Tesla’s results have also been buffeted by rising competition in China from Chinese EV manufacturers and tepid demand for the Cybertruck, a futuristic stainless steel vehicle touted by Musk.Tesla reported a seven-percent rise in third-quarter auto deliveries on Thursday, reversing a series of declines in recent quarters attributed partly to backlash to CEO Elon Musk’s political activism.
The automaker reported deliveries of 497,099. While the figures did not break down sales by region, automakers have seen a jump in US electric vehicle sales due to the expiration of a tax credit under legislation backed by President Donald Trump.
Musk in July warned that Tesla faced a potentially “rough” period in terms of financial results once the tax credit expires. Trump’s sweeping fiscal package enacted in July the phaseout of a federal tax incentive of up to $7,500 per vehicle on September 30.
But in the third quarter, General Motors, Ford and others saw surging sales for EVs ahead of the deadline. Consumers purchased 410,000 EVs in the third quarter, the most ever and about a 21 percent year-over-year increase, according to estimates from Cox Automotive.
Tesla’s results have also been buffeted by rising competition in China from Chinese EV manufacturers and tepid demand for the Cybertruck, a futuristic stainless steel vehicle touted by Musk.
Musk has touted Tesla’s potential for great growth due to its autonomous driving and artificial intelligence technology, but some analysts have expressed disappointment at the lack of progress on developing EVs at lower retail prices — long a stated goal of the company.
Shares of Tesla rose 0.4 percent in early trading.
