Sunita Somvanshi
Tesla delivered 462,890 vehicles in Q3 2024, falling slightly below Wall Street's forecast of approximately 464,000 deliveries.
Photo Source: Google
Vehicle deliveries increased by 6.4% compared to the previous quarter and marked a year-over-year growth, signaling continued demand despite challenges.
The majority of deliveries came from Tesla’s most popular models, the Model 3 and Model Y, which continue to dominate its sales portfolio.
While price cuts have successfully driven sales volumes, they have also put pressure on Tesla's profit margins, raising concerns among investors.
Tesla faces growing competition, particularly from Chinese automakers like BYD and Xpeng, which are gaining market share in the electric vehicle (EV) space.
Tesla's highly anticipated robotaxi event on October 10 aims to highlight advancements in its self-driving technology, a critical element of its future growth strategy.
Other automakers, such as General Motors (GM), are ramping up their EV production, but they still trail behind Tesla’s dominance in the global EV market.
Concerns persist regarding the environmental impact of battery production and the sourcing of rare earth metals, prompting calls for more sustainable solutions.
Investors are closely monitoring Tesla's shrinking profit margins and the company’s ability to scale up production capacity in the coming quarters.