Tesla’s third-quarter earnings beat expectations as deliveries eased and passenger backlog hit a multi-year high. Energy margins improve; auto profits and cash flow remain weak, leaving a demanding valuation tied to FSD and robotaxi execution. Can energy offset auto drag?Tesla’s third-quarter earnings beat expectations as deliveries eased and passenger backlog hit a multi-year high. Energy margins improve; auto profits and cash flow remain weak, leaving a demanding valuation tied to FSD and robotaxi execution. Can energy offset auto drag?