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The Model X Crossover, Where Art Thou?

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The Model X at Tesla Motors gallery back in the fall of 2013.

The Model X at Tesla Motors gallery back in the fall of 2013.

2015 is sneaking up on the automotive world and the Model X crossover vehicle deliveries are targeted for the 2nd quarter in 2015 for Tesla Motors—starts April 1, 2015—but vehicle validation prototypes have been noticeably absent from California roads this fall.

With Elon Musk’s legion of fans and electric car enthusiasts on social media, a delay released being floated by industry analysts and journalists may be a reality.

A recent Transport Evolved videocast with Nikki Gordon-Bloomfield, featuring John Voelcker, industry journalist at Green Car Reports and Chelsea Sexton, California EV evangelist, and the discussion turned to “where’s Waldo and the Model X crossover” vehicle.

Voelcker says,”I think it will be delayed. The fact we haven’t seen the nearest hint of a production ready Model X for a car, theoretically, that’s going into production in six months or less would seem to indicate that they are taking its time to develop it.”

Voelcker adds, “I rather suspect range issues (with the Model X crossover). That car is bigger, heavier and has a much greater cross-sectional area than the Model S. It also has all-wheel drive and I think they have to get range somewhere between 208 and 265 miles and that my be proving to somewhat of a challenge…I don’t know.”

In a previous conference call this year, Musk emphasized the steep production rollout needed for the Model X, due to a large number of reservation holders at this point. The company can’t afford a slow rollout of production vehicles as they did in 2012 with Model S sedan.

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The wildcard here is that maybe Tesla Motors has been testing the Model X crossover vehicle in a more covert way. It’s possible, but the Model X  needs exposure and I’m sure that’s part of the social marketing plan when its ready for testing.

Looking back on the big “D” event in Los Angeles, this may have been a marketing puzzle piece to divert attention away from the all-wheel drive Model X—same drivetrain in the new Model S 85D. Obviously, as I have pointed out in other posts, the Model S 85D is a very strategic product innovation for the luxury class segment and great positioning for the company.

However, it begs the question if they took the all-wheel drive technology from the Model X and moved all its resources to the all-wheel drive Model S, are they behind on the Model X? The answer might be yes or, as Voelcker points out, it could be range issues and their battery team is working long hours .

We should get the answer on Wednesday during Tesla earnings conference call and this will probably push the stock considerably lower (full disclosure: I’m a Tesla stock owner). The stage seems set for short-sell run on the stock for the near term.

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"Grant Gerke wears his Model S on his sleeve and has been writing about Tesla for the last five years on numerous media sites. He has a bias towards plug-in vehicles and also writes about manufacturing software for Automation World magazine in Chicago. Find him at Teslarati

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Investor's Corner

Cantor Fitzgerald reaffirms bullish view on Tesla after record Q3 deliveries

The firm reiterated its Overweight rating and $355 price target.

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(Credit: Tesla)

Cantor Fitzgerald is maintaining its bullish outlook on Tesla (NASDAQ:TSLA) following the company’s record-breaking third quarter of 2025. 

The firm reiterated its Overweight rating and $355 price target, citing strong delivery results driven by a rush of consumer purchases ahead of the end of the federal tax credit on September 30.

On Tesla’s vehicle deliveries in Q3 2025

During the third quarter of 2025, Tesla delivered a total of 497,099 vehicles, significantly beating analyst expectations of 443,079 vehicles. As per Cantor Fitzgerald, this was likely affected by customers rushing at the end of Q3 to purchase an EV due to the end of the federal tax credit, as noted in an Investing.com report. 

“On 10/2, TSLA pre-announced that it delivered 497,099 vehicles in 3Q25 (its highest quarterly delivery in company history), significantly above Company consensus of 443,079, and above 384,122 in 2Q25. This was due primarily to a ‘push forward effect’ from consumers who rushed to purchase or lease EVs ahead of the $7,500 EV tax credit expiring on 9/30,” the firm wrote in its note.

A bright spot in Tesla Energy

Cantor Fitzgerald also highlighted that while Tesla’s full-year production and deliveries would likely fall short of 2024’s 1.8 million total, Tesla’s energy storage business remains a bright spot in the company’s results.

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“Tesla also announced that it had deployed 12.5 GWh of energy storage products in 3Q25, its highest in company history vs. our estimate/Visible Alpha consensus of 11.5/10.9 GWh (and vs. ~6.9 GWh in 3Q24). Tesla’s Energy Storage has now deployed more products YTD than all of last year, which is encouraging. We expect Energy Storage revenue to surpass $12B this year, and to account for ~15% of total revenue,” the firm stated. 

