Topline
Tesla delivered more vehicles through the third quarter than Wall Street anticipated, marking a reversal from a historic decline the previous quarter, as Elon Musk’s automaker appeared to benefit in the lead-up to a tax credit expiring for electric vehicle purchases.
Tesla said Thursday it delivered 497,099 vehicles in the third quarter, above the company’s compiled consensus of 443,079 and economist’s projections of 456,000, according to FactSet.
That surpasses Q4 2024 (495,600) for the most vehicles delivered by Tesla in a quarter, representing a 7.4% year-over-year increase.
The automaker reported just over 384,000 vehicle deliveries through the second quarter in July, below analyst expectations and a 13% annual decline, the largest by Tesla on record and the second-straight quarterly decrease.
Tesla shares rose 1.7% to around $467.50 shortly after trading opened Thursday morning.
An uptick in quarterly vehicle deliveries follows Wednesday’s expiration of a $7,500 federal tax credit for Americans purchasing electric vehicles. EV sales have risen in recent years and at a rate faster than gas-powered cars, increasing by 7% to 1.6 million in 2024, well above the 2% rate for non-electric passenger vehicles, according to the Bureau of Transportation Statistics. It’s not immediately clear whether the tax credit’s expiration will impact EV sales moving forward, though Ford CEO Jim Farley said Wednesday he “wouldn’t be surprised” if EV demand was cut in half.
This is a developing story.