Tesla shares have traded lower into late September 2026, closing at $352.84 on September 29 after a roughly 6% weekly decline, positioning the market-implied odds heavily toward a sub-$350 finish for the week of September 28. Q3 deliveries reached a record 497,099 units, yet operating profit fell 40% year-over-year to $1.6 billion amid higher fixed costs, reduced regulatory credit revenue, and softer Full Self-Driving contributions, compressing margins to 5.8%. The company secured $30 billion in new credit facilities to fund elevated 2026 capital spending of at least $25 billion on AI, robotics, and new products, though no draws are planned this year. Regulatory scrutiny around Cybercab certification and a delayed Roadster event have added near-term pressure. The next major catalyst is Tesla’s Q3 earnings release on October 21.