Tesla Inc. on Thursday posted a seven percent increase in third-quarter vehicle deliveries, marking a rebound after a string of declines in recent quarters.
The electric vehicle maker said it delivered 497,099 cars during the three-month period, reversing recent weakness that analysts had partly attributed to consumer pushback over CEO Elon Musk’s outspoken political views.
Model 3 and Model Y drive growth
Deliveries of the Model 3 and Model Y alone reached 481,166 units, well above analysts’ forecasts. Tesla is scheduled to report quarterly results on October 22.
The Elon Musk-led automaker delivered 462,890 vehicles a year earlier.
Tesla did not provide a regional sales breakdown, but industry trends indicate US deliveries played a significant role. Automakers have seen a surge in electric vehicle sales following the expiration of a federal tax credit under legislation backed by President Donald Trump.
Challenges in Europe and China
Tesla’s European sales struggled in August, falling 22.5% year-on-year and cutting its market share to 1.5%, amid aggressive promotion of plug-in hybrids by rivals and growing competition from Chinese EV brands.
In China, Tesla introduced the long-wheelbase, six-seat Model Y L in September, a family-focused variant expected to boost demand in the world’s largest EV market.
Tesla remains central to Elon Musk’s wealth, which recently surpassed $500 billion, reinforcing his position as the world’s richest person.
Tesla Inc. CEO Elon Musk warned in July that the company could face a “rough” period in its financial results following the expiration of a federal electric vehicle tax credit. The incentive, which offered up to $7,500 per vehicle, officially phased out on September 30 under a fiscal package enacted by President Donald Trump in July.
Despite this, Tesla continues to report resilience in its deliveries. However, the company faces multiple headwinds, including rising competition from Chinese EV manufacturers and weaker-than-expected demand for the Cybertruck, Tesla’s futuristic stainless-steel pickup.
Musk has emphasized Tesla’s long-term growth potential, highlighting advances in autonomous driving and artificial intelligence technology.
In early trading, Tesla shares edged up 0.4 percent, reflecting cautious optimism from investors amid ongoing challenges.