Tesla Achieves Record Sales Amidst End of US Electric Car Incentives

The conclusion of US subsidies for electric vehicle purchases has unexpectedly propelled Tesla to achieve record sales after several months of declining figures. In the third quarter, the company, led by Elon Musk, reported a year-on-year increase of 7.4% in deliveries, totaling 497,099 vehicles. Analysts had anticipated a decline of approximately 5%, particularly following a drop of around 13% in deliveries during the first two quarters of the year.

Market observers had speculated that many potential buyers in the US would rush to finalize their purchases before the expiration of a $7,500 tax credit at the end of September. However, there was a prevailing belief that this surge would still lead to a subsequent downturn in sales. The implications of these preemptive purchases for the current quarter and beyond remain uncertain. Musk has indicated that he expects some challenging quarters ahead. Nevertheless, he has downplayed the critical role of vehicle sales for Tesla, asserting that the company's future lies in the development of robotaxis and humanoid robots, areas in which it faces significant competition.

Overall, Tesla produced approximately 447,410 vehicles across all models in the last quarter, marking a decline of about 4.8% compared to the previous year. The downturn in sales during the first quarter was attributed to the transition phase of the popular Model Y and the political controversies surrounding Musk. In the second quarter, despite stable production of the Model Y, sales did not improve. Tesla is encountering increasing competition in the electric vehicle market, with many consumers in the significant US market opting for hybrid or traditional combustion engine vehicles.

Simultaneously, US automakers have scaled back their electric vehicle plans for popular large pickup trucks. Tesla's Cybertruck, which boasts a futuristic design, has not yet become a commercial success. In Europe, Tesla continues to face substantial challenges, with new registrations in the European Union plummeting by 36.6% in August compared to the previous year, following a decline of over 42% in July. Tesla's market share in the EU has now fallen to 1.2%.

According to Bloomberg, Musk took direct control of production and sales in Europe over the summer after the departure of his long-time associate, Omead Afshar. Tesla operates a manufacturing facility in Grünheide, near Berlin, although the company has not released specific details regarding its performance in different regions and countries.