Tesla’s EV sales top estimates with auto business rebounding
The automaker delivered 486,532 vehicles worldwide in the period, according to a statement on Friday
Tesla delivered 486,532 vehicles globally in the third quarter, exceeding analyst estimates by a significant margin. The company reported a better-than-expected sales performance, indicating a stabilisation of its core business amid challenging circumstances in the electric vehicle market. Analysts had anticipated around 463,761 vehicles, as per Bloomberg's compilation of average estimates.
This positive outcome comes after a series of declining auto sales and sluggish demand in the US, which had previously pressured Tesla. The company faces stiff competition in the crucial Chinese market as well. Tesla's CEO, Elon Musk, is actively steering the company towards innovative sectors such as artificial intelligence, driverless vehicles, and humanoid robotics.
Despite a year-on-year decline compared to 497,099 vehicles delivered in the same period last year, driven by customers purchasing ahead of the elimination of US federal incentives, Wall Street remains optimistic about Tesla's ability to gradually increase sales this year following two consecutive annual declines. Tesla's shares experienced a 1.6 per cent rise prior to regular trading in New York.
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