why tesla stock is down today

Tesla stock is down today despite reporting record third-quarter deliveries of about 497,099 vehicles, which exceeded analyst expectations. The decline is mainly attributed to investor concerns about the impact of the expiration of the $7,500 U.S. electric vehicle tax credit at the end of September, which is causing uncertainty about whether demand for Tesla vehicles can sustain without subsidy support. Additionally, investors are focusing on Tesla's fourth-quarter delivery outlook and margin trends, as well as broader issues including the company's revenue declines, increased competition in the EV market, and CEO Elon Musk's involvement in political and social controversies that may alienate potential buyers. These factors combined have led to skepticism about the sustainability of Tesla's recent sales momentum, causing the stock to drop despite the positive delivery numbers.