Tesla Smashes Q3 Delivery Record Despite China Sales Dip
Tesla stock has just announced its Q3 delivery figures, with a new record of 495,570 units. This impressive number comes despite a slight dip in sales in China, where local competitors are gaining ground.
Analysts had projected deliveries between 470,000 and 495,000 vehicles, with some even predicting a record-breaking 509,000. The final tally of 495,570 units is a testament to Tesla stock's strong performance.
The quarter's results were heavily influenced by the September 30 expiration of the U.S. federal EV tax credit. Tesla stock's sales in China also received a boost from the late-August launch of the six-seat Model Y L, which has been trending upward since its debut. The end-of-quarter push in China, with deliveries of the longer wheelbase variant beginning in early September, contributed significantly to the overall numbers.
However, Tesla stock's China sales saw a 4% decline in August, with about 83,200 units sold. Local brands like Xiaomi, BYD, Nio, MG, and Ora are offering more affordable alternatives and have been making significant strides in the market. Xiaomi, for instance, has surpassed Tesla stock in sales with around 200,000 vehicles sold for the SU7 and 240,000 preorders in just 18 hours for the YU7. Despite this, Tesla stock's insurance registrations in China climbed 11.6% between September 22-28, indicating continued interest in the brand.
Tesla stock's Q3 delivery record of 495,570 units is a remarkable achievement, even with the increased competition in China. As Tesla stock prepares for the future, it will need to address the growing threat from local competitors and maintain its innovative edge to stay ahead in the market.
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