"Tesla's sales growth has vanished over the last year-and-a-half, but the company just registered its best quarter of deliveries ever, in large part because buyers rushed to take advantage of the $7,500 federal EV tax credit before it went away. Tesla delivered 497,099 vehicles over the last three months, the company announced Thursday. That's a massive 29% jump from the second quarter, about a 7% increase over the same period last year, and more than its ever delivered in a single quarter."
"Other automakers in the U.S. have seen similar jumps ahead of the credit expiring. The temptation to take advantage of the expiring credit was so strong that Cox Automotive has forecasted EVs will represent 10% of all vehicle sales in the U.S. for the quarter, which would be a record. The boost in sales came at a critical time for Tesla. Before the third quarter bump, Tesla was on track to see its global deliveries fall for the second straight year."
Tesla delivered 497,099 vehicles in the latest quarter, a 29% increase from the second quarter and about a 7% rise year-over-year, marking the company's highest quarterly deliveries. The surge was largely driven by buyers rushing to claim the $7,500 federal EV tax credit before it expired, and other automakers experienced similar pre-expiration spikes. Cox Automotive forecasted EVs could reach 10% of U.S. vehicle sales for the quarter. Prior to the third-quarter bump, Tesla faced a second straight year of falling global deliveries, which reduced its profit margin. Lack of new models beyond the Cybertruck, political fallout from Elon Musk's actions, and a strategic shift toward autonomy and robotics have weighed on growth.
Read at TechCrunch
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