Tesla stock rebounds after clearing EV inventory glut

Tesla's stock fell over 2% in early trading Thursday before rallying after CEO Elon Musk addressed investors, as the company reported selling more EVs than it produced for a second straight quarter. The automaker eliminated a surplus of 50,326 unsold vehicles from early 2026. Musk said demand is growing rapidly and exceeding production, citing full self-driving as the biggest driver. Tesla reported over $28 billion in revenue and adjusted earnings per share of $0.48 for the first nine months of 2026, nearly matching analyst projections. The company's Robotaxi service has driven over 3 million autonomous miles, with expansion planned to additional cities. Musk declined to discuss potential Tesla-SpaceX merger rumors, which analysts suggest could be announced before Tesla's December annual meeting.