Matt Frankel

Only 12% of customers are paying for it, which is a lot lower than a lot of people expected to hear.

And they spent most of the call talking about what they're gonna do next year.

Build the cyber cabs, start doing the semi truck.

They're releasing their next generational battery storage system.

Tesla has a strong history of producing great products

after they say they were going to, like a year or two late.

So investors are less than convinced by these earnings is kind of my big takeaway.

Yeah.

And you mentioned that operating margin.

A big factor of that, too, has to do with those EV credits expiring.

Tesla's average sale price has declined significantly.

People are buying the less expensive cars because if you're not familiar, the credit was capped by the vehicle price.

For an SUV, it couldn't be more than, I think, $85,000.

For a sedan, it was a lot less than that.

So people were buying the cheaper models to take advantage of the credits.

And those are the lower margin models.

Tesla makes higher margins on like a Model S or a Model X is the big SUV.

But a lot of those don't qualify for the credits.

So I'm really curious to see how things roll out in the fourth quarter when they're unassisted by tax breaks.

And that especially when so many other automakers, like we didn't buy a Tesla, we bought a GM vehicle.