Tesla Shares Rise as Third-Quarter Deliveries Exceed Expectations

11:57 AM EDT, 10/02/2026 (MT Newswires) -- Tesla's (TSLA) shares rose Friday after the electric vehicle maker reported third-quarter deliveries above Wall Street's expectations, even as analysts pointed to investor focus shifting away from traditional vehicle sales to artificial intelligence projects. Tesla delivered 486,532 vehicles in the third quarter, compared with 497,099 a year earlier and 480,126 in the prior three-month period. The consensus forecast on FactSet was for 461,000 units. Tesla produced 464,391 vehicles in the September quarter, compared with 447,450 a year earlier and 451,758 in the 2026 second quarter. The company's shares were up 5.1% in Friday trade, narrowing their year-to-date losses to 17%. Tesla offered no updates on its AI projects and new vehicles at a time when AI developments have become more important than auto deliveries, Truist Securities said in a note on Friday. "We assert investors should be more focused on AI projects, especially (Full Self-Driving) and Optimus," Truist Managing Director William Stein wrote. "We view AI developments as far more important than auto deliveries for (Tesla's) long-term cash generation and stock performance." Full Self-Driving is a driver assistance software offered by Tesla, while Optimus is its humanoid robot currently under development. UBS Securities, which had forecast 470,000 deliveries, said in a Sept. 23 note that vehicle deliveries didn't matter much because investors were increasingly focused on Tesla's transition to a physical AI company. "The part of the 'traditional' auto business that could start to matter more is Full Self-Driving and take rates as a ramp there can help margins," UBS analysts Joseph Spak and Robert Saltzman wrote. "Else, investor focus is solely on the transition to a physical AI company and the stock price is driven by narrative and sentiment around future possibilities from AI ventures such as Robotaxi, Optimus, Terafab (and) solar." Separately, Rivian Automotive (RIVN) on Friday affirmed its full-year 2026 delivery guidance of 65,000 to 70,000 vehicles. The electric vehicle maker delivered 19,248 units in the third quarter, up from 13,201 a year earlier and 12,194 in the second quarter. Ford Motor (F) on Friday reported a 6.6% annual drop in US vehicle sales to 509,764 for the three months to September. Rivian's shares were down 2.8% intraday, while Ford's declined 1.8%. On Thursday, General Motors (GM) said US vehicle sales fell 5.5% annually in the September quarter due to a "much smaller" electric vehicle market and discontinued models. Stellantis (STLA) reported third-quarter US vehicle sales of 324,277 units, compared with 324,825 a year earlier. Last week, Cox Automotive said it expected new vehicle sales in the US to fall 0.7% year over year in the third quarter. The automotive services platform projected Tesla and Ford's sales to decline by 31% and 7.1%, respectively, while forecasting declines for General Motors and Stellantis. The firm at the time increased its year-end outlook for new vehicle sales to 16.1 million units from 15.8 million. Tesla is scheduled to report its third-quarter financial results on Oct. 21. Price: 371.28, Change: +17.17, Percent Change: +4.85