Tesla's vehicle sales rebound after 2 consecutive quarters of decline
Tesla has reported a significant increase in its vehicle sales, following two consecutive quarters of decline. The company produced 469,796 vehicles in the three-month period ending September, marking a 9.1% rise compared to the third quarter of 2023. Also, Tesla delivered 462,890 vehicles to customers during Q3 of 2024, representing a 6.3% increase from Q2 2023.
Production and delivery rates outperform previous quarter
Tesla's production and delivery rates for Q3 of 2024 also surpassed the figures from the previous quarter. The company's production saw a substantial increase of 14.4% compared to Q2 of 2024, while vehicle deliveries rose by 5.8%. These statistics indicate that Tesla is now making and selling more vehicles than it did earlier this year.
Tesla faces challenges amid slower growth in EV sales
Despite the recent upturn in sales, Tesla is facing challenges due to a slower growth rate in overall electric vehicle (EV) sales. Consumers are increasingly opting for hybrid vehicles over pure battery-electric cars. As Tesla only manufactures battery electrics, this trend could potentially put it at a disadvantage against traditional automakers with more diverse product ranges.
Tesla faces stiff competition in US and China
Tesla is also facing stiff competition in the US and China, where firms like BYD and Geely are recording high EV sales figures. However, without regional breakdowns of its sales data, it's challenging to identify Tesla's specific areas of strength or weakness. The company has announced plans to disclose its complete third quarter earnings on October 23.
