in spring 2026. The $4,500 Launch and Performance editions share features, while a cheaper standard model, priced below $4,000, will follow later next year.

WEAPONS-GRADE PLUTONIUM: The U.S. Department of Energy has offered energy companies access to weapons-grade plutonium from Cold War-era warheads to convert into fuel for advanced reactors, according to a Financial Times report by Martha Muir. The move is part of an effort to boost the nuclear industry and break Russia’s dominance over the uranium supply chain. At least two companies, Oklo (OKLO), backed by OpenAI’s Sam Altman, and France’s Newcleo, are expected to apply to access the government’s plutonium stockpile. However, the story notes that experts have raised concerns about the commercial use of plutonium and the risk of the material falling into the wrong hands.

BUY FIRST SOLAR: Needham initiated coverage of First Solar (FSLR) with a Buy rating and $286 price target. The firm views First Solar as one of the “most policy-advantaged ways” to play U.S. utility-scale solar following the One Big Beautiful Bill. Needham sees the company’s free cash flow inflecting in 2026, creating “optionality” for platform expansion and capital returns. Longer term, improved visibility into 2028 domestic pricing could increase First Solar’s earnings power, the firm tells investors in a research note.

MOVING TO THE SIDELINES: Mizuho downgraded Enphase Energy (ENPH) to Neutral from Outperform with a price target of $37, down from $50. The firm cites reduced residential solar demand in 2026, Enphase’s lower solar market share due to lease switching, and limited visibility into the success of its new lease and loan financing model for the downgrade. Mizuho expects the company to report Q3 beat due to safe harbor sales, but sees a Q4 guidance miss versus consensus due to channel inventory slowing ahead of tax credit step down.