TSLA Stock Pops as Tesla Surprises on Q3 Deliveries

Tesla (TSLA) shares are extending gains on Friday after the electric vehicle (EV) maker posted a better-than-expected Q3 delivery report. TSLA’s vehicle deliveries were down 2.1% on a year-over-year basis, but the raw number of 486,532 exceeded Street expectations of about 461,000 deliveries in total. 

Despite a strong update and the subsequent rally, Tesla stock is down more than 15% versus the start of this year.

What Drove Higher Deliveries in Tesla’s Q3?

Speaking this morning on CNBC, famed investor Jim Cramer attributed the strength in Tesla’s Q3 deliveries to “pain at the pump.”

As geopolitical tensions, particularly involving Iran, continue to pressure global crude markets, higher gasoline prices are making consumers view electric vehicles as a budget-friendly escape. 

“When gasoline goes up a lot, people think maybe it’s a bargain to get an EV,” he noted, adding that TSLA shares are attractive as a long-term holding at current levels. 

Interestingly, however, his bullish thesis for billionaire Elon Musk’s company hardly has anything to do with quarterly deliveries. 

Cramer’s Bullish View on TSLA Shares

Jim Cramer recommends owning Tesla shares primarily for the company’s exposure to SpaceX (SPCX). The EV giant has successfully converted its $2 billion investment in xAI into a minority SPCX stake, which positions it strongly to benefit from the latter’s success. 

According to Cramer, “SpaceX could have an explosion in earnings, and it would be a terrific move to buy TSLA for when that happens.”

Even from a technical perspective, Tesla looks poised for continued gains through the remainder of 2026. 

The EV stock ripped through its 20-day moving average (MA) this morning, indicating bulls have taken back control of the near term. Meanwhile, its RSI in the mid-50s suggests it remains distant from overbought conditions. 

What’s the Consensus Rating on Tesla Stock?

Crucially, Wall Street firms also view TSLA stock as attractive and recommend buying it for the long term. 

According to Barchart, the consensus rating on Tesla sits at “Strong Buy,” with the mean price target of about $405 indicating potential upside of nearly 10% from current levels.  

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.