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Key Facts on Tesla’s Q3 Results
Tesla (NASDAQ: TSLA) reported record-high deliveries of 497,099 vehicles in Q3 2023, marking a 7.4% increase year-over-year. This surge in sales was significantly influenced by the impending elimination of the $7,500 federal electric vehicle tax credit effective October 1, which likely prompted consumers to purchase ahead of the deadline.
While U.S. sales soared, Tesla struggled in international markets, particularly in Europe and China, which are critical for future growth, accounting for about 20% and 30% of its 2024 sales, respectively. In comparison, General Motors reported an 8% increase in total vehicle sales for Q3, with EV sales up 107%, highlighting competitive pressures in the automotive sector.
Despite the robust U.S. sales figures, analysts caution that Tesla faces a challenging fourth quarter as the federal tax credit is no longer available and European sales are in decline. As a result, the stock price remains relatively resilient, up over 6% year-to-date, despite recent sales performance.
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