Tesla reported record-breaking global deliveries in Q3, with 497,099 units, surpassing estimates and last year’s figures. The company also achieved a new quarterly production record of 447,450 units and deployed 12.5 gigawatt-hours of energy storage products. However, Tesla stock initially rose but later dipped into the red.

Despite strong Q3 results, Tesla faces uncertainty post-expiration of the $7,500 federal EV tax credit in the US. Ford CEO Jim Farley predicts a potential 50% drop in EV sales, while Tesla CEO Elon Musk warns of challenging quarters ahead due to delayed cheaper EV launches.

Tesla’s success contrasts with challenges in Europe, where EV registrations fell by 22.5% in August. In contrast, overall EV registrations rose 26.8%, indicating growing competition. Despite this, Tesla stock has surged over 30% in September, reflecting investor confidence in the company’s AI and robotics products.

Deepwater Asset Management’s Gene Munster emphasizes the importance of EVs for autonomy, highlighting Tesla’s growing presence on the road. Tesla’s upcoming full Q3 results on Oct. 22 will provide further insight into the company’s performance amid changing market dynamics. Stay tuned for updates on this developing story.

Read more at Yahoo Finance: Tesla reports blowout Q3 deliveries as buyers plow in before federal tax credit expires