Tesla's Strong Quarter Has A Catch

Tesla, Inc. generated $28 billion in Q3 revenue, but normalized margins looked weaker after adjusting for substantial tariff refunds. FSD reached 1.74 million paid customers, with North American attach rates exceeding 75% and annual recurring revenue approaching $1 billion. TSLA delivered 486,532 vehicles while inventory days fell from 15 to 11, supporting a healthier near-term demand outlook.