Tesla Inc. unveiled its third-quarter delivery figures on Thursday, posting a staggering total that easily topped analyst expectations and marked yet another high-water mark for the electric vehicle giant. The company handed over vehicles at a clip that reflected a frantic last-minute scramble from buyers eager to snag the federal $7,500 tax credit before it vanished at quarter's end. Indeed, this surge pushed Tesla's global deliveries into record territory, underscoring the raw pull of government incentives in propping up EV sales.
However, the glow dimmed quickly on Wall Street. Shares in TSLA dipped in after-hours trading, hovering around $248 as of late Thursday, down from a midday peak. Investors, it seems, are already fretting over what comes next without that tax break in play. Tesla produced roughly 480,000 vehicles during the period, delivering about 462,000—numbers that beat the consensus forecast of 458,000 but still highlight the uneven road ahead for mass-market adoption. Moreover, whispers of softening demand in key markets like Europe and China only add to the unease, even as the Model Y and Model 3 continue to dominate the lineup.
The timing couldn't have been more pointed. With the U.S. tax credit expiring, Tesla's team likely leaned hard into promotions and inventory clearance, juicing the quarterly tally. Yet, this kind of artificial boost raises questions about sustainable growth. Elon Musk himself has touted the company's pivot toward autonomy and robotics as the real future, but for now, it's the delivery trucks that are stealing the spotlight—and bearing the brunt of scrutiny.
Indeed, the broader EV sector faces headwinds from rising interest rates and competition from the likes of BYD overseas. Tesla's energy storage business, meanwhile, chugged along with another solid quarter, deploying over 9 GWh in products. However, it's the core auto numbers that will dominate headlines, for better or worse.
As Tesla navigates this post-incentive landscape, one can't help but wonder if the company's innovative edge will suffice to keep the momentum alive without Washington's help.