Squawk on the Street Tech's All-Time High, Open AI's $500B Valuation, Tesla's Record Deliveries, Govt. Shutdown Day 2 10/2/25
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Oct 2, 2025 Phil LeVoe, an automotive reporter, dives into Tesla's impressive 497,000 Q3 deliveries and the intense focus on autonomous AI. He discusses the effect of the expiring $7,500 EV tax credit, which significantly boosted U.S. demand for Tesla vehicles. LeVoe also touches on Rivian's reduced delivery guidance and the challenges BYD faces in global markets. The conversation reveals insights into the shifting dynamics of the EV market amid a fluctuating economic landscape.
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Market Rally Amid Shutdown
- Markets are rallying "amid" the government shutdown, led by tech and AI enthusiasm.
- Investors are looking past near-term risks because semis and AI recharged momentum.
Tesla's Record Delivery Quarter
- Tesla delivered a record 497,000 vehicles in Q3, beating expectations amid tax-credit-driven pull‑forward.
- Energy deployments also hit a record, reinforcing Tesla's broader growth story.
EV Tax Credit Pull-Forward
- The EV federal tax credit expiration likely pulled purchases forward into Q3 and may dent Q4 U.S. sales.
- Expect a potential U.S. sales pullback if credits are not restored and China/Europe don't rebound.