Tesla (NASDAQ: TSLA) achieved record quarterly deliveries as US consumers accelerated purchases of electric vehicles (EVs) ahead of the federal tax credit expiration, following a weak start to the year.
The US EV maker delivered a record 497,099 vehicles globally in the third quarter, surpassing Wall Street’s forecast of 439,612 units, according to data released today.
The quarterly deliveries rose 7.39 percent year-on-year and surged 29.41 percent from the previous quarter.
Model 3 and Model Y deliveries reached 481,166 units in the third quarter, up 9.36 percent year-on-year and up 28.75 percent quarter-on-quarter.
Tesla’s unexpected global delivery growth was primarily driven by its domestic US market.
Its US EV sales received a temporary boost as the $7,500 federal tax credit neared its expiration on September 30.
During the third quarter, Tesla produced 447,450 vehicles and deployed 12.5 GWh of energy storage products.
Tesla will release its the third quarter financial results after market close on Wednesday, October 22.
Data for China-made vehicle deliveries in the third quarter are not yet available, though July and August figures stood at 67,886 and 83,192 units respectively.
Notably, Tesla China’s sales — including exports of domestically produced vehicles — declined year-on-year for seven of the first eight months this year, with domestic deliveries falling for six of them, according to data compiled by CnEVPost.
In the third quarter, BYD’s passenger battery electric vehicle (BEV) sales totaled 582,522 units, surpassing Tesla by 85,423 units or 17.18 percent.
This marks the narrowest gap between Tesla and BYD’s BEV sales over the past four quarters, as the latter has shown weaker performance in recent months.
Tesla produces only BEVs, while BYD manufactures both BEVs and plug-in hybrid electric vehicles (PHEVs).
BYD’s passenger NEV sales in the third quarter, including BEVs and PHEVs, totaled 1,105,591 units — a 5.88 percent year-on-year decrease but a 5.80 percent increase from the second quarter.
This marks Tesla’s sixth year-on-year decline in China retail sales during the first eight months of this year.
