According to a report published by Yamato, Tesla's non-GAAP earnings of $0.48 per share for the third quarter of 2026 were higher than the bank's and market expectations of about $0.45, mainly driven by excellent profit margin performance in the automotive and non-automotive businesses, some of which were supported by tariff refunds. Various businesses seem to be gaining momentum, including the highest backlog of auto orders in four years, a 75% FSD incidental rate for new cars in North America, an eight-fold increase in unsupervised mileage for Austin Cybercab, and a record high for energy storage business orders and backlog orders. The bank maintains a “neutral” rating, reflecting expected significant cash consumption and slow commercialization of robotaxi, but is encouraged by the steady execution of many businesses. It believes that improvements in autonomous driving technology are driving FSD adoption, and may help the company expand its market share and limit production risks in an environment where demand for electric vehicles is picking up.

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