Tesla, Inc. remains overvalued despite impressive technology demonstrations and ambitious optionality in autonomy and robotics. Q3 financials were weak: flat revenue, declining automotive sales, and operating margin down to 2.6% amid surging R&D and stock-based compensation. FSD attach rate hit 75% of new NA deliveries; Optimus and Robotaxi initiatives show momentum but remain unproven for large-scale profitability.
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