By John Meyer, consultant in financial affairs – Eurasia Business News, October 2, 2024. Article n°1250.

Tesla has reported its first rise in quarterly vehicle deliveries for 2024, with a total of 462,890 vehicles delivered in the third quarter, marking a 6.4% increase from the previous quarter’s figures.

The world’s most valuable carmaker produced approximately 469,796 vehicles during this period. However, this number fell short of analysts’ expectations, which had projected deliveries of around 463,310 vehicles for the same timeframe.

Key Highlights for Tesla

Quarterly Deliveries: 462,890 vehicles

Quarterly Production: 469,796 vehicles

Previous Year Comparison: Last year in Q3, Tesla delivered 435,059 vehicles and produced 430,488.

Market Reaction: Following the announcement, Tesla’s stock dipped by about 3.7%, despite a 32% increase in stock value during the third quarter prior to this report.

Competitive Landscape

Tesla continues to face intense competition in the electric vehicle market, particularly from companies like BYD and Geely in China and traditional automakers such as Ford and General Motors in the U.S. GM recently reported a 60% increase in its EV sales for Q3 compared to last year but still sold only 32,100 units. This competitive pressure has prompted Tesla to implement various incentives and financing options to stimulate demand for its aging models.

Future Outlook

Looking ahead, Tesla is expected to deliver a record-breaking 516,344 vehicles in the fourth quarter to meet last year’s total of 1.81 million units. The company has not provided specific forecasts for 2024 deliveries but has indicated a slower growth rate compared to previous years. Additionally, Tesla plans to unveil its design for a ‘dedicated robotaxi’ at an upcoming marketing event on October 10, which could play a role in shaping future sales strategies.

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In summary, while Tesla has achieved an increase in quarterly deliveries for the first time this year, it faces challenges from competitors and must navigate market dynamics carefully to maintain its leadership position in the EV sector.

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© Copyright 2024 – Eurasia Business News. Article no. 1250.