Tesla Reports 486,532 Vehicle Deliveries for Third Quarter, Exceeding Expectations
Tesla reported 486,532 vehicle deliveries for the third quarter, surpassing analyst expectations. Production, however, fell slightly short of deliveries.
Electric vehicle maker Tesla announced its third-quarter delivery and production figures, reporting 486,532 vehicle deliveries. This number significantly exceeded Wall Street's consensus estimates, which anticipated approximately 461,100 vehicles. Production, however, was slightly lower than deliveries, totaling 464,391 vehicles.
The delivery count represented a decrease of about 2% compared to the same period last year, when 497,099 vehicles were delivered. However, deliveries saw an increase from the previous quarter, which recorded 480,126 deliveries. The majority of deliveries, 98%, consisted of Model 3 sedans and the popular Model Y SUVs.
Tesla's stock has faced pressure due to intensifying competition, particularly from Chinese automakers like BYD and Xiaomi, which offer more affordable and innovative EV models. The company's stock is down 21% year-to-date, trailing its megacap tech peers. Additionally, the expiration of U.S. federal tax credits for EVs at the end of 2025 could impact future demand.
The company also reported deployment of 13.7 GWh of energy storage systems, an increase from the previous year. These include Megapack and Megablock systems, used for utilities and data centers, among others. While Tesla faces challenges, global EV demand is on the rise.