Tesla Achieves Modest Growth in Q3 2024, Rebounding from Sales Decline

Tesla Reverses Sales Slump, Sees Modest Growth in Q3

In a positive update for the electric vehicle manufacturer, Tesla has released its sales and production figures for Q3 2024. While the numbers may not be groundbreaking compared to the same period last year, they indicate a welcome recovery from the disappointing performance in Q2 2024.

Tesla produced a total of 469,796 vehicles between July and September, marking a 9% increase from Q3 2023. Notably, 443,668 of these vehicles were Model 3 and Model Y units, reflecting a 6% year-over-year growth. The once-dormant “other” category, including the slow-selling Model S and X, surged by 91% during the same timeframe, spurred by the introduction of the much-anticipated Cybertruck.

Despite the production boost, Tesla’s sales did not meet the expectations of some analysts. The company recorded total sales of 462,890 for the quarter—6% higher than Q3 2023—a figure that came in below the anticipated 470,000 cars projected by UBS and Barclays.

Sales of Model 3 and Model Y accounted for 439,975 units sold, up 4% from the previous year. The sales of other models, including the Cybertruck, grew significantly—up 43% to total 22,915, suggesting that a number of these vehicles may currently be in inventory.

For Tesla, a company whose valuation heavily relies on continuous growth, the return to a positive year-over-year performance is a welcome sign amidst challenges.

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