Tesla (TSLA) delivered a record 497,099 vehicles in Q3, well above expectations, driven by a surge in demand ahead of the $7,500 EV tax credit expiration, though deliveries are expected to soften in Q4 and FY25, Cantor Fitzgerald tells investors in a research note. Energy storage hit a record 12.5 GWh, surpassing all of FY24 and reinforcing growth in that segment, the firm says, adding that the launch of lower-priced “Standard” Model 3 and Model Y trims is well timed to offset lost tax incentives and capture more budget-conscious consumers. Cantor has an Overweight rating and $355 price target on Tesla shares into the earnings report.
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