Tesla Deliveries Surge 29% in Q3 as U.S. Buyers Rush for Tax Credit
Tesla's third-quarter deliveries surged, driven by U.S. buyers rushing to claim the federal tax credit before it expired. The electric vehicle giant delivered 497,099 vehicles, a 7% increase year-over-year, and 29% higher than the previous quarter. This strong performance has pushed Tesla's market capitalization to around $1.45 trillion.
The rush to secure the $7,500 clean-vehicle credit in the U.S. significantly impacted Tesla's sales. Many buyers hurried to complete their purchases by the end of September, leading to a surge in deliveries. Tesla's production also increased, with 447,450 units manufactured in the third quarter. The 'Juniper' refresh of the Model Y, featuring exterior and interior updates, may have also encouraged fence-sitters to make purchases.
Looking ahead, Tesla plans to introduce a more affordable version of the Model Y in the second half of 2025. This model will have reduced features and simplified equipment to lower costs. Additionally, Tesla's progress with its autonomous ride-sharing network, Robotaxi, could further boost demand for its vehicles. Tesla first mentioned these plans in its second-quarter update, with volume production scheduled for the back half of 2025.
Tesla's third-quarter results demonstrate the company's resilience and growth potential. Despite the expiration of the federal tax credit, Tesla's innovative products and strong brand continue to attract customers. As Tesla works towards producing a more affordable Model Y and advances its autonomous driving technology, the company remains well-positioned in the competitive electric vehicle market.