Tesla posts surprise sales surge on expiring EV incentives
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The news: Tesla reported an unexpected increase in quarterly vehicle sales as US consumers rushed to buy electric-cars ahead of the expiry of federal tax credits.
The numbers: Elon Musk’s EV company delivered a record 497,099 vehicles globally in the three months ending September, up 7.4% from a year ago. Bloomberg had estimated roughly 439,600 deliveries for the period.
US consumers’ rush to buy EVs before the tax credits expired on 30 September also boosted Ford’s EV sales during the third quarter by 30% and doubled General Motors’ EV sales to a quarterly record of 66,501.
The context: While Tesla did not provide a regional breakdown of deliveries, estimated that in the US they rose 11% compared with the third quarter last year.
Tesla has been working to strengthen its core automotive business, which struggled for several quarters as an aging fleet, growing competition and reduction of favourable US policies for the EV market. Tesla has also been dealing with a strong consumer backlash toward CEO Musk’s proximity to the Trump administration earlier in the year.
Tesla plans to update investors on Q3 results on 22 October.
On Wednesday Musk also became the first person to surpass USD500 billion in net worth, fuelled by a rebound in Tesla’s share price during 2025 and growing valuations of his other ventures. The update comes less than a year since Musk’s net worth crossed USD400 billion. Musk's fortune briefly hit $500 billion on Wednesday, before settling at $499.1 billion at 5pm ET, according to Forbes' billionaires index.
