Tesla's global sales fell 2% in the third quarter to 486,532 electric vehicles, reversing earlier year-to-date gains. The decline was driven by a broader U.S. EV market slowdown and the discontinuation of the Model S and Model X. Most sales consisted of the Model Y and Model 3, priced between $37,000 and $40,000.
Existing inventory of discontinued models and the Cybertruck accounted for just 8,295 deliveries. Despite the slump, Tesla's results beat analyst estimates of 461,000 units. The stock rose nearly 4% in early trading following the release. U.S. sales through August were down 16.2% year-over-year, though this outperformed the overall electric car market decline of 30.4%.
Tesla is pivoting toward robotaxis and humanoid robots, with Elon Musk stating the company's future lies beyond traditional vehicle sales. In September, Tesla unveiled the Cybercab, a robotaxi without steering wheels, available in Austin, Texas. The company aims to sell the vehicle for $30,000 by year's end.
On Oct. 15, Tesla will demonstrate the new Roadster, priced from $200,000, which Musk says will be its last human-controlled car. Some analysts expect Musk to merge Tesla with Space X after the rocket company's recent public offering. Earlier this year, Tesla and Space X announced Terafab, an AI chip project with Intel to support next-generation robotics.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing