"Tesla's quarterly sales increased for the first time this year, as consumers rushed to cash in on expiring federal tax credits for electric vehicle purchases. The company said that it produced a total of 447,450 vehicles between July-September of this year, including 435,826 Model 3 and Model Y vehicles, as well as 11,624 "other vehicles," like the Model S, Model X, and Cybertruck."
"Tesla also said that it delivered a total of 497,099 vehicles, including 481,166 Model 3 and Model Y vehicles, as well as 15,933 other vehicles - a 7.4 percent increase compared to the third quarter of 2024, when it delivered 462,890 vehicles. (For a direct-to-consumer company like Tesla, deliveries are a proxy for sales.) Tesla was widely expected to have a relatively good quarter thanks to expiration of the $7,500 federal EV tax credit on September 30th."
"But things are likely to get worse for Tesla after this momentary bright spot. Experts predict that EV sales will drop dramatically in the US after the tax credit vanishes. Elon Musk has said that the company is in for "a few rough quarters" thanks to the expiring incentive and other macroeconomic factors. But he believes that Tesla will rebound as its AI plans come to fruition, including robotaxis and humanoid robots."
Tesla produced 447,450 vehicles in July–September, including 435,826 Model 3 and Model Y units and 11,624 other vehicles, a 5 percent production decline from Q3 2024. The company delivered 497,099 vehicles, including 481,166 Model 3/Y and 15,933 other vehicles, a 7.4 percent increase versus Q3 2024. US demand was boosted by the expiring $7,500 federal EV tax credit that ended September 30. European deliveries are down 37 percent year-to-date and China faces stronger competition from domestic brands like BYD and Geely. Experts forecast a post-credit drop in US EV sales. Elon Musk warned of "a few rough quarters" but projects recovery through AI initiatives such as robotaxis and humanoid robots, with robotaxis currently available only in Austin and San Francisco.
Read at The Verge
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