"Tesla ended up delivering more than 497,000-about 100,000 more than the previous quarter, and a 7.5% increase from this time last year. Dan Ives, one of Tesla's most notorious bulls, blasted out an analyst note that same morning, describing the numbers as a "massive bounceback" for Tesla-a turnaround for a company that has been battered over the first half of this year in several key markets as CEO Elon Musk tried his hand in a brief yet chaotic stint in American politics."
"One of the key reasons for Tesla's strong sales figures, investors and analysts noted, was the temporary rush of consumers purchasing an EV right before the elimination of the $7,500 electric vehicle tax credit. That incentive-which officially ended on Tuesday-had been in place for 17 years and had helped narrow the price gap between electric and gas vehicles for U.S. buyers."
"With the tax credits no longer available, the change is expected to take a significant toll on consumer demand-at least in the near term. Tesla is well aware of this. It added risk disclosures in its latest quarterly filings about the potential impact of the loss of the consumer incentive as well as another now-non-existent sales booster, carbon offset incentives for manufacturers. The EV maker acknowledged the possibility that their removal co"
Tesla delivered more than 497,000 electric vehicles in the quarter ending in September, surpassing expectations and marking a 7.5% year-over-year increase and roughly 100,000 gain from the prior quarter. The sales spike was driven largely by consumers rushing to buy before the expiration of the $7,500 federal EV tax credit. Tesla raised leasing costs after the credit ended. Loss of the tax credit and the removal of manufacturer carbon offset incentives are expected to reduce near-term demand. Tesla added risk disclosures in its quarterly filings acknowledging the potential impact of these incentive changes on future sales.
Read at Fortune
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