Tesla stock jumps 5% on better-than-expected vehicle deliveries report
Tesla's core autos business is under pressure as Chinese and European carmakers roll out affordable and innovative EVs.
TL;DR
- Tesla shares rose 5% after reporting Q3 vehicle deliveries of 486,532, exceeding analyst estimates.
- This figure is up from 480,126 deliveries in Q2 but down from 497,099 in Q3 of the previous year.
- Model 3 and Model Y vehicles constituted 98% of the total deliveries.
- Tesla deployed 13.7 GWh of energy storage products in Q3, up from 12.5 GWh in Q3 last year.
- The company is facing increased competition from Chinese EV makers and a potential loss of a U.S. federal tax credit.
- Analysts from Morgan Stanley and RBC expressed optimism, suggesting Tesla might be 'exiting the EV winter' and could benefit from rising fuel costs and AI-driven electricity demand.