Tesla’s third-quarter results drew mixed reactions from investors. On the one hand, the company beat market expectations on sales and revenue. On the other, profit came in below forecasts. “It was a tough quarter, and achieving this level of revenue was not easy,” wrote Tesla CEO Elon Musk on his social platform X. Polish investors are growing more cautious: according to eToro’s Pulse of the Individual Investor survey, only 10% of respondents plan to increase exposure to Tesla, while a larger share intends to cut positions or avoid the stock altogether.
Musk described the company’s current moment as an inflection point. Tesla is leaning harder into real-world applications of artificial intelligence, with attention focused on three programs: the Optimus humanoid robot, Tesla FSD (Full Self-Driving), and the planned robotaxi network.
Revenue beats; profitability under pressure
Tesla’s Q3 revenue reached $28.1 billion, up 12% year-on-year and above the $26.4 billion consensus. The main drivers were record deliveries of 497,000 vehicles (+7% y/y) and a 44% surge in energy generation and storage revenue. The quarter ended with a record cash position and nearly $4 billion in free cash flow.
Beneath the top line, however, profitability weakened. Adjusted EPS was $0.50, below the $0.54 estimate and down 31% y/y. Operating profit fell 40% to $1.6 billion, and the operating margin narrowed to 5.8% from 10.8% a year earlier. Rising operating costs, higher stock-based compensation, and lower revenue from regulatory credit sales weighed on results. Tesla also cut prices, while production costs rose due to tariffs.
“From carmaker to AI pioneer”
Despite margin pressure, Musk struck an optimistic tone on the earnings call, saying Tesla is entering a new phase—from car manufacturer to AI applications leader. He said the company is only beginning to scale products that combine autonomy and robotics. By year-end, Tesla plans to remove safety drivers from test vehicles in Austin (who have been seated to supervise and intervene when needed). By that time, the robotaxi pilot is expected to cover eight to ten major cities.
In robotics, Musk announced that the next iteration, Optimus V3, will debut in Q1 2026. He said the new model would look “more like a person in a suit than a traditional robot.” Over time, Musk envisions Optimus becoming an extremely advanced machine, capable even of complex surgical procedures—potentially widening global access to top-quality healthcare.
A crowded race in humanoid robotics
Competition is intensifying. In the U.S., Boston Dynamics, Agility Robotics, and Figure AI are advancing the Atlas, Digit, and Figure 03 humanoids for industrial and logistics use. In China, Unitree, XPeng Robotics, and Agibot are scaling up production along similar lines. New entrants such as Sanctuary AI and Apptronik are also joining the race, developing humanoids that pair AI with human-like locomotion and responsiveness.
Investor caution grows as valuation stays lofty
While Tesla impressed with delivery scale and record revenue, margin pressure and rising costs could complicate its ambitious expansion and automation plans. Some Q3 sales strength may also reflect pull-forward purchases ahead of the expiration of U.S. EV tax credits. After those incentives lapse, maintaining Q3’s sales pace could be much harder—especially as lower-priced competitors gain ground.
eToro’s Q3 2025 Pulse of the Individual Investor survey shows Polish investors’ caution toward Tesla remains high amid a very elevated valuation. Only 10% report increasing or planning to increase exposure; 15% have reduced positions; a further 9% are taking profits after strong share gains; 38% do not invest in Tesla and have no plans to do so; and 23% do not plan any portfolio changes. The results suggest that despite Tesla’s global popularity, perceived valuation risk is rising. For many, the stock appears too expensive to justify adding more—particularly when earnings growth lags the market’s pricing.
Their concerns seem warranted. Tesla’s valuation—over 80% above 2022 levels—remains decoupled from the actual pace of profit growth and from intensifying competition. Shares are still priced as if Tesla’s ambitions in autonomy and robotics are a foregone commercial success. In reality, the path to monetising these projects is long and far more uneven than the market often assumes.
Source: https://ceo.com.pl/tesla-z-rekordowymi-przychodami-ale-marze-spadaja-inwestorzy-ostrozni-28875
