

Investor's Corner
Tesla’s military veteran hires are a perfect fit for Fremont’s high-tempo culture
In California, US military veterans are finding a place where they could thrive. Through its “Veterans at Tesla” program, Tesla is putting a special focus on placing more former military personnel in leadership positions. In the Fremont factory alone, veterans are utilizing their skills to help the company in its mission to accelerate the transition to renewable energy.
Navy and Marine Corps veteran Kristen Kavanaugh is one of these leaders. The veteran, who served in Iraq and joined the electric car maker in 2016, currently serves as the head of Leadership Development for Tesla. She also heads the electric car maker’s Veterans Task Force, which helps former military personnel grow and advance to leadership positions within the company. Speaking with the CBS San Francisco, Kavanaugh notes that Tesla’s intense work culture is familiar territory to former military personnel.
“Our veterans have deployed. They’ve worked under stressful conditions, they are used to high operational tempo, and that’s what we have here at Tesla, and it just seems like a natural fit for what veterans are bringing to the table, and then what Tesla is offering them from a career advancement standpoint,” she said.
The “Veterans at Tesla” program has been growing steadily over the years. The Fremont factory, for one, employs about 10,000 workers. Across the company, around 800 former military service members have been hired this year so far. The number continues to grow, and members of the program are continually looking to move up the chain of command.
Speaking to CBS, Ryan (last name not given), who worked as a logistics specialist in the Marine Corps, noted that his work at the electric car maker is quite similar to his tasks in the military. He further stated that his civilian career had been all but re-energized by his work at Tesla.
“Instead of beans, bullets, and band-aids, we make sure that this plastic or aluminum part gets delivered on time so it can be put into the cars. Not since I left the Marines have I felt a sense of purpose like I have at Tesla. We’re not just making cars. We’re changing the world and history has its eyes on you,” he said.
When Elon Musk was trying to get SpaceX off the ground, he and his growing team of employees wanted the best that the talent pool had to offer. Operating under Silicon Valley principles, the company expects its employees to push incredibly hard to meet targets. Thus, for the private space firm, its recruiting pitch was simple — SpaceX was “special forces” — and it was this pitch that ultimately attracted talent that helped the company achieve the milestones it has attained over the years.
The same could be said of Tesla. The company has grown significantly over the 15 years it has existed, and it has reached a point where it is disrupting the auto market and challenging legacy carmakers like Ford and GM head-on. As noted by Elon Musk in a recent interview with tech journalist Kara Swisher at the Recode Decode podcast, though, Tesla’s growth over the years was only possible through exhausting work from himself and the company’s employees. When asked what Musk gives credit to with regards to Tesla’s survival so far, the CEO noted that it was due to “excruciating effort,” and “hundred-hour weeks by everyone.”
As proven by the company’s profitability in the third quarter, such exhausting efforts are starting to pay off. With these accomplishments in mind, much credit is due to the company’s own “special forces,” who have gone from the frontlines of the battlefield to the demanding pressures of Tesla’s production lines.
Investor's Corner
Tesla just got a weird price target boost from a notable bear

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.
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.

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.
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.
Elon Musk
Elon Musk slams ING Deutschland for denying TSLA shareholders ability to vote
Musk posted his criticism of the firm in a post on social media platform X.

Elon Musk has slammed ING Deutschland after the bank confirmed that it was not offering a way for clients to vote in the upcoming 2025 Tesla Annual Shareholders Meeting.
Musk posted his criticism of the firm in a post on social media platform X.
Musk’s criticism
Musk’s criticism of ING Deutschland came as a response to the bank’s comment to a Tesla shareholder. The shareholder, Maximilian Auer, noted that he has not received a response from the German bank’s customer support on how he could vote with his TSLA shares. In response to the Auer’s comment, ING Deutschland confirmed that it does not offer such a service.
“We do not offer the proxy voting process or the transmission of a control number. There is no legal obligation to do so for general meetings under foreign law,” ING Deutschland wrote in its post.
The firm’s reply received a lot of criticism from users on X, with many stating that such comments could drive clients away. Elon Musk later weighed in with some strong words of his own, stating that the bank is effectively denying shareholders the ability to vote. “Denying shareholders the ability to vote, as you are doing, certainly should be a crime,” Musk wrote in a post on X.
Tesla’s annual meeting
Tesla’s upcoming annual meeting this year is particularly important as shareholders are voting on the approval of Elon Musk’s new CEO performance award. The pay package, which could pave the way for Musk to become a trillionaire, is also designed to increase his stake in the electric vehicle maker to 25%. This, Musk stated, should prevent activist shareholder advisory firms to disrupt the company.
Tesla highlighted the importance of this year’s annual meeting in a post on X.
“We pay for outstanding performance – not for promises. In 2018, shareholders approved a groundbreaking CEO Performance Award that delivered extraordinary value. At our Annual Meeting on November 6, Tesla shareholders can vote on a pay-for-performance plan designed to drive our next era of transformational growth and value creation. Seven years ago, Elon Musk had to deliver billions to shareholders – now it’s trillions.
“This plan creates a path for Elon to secure voting rights and will retain him as a leader of the company for many years to come. But as explained below, Elon only receives voting rights after he has delivered economic value to you. Your vote matters. Vote ‘FOR’ Proposal 4!” Tesla wrote in its post on X.
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