Tesla (TSLA) reported blowout third quarter global deliveries, as the expiration of the $7,500 federal tax credit in the US likely juiced sales.
Tesla said Q3 deliveries came in at 497,099, easily topping Bloomberg consensus estimates of around 439,800 and the 462,890 units delivered a year ago. Tesla said Q3’s total was a new quarterly record for the company.
Tesla stock was up 3% in early trade.
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Tesla also said global production came in at 447,450. The company deployed a record 12.5 gigawatt-hours of energy storage products.
Tesla’s strong delivery numbers come as the company faces persistent issues in Europe, where new competition and CEO Elon Musk’s right-wing politics have likely alienated buyers.
Per the European Automobile Manufacturers’ Association (ACEA), Tesla EV registrations (a proxy for sales) in Europe fell to just 14,831 units in August, a 22.5% drop compared to a year ago. Meanwhile, total EV registrations in the region, which includes the UK and the European Free Trade Association (EFTA), rose 26.8% in August, with overall registrations regardless of powertrain up 4.7%.
Tesla’s huge Q3 comes as the Republican-led US government phased out the federal $7,500 EV tax credit, so the big question is how far sales will fall in a post-tax credit sales environment.
Ford CEO Jim Farley said EV sales could fall by half post-expiration. Musk warned after Q2 earnings that Tesla was in for a “few rough quarters” as the company delayed the launch of its cheaper EVs until the federal EV tax credits expired in the US.
Nevertheless, Tesla stock has been on a tear lately, with shares up over 30% in September. Today’s beat only adds to the gains for a company whose investors are betting on AI and robotics products, like the Cybercab, the company’s fledgling robotaxi service.
Tesla also announced it will report full Q3 results on Oct. 22 after the closing bell.
This story is developing; check back for more updates.
Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram.
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