Tesla earnings are finally coming—can Musk take off again this time?

First, what we already know:
Third-quarter deliveries came in at 486.5k, above expectations; but energy storage deployments were only 13.7 GWh, missing market expectations. What really determines the stock price, though, isn't how many cars Tesla sold.

It's the three things in tomorrow's after-hours earnings report:
First, whether automotive gross margin can recover;
Second, whether free cash flow keeps burning deeper into the red;
Third, whether Robotaxi, FSD, and Optimus have made real progress, rather than just making promises.

Market expectations are roughly:
Revenue around $28 billion, EPS of $0.43–$0.45, and a gross margin of around 17.9%.

But here's the issue:
In the second quarter, Tesla's revenue rose, but its profit plunged, and the stock fell straight after hours.
Because people no longer care about “selling lots of cars”;
They're asking: is Tesla still making money on each car?

On the flip side, if profits remain under pressure, AI spending keeps ballooning, cash flow looks even worse, and self-driving still fails to deliver → the high valuation will be reassessed.

What do you think—will Musk “take off again” this time, or have all the positive catalysts already been priced in?$TSLA