Tesla’s third-quarter earnings report reveals that the electric vehicle (EV) giant is experiencing a significant uptick in car sales, potentially indicating growing demand for electric cars in the broader market.
Despite earlier declines in the first half of the year, Tesla reported it produced 469,796 vehicles and delivered 462,890 in Q3 2024, with the popular Model 3 and Model Y accounting for 439,975 of those deliveries. This marks a notable increase compared to the same quarter last year, when production reached 430,488 cars and deliveries totaled 435,059. Year-on-year, Tesla’s production is up by 9%, and deliveries have risen by 6%.
According to reports from Bloomberg, heightened international demand has been a key factor in driving the surge in shipments. Although the overall market for new electric vehicles is slowing, demand for used EVs is accelerating, as noted by CNN Business. Automakers like Ford are also offering incentives, such as free home chargers, to boost sales.
Tesla’s third-quarter performance also outpaced both Q1 and Q2 of 2024. In Q2, the company produced 410,831 vehicles and delivered 443,956, while in Q1, Tesla produced 433,371 and delivered 386,810 cars.
In 2023, Tesla’s Model Y was the best-selling electric car globally, with over 1.2 million units sold. The Model 3 ranked third, with around 530,000 sales, according to Statista.
