Tesla delivered 462,890 and produced 469,796 cars in Q3 2024, slightly missing the estimates of
463,310 deliveries. The stock of Tesla dipped 5.5% after disclosing delivery numbers. But it
increased to the deliveries of cars than that of last year being 435,059 vehicles and last quarter
being 443,956.
As for the competition, the Tesla experience many competitors today in the market especially in
China there are many companies like BYD and Nio, in the United States, there are companies
like Rivian, Ford, and GM. Year on year, GM was up 60% in Q3, but it sold only 32,100 electric
cars, still significantly below Tesla.
While Tesla’s delivery growth has been impressive over the recent years, the auto-maker has not
provided concrete, explicit delivery target for 2024, only forecasted lower growth. The firm also
introduced the new model which is Cybertruck and provided 6.9 GWh of energy storage
products. Tesla stock has only risen by 32% in this quarter and, therefore, a total of 4% this year
2024, which isn’t as impressive as the Nasdaq’s 19%.
Before the strategy, the key area of interest in the Q3 earnings report will be profits margins.
Tesla expects to reveal the design of its “dedicated robotaxi” on the 10th of October but
companies like Waymo have already entered the commercial use.
Nevertheless, Tesla continues dominating American electric vehicles market and remains a
market leader in the segment.