Tesla’s strong Q3 results have helped lift its market capitalization to $1.47 trillion as of writing. The company also teased a new product reveal on X set for October 7, which the firm stated could serve as another near-term catalyst.

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Investor's Corner

Tesla just got a weird price target boost from a notable bear

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Credit: Tesla Manufacturing

Tesla stock (NASDAQ: TSLA) just got a weird price target boost from a notable bear just a day after it announced its strongest quarter in terms of vehicle deliveries and energy deployments.

JPMorgan raised its price target on Tesla shares from $115 to $150. It maintained its ‘Underweight’ rating on the stock.

Despite Tesla reporting 497,099 deliveries, about 12 percent above the 443,000 anticipated from the consensus, JPMorgan is still skeptical that the company can keep up its momentum, stating most of its Q3 strength came from leaning on the removal of the $7,500 EV tax credit, which expired on September 30.

Tesla hits record vehicle deliveries and energy deployments in Q3 2025

The firm said Tesla benefited from a “temporary stronger-than-expected industry-wide pull-forward” as the tax credit expired. It is no secret that consumers flocked to the company this past quarter to take advantage of the credit.

The bump will need to be solidified as the start of a continuing trend of strong vehicle deliveries, the firm said in a note to investors. Analysts said that one quarter of strength was “too soon to declare Tesla as having sustainably returned to growth in its core business.”

JPMorgan does not anticipate Tesla having strong showings with vehicle deliveries after Q4.

There are two distinct things that stick out with this note: the first is the lack of recognition of other parts of Tesla’s business, and the confusion that surrounds future quarters.

JPMorgan did not identify Tesla’s strength in autonomy, energy storage, or robotics, with autonomy and robotics being the main focuses of the company’s future. Tesla’s Full Self-Driving and Robotaxi efforts are incredibly relevant and drive more impact moving forward than vehicle deliveries.

Additionally, the confusion surrounding future delivery numbers in quarters past Q3 is evident.

Will Tesla thrive without the EV tax credit? Five reasons why they might

Tesla will receive some assistance from deliveries of vehicles that will reach customers in Q4, but will still qualify for the credit under the IRS’s revised rules. It will also likely introduce an affordable model this quarter, which should have a drastic impact on deliveries depending on pricing.

Tesla shares are trading at $422.40 at 2:35 p.m. on the East Coast.

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Investor's Corner

Tesla Q3 deliveries expected to exceed 440k as Benchmark holds $475 target

Tesla stock ended the third quarter at $444.72 per share, giving the EV maker a market cap of $1.479 trillion at the end of Q3 2025. 

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(Credit: Tesla)

Benchmark has reiterated its “Buy” rating and $475 price target on Tesla stock (NASDAQ: TSLA) as the company prepares to report its third-quarter vehicle deliveries in the coming days. 

Tesla stock ended the third quarter at $444.72 per share, giving the EV maker a market cap of $1.479 trillion at the end of Q3 2025. 

Benchmark’s estimates

Benchmark analyst Mickey Legg noted that he expects Tesla’s deliveries to hit around 442,000 vehicles this Q3, which is under the 448,000-unit consensus but still well above the 384,000 vehicles that the company reported in Q2 2025. According to the analyst, some optimistic estimates for Tesla’s Q3 deliveries are as high as mid-460,000s.

“Tesla is expected to report 3Q25 global production and deliveries on Thursday. We model 442,000 deliveries versus ~448,000 for FactSet consensus with some high-side calls in the mid-460,000s. A solid sequential uptick off 2Q25’s ~384,000, a measured setup into year-end given a choppy incentive/pricing backdrop,” the analyst wrote.

Benchmark is not the only firm that holds an optimistic outlook on Tesla’s Q3 results. Deutsche Bank raised its own delivery forecast to 461,500, while Piper Sandler lifted its price target to $500 following a visit to China to assess market conditions. Cantor Fitzgerald also reiterated an “Overweight” rating and $355 price target for TSLA stock.

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Stock momentum meets competitive headwinds

Tesla’s anticipated Q3 results are boosted in part by the impending expiration of the federal EV tax credit in the United States, which analysts believe has encouraged buyers to finalize vehicle purchases sooner, as noted in an Investing.com report.

Tesla shares have surged nearly 30% in September, raising expectations for a strong delivery report. Benchmark warned, however, that some volatility may emerge in the coming quarter.

“With the stock up sharply into the print (roughly ~28-32% in September), its positioning raises the bar for an upside surprise to translate into further near-term strength; we also see risk of volatility if regional mix or ASPs underwhelm. We continue to anticipate policy-driven choppiness after 3Q as certain EV incentives/credits tighten or roll off in select markets, potentially creating 4Q demand air pockets and order-book lumpiness,” the analyst wrote.

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