Tesla has reported impressive third-quarter global delivery figures, attributed in part to the expiration of the $7,500 federal tax credit in the United States, which may have spurred increased sales. In this quarter, the company delivered 497,099 vehicles, significantly exceeding Bloomberg’s consensus estimates of approximately 439,800 and surpassing last year’s total of 462,890. This marks a new quarterly record for Tesla.
Following the announcement, Tesla’s stock saw a 3% increase during early trading. In addition to strong delivery numbers, Tesla stated that global production reached 447,450 units. The company also recorded a groundbreaking deployment of 12.5 gigawatt-hours of energy storage products.
Despite these positive figures, Tesla faces ongoing challenges in the European market. Increased competition and the political stance of CEO Elon Musk have seemingly alienated some potential buyers. According to the European Automobile Manufacturers’ Association (ACEA), Tesla’s electric vehicle (EV) registrations in Europe plummeted to 14,831 units in August, reflecting a 22.5% decline compared to the same month last year. In contrast, overall EV registrations in the region, which includes the UK and the European Free Trade Association (EFTA), surged by 26.8% during that period.
As the U.S. government phasing out the tax credit raises concerns, industry analysts are speculating on the potential impact on future sales. Ford CEO Jim Farley has predicted that EV sales could fall by as much as 50% following the expiration of the tax credit. Musk himself acknowledged in a previous earnings call that Tesla might experience “a few rough quarters” as the company postponed the launch of more affordable EVs until after the tax credit’s expiration.
Despite these uncertainties, Tesla’s stock has seen substantial gains recently, with an over 30% rise in September alone. The latest delivery numbers are expected to bolster investor confidence, particularly as the market anticipates innovations in artificial intelligence and robotics, including the Cybercab, Tesla’s emerging robotaxi service.
Tesla has also announced that full third-quarter results will be released on October 22, following the close of the market. Investors and market followers are keenly awaiting further updates and insights into the company’s performance and future strategies.
