A Tesla (NASDAQ: TSLA) analyst is doubling down on the idea that one common earnings narrative is losing importance as the company continues to work toward new technologies and projects.

This week, Tesla will report earnings for the third quarter, and one thing people always pay attention to is deliveries. Although Tesla reveals its deliveries for the quarter well before it reports earnings, many investors will look for commentary regarding the company’s strategy for responding to the loss of the $7,500 tax credit.

Tesla has made a few moves already, including a lease deal that takes a substantial amount of money off, launching new Standard models, and cutting up to 23 percent off of lease pricing.

Tesla makes crazy move to spur short-term demand in the U.S.

However, analysts are looking at the company in a different light.

Aligning with the narrative that Tesla is not just a car company and has many different projects, Gene Munster of Deepwater Asset Management believes many investors need to look at another part of the business.

Munster said the delivery figures for Q3, which landed at 497,099, the highest in company history, were padded by customers rushing to showrooms to take advantage of the expiring tax credit.

He believes that deliveries will be more realistic in subsequent quarters, but investors should not worry because the focus on Tesla is not going to be on how many cars it hands over to customers:

“Numbers are going down next year, but that’s ok because it’s all about autonomy.”

Here’s the $TSLA preview. Numbers are going down next year, but that’s ok because it’s all about autonomy. pic.twitter.com/mUb9scFtCA

— Gene Munster (@munster_gene) October 17, 2025

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Tesla has been working nonstop to roll out a dedicated Robotaxi platform in various cities across the United States, and has already launched in two states: Texas and California.

It has also received regulatory approvals to test driverless Robotaxis in Arizona and Nevada, while seeking permissions in Florida and other states, according to the company’s online job postings.

Munster continued:

“Most people are hyper-focused on the Robotaxi opportunity and not focused as much on FSD.”

While Robotaxi is incredibly important, Tesla’s Full Self-Driving (Supervised) suite is also extremely crucial moving forward, as it sets the stage for the company to roll out a formidable self-driving service.

Tesla rolled out its newest FSD software to more owners last night, and as it expands, the company is gaining valuable data to refine its performance.

Earnings will be reported tomorrow at market close.

Tesla’s newest Full Self-Driving version is officially rolling out wider to customers outside of the Early Access Program (EAP), in preparation for a total launch of the new v14 suite.

Over the past several weeks, Tesla has been working to refine its new v14 Full Self-Driving (Supervised) in an effort to have it ready for the entire fleet of vehicles in the United States. We are lucky enough to be in the EAP, so we’ve been able to test new features and rollouts first-hand.

So far, v14 has introduced a handful of new features and improvements, but the first versions needed refinement before Tesla made an effort to expand the population. It had issues with a brake stutter, but this has been mostly resolved.

Additionally, the rollout of the new Mad Max Speed Profile has gathered some attention.

🚨 Tesla “Mad Max” testing on FSD v14.1.2

It drives like a human being! Consistent lane changes, keeps up with quicker traffic, very refined

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Well done Tesla Team pic.twitter.com/wzTucDhczA

— TESLARATI (@Teslarati) October 19, 2025

Now that Tesla has started rolling out v14.1.3 yesterday to EAP members, the company ultimately decided that it was time to expand the software to more vehicles, as many owners are reporting that they’re receiving it:

We are SOOOO BACK!
v14.1.3 installing on my 2024 Model 3!@WholeMarsBlog pic.twitter.com/uNHOc9fyV8

— Joseph (@ScarantinoX) October 20, 2025

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Additionally, the suite has started to expand to Model S and Model X vehicles, so this rollout is not exclusive to Model 3 and Model Y:

I did over an hour of driving with FSD v14.1.3 in my Model S tonight and experienced 0 disengagements. First impressions video uploading shortly… pic.twitter.com/aFfmBphAsC

— Dan Burkland (@DBurkland) October 21, 2025

The only issue with this rollout is that it still appears to be missing the Cybertruck, which Tesla was transparent about earlier this month. Although the company planned to release v14 to Cybertrucks by the end of the month, there has been no hint that this is going to happen.

This is already the third iteration of v14 in the past two weeks, indicating that Tesla is truly addressing the shortcomings of past versions and rolling out updates as quickly as possible.

Tesla has made a crazy move with its leasing terms in the United States to spur demand in the short term, as Q4 is moving along quickly.

The move is one that is pretty crazy in terms of the lease price, as one of the deals shows a drop of nearly one-quarter of the previous pricing. These deals are obviously being started to really drive demand over the next week and a half.

Tesla has offered new leasing terms on the Model 3, Model Y, and Cybertruck, cutting lease prices by 23 percent for the Model 3, 15 percent for the Model Y, and 7 percent for the Cybertruck.

New prices on these leases are as follows:

• Tesla Model 3: $329/mo, down from $429 — 23 percent discount
• Tesla Model Y: $449/mo, down from $529 — 15 percent discount
• Tesla Cybertruck: $699/mo, down from $749 — 7 percent discount

The lease terms are $3,000 down, a 36-month lease term, and 10,000 miles per year. Tesla is also showing $0 down lease prices automatically on its website.

For the Model 3, these same terms with $0 down would be $419. The Model Y with $0 down would be $543 a month, and the Cybertruck would be $851 a month.

These terms are also for the entry-level configurations of each vehicle, so for the Model 3, it’s the Model 3 Standard. The Model Y price is for the Model Y Standard, and the Cybertruck is the All-Wheel-Drive.

Tesla launches two new affordable models with ‘Standard’ Model 3, Y offerings

Tesla shows on their website that these lease deals are incredibly short-term and will adjust accordingly on November 1.

Why Tesla is launching these deals for ten days is not necessarily known, but it seems as if the company might be testing demand, as lease deals for the latter half of Q4 could be in the works.

Tesla traditionally launches some pretty tasty deals at the end of each quarter, but this move is somewhat interesting simply because it is not even remotely long-term.

It will be a good test to see if people are more incentivized to wait for these deals now that the $7,500 tax credit has been removed.