Tesla delivered 838,149 EVs in the first half of 2026, up 16% year over year, but third-quarter deliveries of 486,532 fell 2%, though they beat the 461,974 Wall Street average forecast. Sales slipped even though Tesla cut prices in the third quarter, amid competition from low-cost brands such as BYD and Geely. GAAP EPS fell 44% in the third quarter, and trailing 12-month EPS of $0.91 is down 79% over two years. With a P/E of 434, against 29.5 for the Nasdaq-100, the author sees more downside possible in the near term and does not consider Tesla stock a buy right now. Musk is shifting resources to the Optimus robot, which he says will not be ready for customers until the end of 2027, and to the Cybercab robotaxi.
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