The negative trend is evident globally: * U.S. deliveries are projected to fall by 9% for the full year. * In China, cumulative deliveries through November are down by more than 8%. * November sales in the United States alone dropped to their lowest level since January 2022. Stock Performance Defies Operational Headwinds Despite these operational setbacks, Tesla’s equity recently achieved a new intraday all-time high of $498.83. Market observers note a clear decoupling of the stock price from current delivery figures. The primary catalyst appears to be investor focus on Tesla’s advancements in self-driving technology. The company’s testing of robotaxis without a safety driver in the passenger seat in Austin, Texas, is fueling market optimism about long-term growth. Analyst reactions to this split reality are mixed. While financial institutions including Canaccord and UBS reduced their fourth-quarter delivery forecasts to as low as 415,000 vehicles, they simultaneously raised their price targets for the stock. Canaccord now assigns a fair value estimate of $551 per share, arguing that the market is looking past a weak quarter to focus on long-term growth drivers. Tesla is scheduled to report its fourth-quarter delivery figures in early January 2026. Analysts anticipate a 7.7% decline in full-year 2025 sales to approximately 1.65 million vehicles. Although a recovery to 1.86 million units is forecast for 2026, achieving this goal remains challenging given intensifying competition across the electric vehicle sector. Ad