[Daiwa: Tesla's business momentum seems to be increasing, maintaining a "neutral" rating] On October 26, Daiwa released a research report saying that Tesla's non-GAAP earnings per share in the third quarter of 2026 were US$0.48, which was about US$0.45 higher than the bank and market expectations. It was mainly driven by better profit margins in the automotive and non-automotive businesses, part of which was supported by tariff refunds. The momentum of various businesses seems to be increasing, including the backlog of automobile orders reaching the highest level in four years, the FSD (supervised) rate of new cars in North America reaching 75%, the unsupervised mileage of Austin Cybercab increasing by 8 times, and the orders and backlog of energy storage business reaching record highs. The bank maintains a "neutral" rating, reflecting the expected significant cash consumption and slow commercialization of robotaxi. However, it is encouraged by the solid execution of multiple businesses and believes that improvements in autonomous driving technology are driving the adoption of FSD, which may help the company expand its market share in an environment where electric vehicle demand is recovering and limit production risks.