By Martin Shwenk Leade
Copyright indiatimes
Tesla’s third-quarter deliveries trounced analysts’ estimates on Thursday as a rush to buy EVs in the U.S. before the expiry of a popular tax credit more than offset slumping demand for its vehicles in Europe. Shares of the Austin, Texas-based company were up 3.1% in premarket trading after the Elon Musk-led automaker posted a record quarter for deliveries. The company said it delivered 497,099 vehicles in the third quarter, up 7.4% from 462,890 a year earlier. Analysts expected about 443,919 vehicles for the July-September period, according to Visible Alpha estimates. Analysts, however, are expecting a sales slump in the October-December period following the unusual sales boost in the latest quarter. The company, for months, has been talking up the expiry of the $7,500 federal credit on September 30 as a reason for a potential sales boost.Live Events It has been offering financing deals and discounts to spur sales and has been using the tax credit to offer attractive lease prices. Europe, however, remained a weak spot. The company’s sales in Europe and the UK fell 22.5% from a year earlier, cutting its market share to 1.5%, according to data from the European Automobile Manufacturers’ Association, as rivals leaned into plug-in hybrids and Chinese brands gained ground. The company delivered 481,166 units of its Model 3 compact sedan and Model Y crossover in the September quarter, well above Wall Street expectations. Full-year 2025 deliveries are projected to be around 1.61 million, roughly 10% below 2024, according to Visible Alpha. Tesla will need to deliver 389,498 vehicles in the December quarter to meet that projection. In China, Tesla began delivering the long-wheelbase, six-seat Model Y L in September, a family-focused variant that was expected to spur demand in the world’s largest EV market. Tesla is also piloting a supervised robotaxi service with safety monitors and limited operating areas, launched in Austin in June. The trial has drawn interest and regulatory scrutiny, but any near-term financial impact is expected to be limited. Tesla’s board has proposed a new CEO award for a shareholder vote early next month that could be worth up to $1 trillion if Musk is able to meet a series of market-value and operational targets. The plan would grant Musk, already the world’s richest person, about 12% of Tesla in 12 tranches tied to operational and market valuation milestones. Add as a Reliable and Trusted News Source Add Now!
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Read More News onTesla delivery estimatesEV tax credit expirysales boostrecord quarter deliveriesElon MuskModel 3 and Model YEuropean sales declineChina Model Y LTeslaEuropean Automobile Manufacturers’ Association
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onTesla delivery estimatesEV tax credit expirysales boostrecord quarter deliveriesElon MuskModel 3 and Model YEuropean sales declineChina Model Y LTeslaEuropean Automobile Manufacturers’ Association(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
