Gene Munster

…Gene, I might have thought it's just a phenomenon of high gasoline prices. Well, Kelly, if we look back at what that impact was in the June quarter, gas prices average in the U.S. for up 33 percent, compared to the average per-gallon gas price in June of 2025. Now, most of those consumers, clearly there's been some benefit on that 25 percent growth that came from these higher gas prices, but my sense is that most of them think about these gas prices as transitory, is that the setup was clearly, the clear message from the White House was this would end quickly, and so, well, undoubtedly that pushed some sales into it. I think it was modest, and my best guess is that if you would normalize and say that gas prices year-over-year were unchanged, I still believe that they would have grown deliveries at 20 percent, which is an acceleration . Why are people suddenly, it's so odd to me that at the moment that, again, we used to get legions of Tesla fans on social media all the time. That's gone silent. Everyone's moved on, it seems. They're talking about SpaceX. The models are old. They haven't had a refresh in a while. Why is Tesla suddenly seeing such high demand? Well, the dynamic's pretty complicated, and it comes back to what we've seen over the past two years, this effectively, this EV winter, when sales were down one percent in calendar 24, down eight percent in calendar 25, and down, expected to be basically down two percent. I think there's been some pent-up…From: this video · 3 claims mined from it

…and say that gas prices year-over-year were unchanged, I still believe that they would have grown deliveries at 20 percent, which is an acceleration . Why are people suddenly, it's so odd to me that at the moment that, again, we used to get legions of Tesla fans on social media all the time. That's gone silent. Everyone's moved on, it seems. They're talking about SpaceX. The models are old. They haven't had a refresh in a while. Why is Tesla suddenly seeing such high demand? Well, the dynamic's pretty complicated, and it comes back to what we've seen over the past two years, this effectively, this EV winter, when sales were down one percent in calendar 24, down eight percent in calendar 25, and down, expected to be basically down two percent. I think there's been some pent-up demand that has pulled some of that through, and also I just think that consumers are becoming progressively more open to electrification. I think that that seems to go in the face of what we've heard about big gas, but the numbers aren't line. I think that there is some substance here. There's another small factor around Do ge, which is effectively that ending a year ago, I think has created some benefit, a little bit of a tailwind in terms of the brand, but the bigger picture here is that this delivery number, this is exactly what Tesla investors have been craving for for the past two years, when that EV winter started, and even if you discount it, it's still a meaningful…From: this video · 3 claims mined from it