Tesla () recorded an surprising increase in quarterly sales of vehicles, as consumers in the US accelerated the purchase of electric cars before the end of federal tax credits.
The company delivered a record of 497,099 vehicles worldwide during the period, an increase of 7.4% over the previous year. This surpasses the average projection of about 439,600 vehicles compiled by Bloomberg.
Tesla has sought to revitalize its main automotive business, which has faced difficulties by several quarters due to an aged product line, increased competition and the. The company also faced consumers’ reaction to CEO policy, who worked near the president earlier this year.
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Investors have recently set aside the weakness of sales of the first half to bet on musk growth promises in areas such as autonomous vehicles, artificial intelligence and robotics. The automaker’s shares rose 33% in September, recovering losses at the beginning of the year and adding US $ 401.9 billion in market value.
The shares rose 1% at 9:39 am Thursday in New York and accumulated up about 15% in the year.
US electric vehicle sales have received a temporary boost with the imminent end of the federal tax credit of up to $ 7,500. The elimination of this incentive after September 30 helped boost the demand for models of General Motors, Ford and Hyundai.
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Tesla’s total deliveries anticipate the financial results that the company will disclose on October 22. Next month, the automaker will hold her annual general meeting, where investors will vote for one, potentially valued at $ 1 trillion.
Tesla, which reports a total combined Model 3 and Model Y sales, delivered 481,166 of these sedans and SUVs, an increase of 9.4% over the previous year. Sales from other vehicles – Model X, Model S and Cybertruck – fell 30%.
The company also reported that it distributed 12.5 gigawatts hours of energy products during the quarter, compared to 6.9 GWh the previous year. Tesla launched a next -generation power storage system during the quarter, along with a new product called Megablock, which combines storage units with transformer and switching.
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The automaker has not yet released many details about the most affordable version of Model Y, which can help support sales now that federal tax credits have expired in the US. Executives said that although initial production started in June, they decided to postpone the launch to the fourth quarter and warned that production will increase more slowly than initially expected.
Although the end of the tax credit has boosted third quarter sales, the anticipation effect can mean a weaker demand for EVs in the last months of the year. Musk warned that Tesla could face several “difficult quarters” after the end of incentives and before the scale launch of autonomous vehicles.
In addition to tax credit, Trump administration has also reversed fuel economy requirements and emissions, reducing revenue from regulatory credits that supported Tesla for years.
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The company faces challenges beyond the US market. In China, the Shanghai factory remittances fell in seven of the first eight months of the year, given the growing competition of local rivals such as BYD and Xiaomi.
Tesla’s most marked fall took place in Europe, where sales fell 22% in August. The company’s new vehicle entries plummeted 33% in the first eight months of the year, even with the European EV market growing 27%, according to the European Association of Automobile Manufacturers.
Wall Street still expects Tesla to record its second year in a row to fall in sales. Analysts consulted by Bloomberg They project that the company will deliver about 1.61 million vehicles by 2025, below 1.79 million last year.
