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Tesla sold 486,532 cars last quarter with NO $7,500 tax credit. Last year's record quarter HAD the credit. Down 2%. That's not a demand collapse, baby. That's pricing power. ✅ Q3 deliveries: 486,532. Wall Street expected 461,974. A beat of about 24,600. ✅ Q3 last year: 497,099, a record, with buyers rushing to beat the credit's September 30 deadline. 😇 Numbers were actually fantastic because you are within 3 percent of last year's sales without a $7500 tax credit. That's actually incredible. ➡️ Everybody said demand would fall off a cliff when the credit died. Nope. Not even close. ✅ Production: 464,391. Deliveries beat production by about 22,000. ➡️ That is inventory coming DOWN, baby. Less inventory, fewer discounts. Discounts are what eat margins. ➡️ Q3 earnings are coming up next Wednesday!!! What's going to be EPIC is the reveal on MARGIN! I'm very excited! 🚨 The risk: energy storage came in at 13.7 GWh against 15.9 expected. And deliveries are not margins. If those sales were bought with price cuts and cheap financing, the call tells on them. 😇 Bottom line: the credit is gone and buyers, well, either stayed or showed up from other countries (a combo). So let's see those MARGINS